Linklaters has advised Towerbrook Capital Partners and Warburg Pincus on their recommended cash takeover offer for the AA plc.
The transaction contemplates a cash offer for the AA plc valuing it at £219m with an option for target shareholders to participate in a stub equity offer in lieu of cash. The consortium is also committing an additional amount of c.£380 million to facilitate the reduction and partial refinancing of the AA group’s c.£2.6bn debt.
The Linklaters team advising on the transaction was led by partners Carlton Evans and Ben Rodham supported by managing associate Christy O’Connell and associate Rohan Dey. Partners Alek Naidenov, Tom Waller and Reza Taylor led on the financing aspects of the transaction supported by managing associate Daniel Peach, senior US associate Matt Dominy and managing associate Thomas Capon. The team also included partner Rachel Hetherington and managing associate Sima Ostrovsky (competition/antitrust), partner Peter Bevan and counsel Jean Price (financial regulation) and partner Claire Petheram and managing associate Sarah Parkin (pensions).
The transaction is subject to shareholder and regulatory approvals.
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