Saint-Gobain’s $2.3 Billion All-Cash Acquisition of GCP Applied Technologies

Freshfields Bruckhaus Deringer and Miller Thomson acted as legal counsel to Saint-Gobain, while Latham & Watkins represented GCP in the transaction.

Saint-Gobain and GCP Applied Technologies have entered into a definitive agreement pursuant to which Saint-Gobain will acquire all of the outstanding shares of GCP for $32.00 per share, in cash, in a transaction valued at approximately $2.3bn.

GCP Applied Technologies is a major global player in specialty construction chemicals with approximately $1.0bn revenues, 50 manufacturing plants in 38 countries and employs around 1,800 people. 

Compagnie de Saint-Gobain S.A. is a French multinational corporation, founded in 1665 in Paris and headquartered on the outskirts of Paris, at La Défense and in Courbevoie. 

The Freshfields team was led by corporate/M&A partners Joseph Halloum (Picture) and Ethan Klingsberg, and associates Vinita Sithapathy, David Chen, Anne Powderly, Isaac Ellman, Jack Leichtung and Daria Butler in the United States; corporate partner Olivier Rogivue and counsel Raphael Darmon in Paris; global antitrust partners Jenn Mellot, Mary Lehner, Martin McElwee and Frank Roehling, counsel Laura Onken and associates Victoria Delettre, Christoph Hinrichsen, Sara Salem, Victoria Baert, Aytac Celebi, Justin Chen and Aaron Green; executive compensation and employee benefits partner Lori Goodman and associates Sarah Ghulamhussain, Andrew Herman and Lina Zhu; tax partner Claude Stansbury and associate Brendan Counihan; IP/tech transactions partner Mena Kaplan and associates Marissa Yu and Jennifer Lei; data privacy and security partner Christine Lyon, counsel Brock Dahl and associates Justin Simeone and Elvira Sihvola; global national security and foreign investment partner Aimen Mir and special counsel Christine Laciak; sanctions and export controls partner Nabeel Yousef and associates Amy Cattle and Jennifer King; compliance and investigations partner Olivia Radin and associate Emmeline Chen; and finance partner Dave Almroth and associates Michael David Harris and Mia Tsui.

Latham & Watkins represented GCP in the transaction with a corporate deal team led by Chicago partners Bradley Faris and Jason Morelli, with associates Ariel Cho, Byron Patton, Micah Kamoe, Joe Gu, and Shana Nissan, and senior attorney Tiffany Campion. Advice was also provided on capital markets matters by New York partners Peter Labonski and Benjamin Stern; on tax matters by Chicago partner Diana Doyle, with associate Robert Christoffel; on benefits and compensation matters by Washington, D.C. partner Matthew Conway, with associates Kirk Porter and Jina Davidovich; on employment matters by Chicago partner Nineveh Alkhas, with associate Ana Cenaj; on intellectual property matters by New York counsel Carrie Girgenti; on environmental matters by Chicago partner Arthur Foerster, with associate Malorie Medellin; on FCPA matters by Chicago partner Meredith Monroe, with associate Joseph Grosser; on CFIUS matters by Washington, D.C. partner Les Carnegie, with associate Zachary Eddington; on data privacy matters by Bay Area counsel Robert Blamires, with associate Adriana Beach; and on antitrust matters by Washington, D.C. partner Amanda Reeves and Brussels partner Hector Armengod, with associates Daniel Baker, Ben Isaacs and Stephanie Adams.   

The Miller Thomson team comprised of Lisa Goodfellow and Erin Munik (Labour & Employment); Tamara Farber, Christie McLeod, and Roxane Nadeau (Environmental); Jay Sernoskie (Corporate/M&A), as well as Sharon MacMillan (Transactions & Leasing).

Involved fees earner: David Almroth – Freshfields Bruckhaus Deringer LLP; Amy Cattle – Freshfields Bruckhaus Deringer LLP; Aytac Celebi – Freshfields Bruckhaus Deringer LLP; David Chen – Freshfields Bruckhaus Deringer LLP; Justin Chen – Freshfields Bruckhaus Deringer LLP; Emmeline Chen – Freshfields Bruckhaus Deringer LLP; Brendan Counihan – Freshfields Bruckhaus Deringer LLP; Brock Dahl – Freshfields Bruckhaus Deringer LLP; Raphaël Darmon – Freshfields Bruckhaus Deringer LLP; Victoria Delettre – Freshfields Bruckhaus Deringer LLP; Sarah Ghulamhussain – Freshfields Bruckhaus Deringer LLP; Lori Goodman – Freshfields Bruckhaus Deringer LLP; Joseph Halloum – Freshfields Bruckhaus Deringer LLP; Michael David Harris – Freshfields Bruckhaus Deringer LLP; Andrew Herman – Freshfields Bruckhaus Deringer LLP; Christoph Hinrichsen – Freshfields Bruckhaus Deringer LLP; Mena Kaplan – Freshfields Bruckhaus Deringer LLP; Ethan Klingsberg – Freshfields Bruckhaus Deringer LLP; Christine Laciak – Freshfields Bruckhaus Deringer LLP; Mary Lehner – Freshfields Bruckhaus Deringer LLP; Jennifer Lei – Freshfields Bruckhaus Deringer LLP; Jack Leichtung – Freshfields Bruckhaus Deringer LLP; Christine Lyon – Freshfields Bruckhaus Deringer LLP; Martin McElwee – Freshfields Bruckhaus Deringer LLP; Jennifer Mellott – Freshfields Bruckhaus Deringer LLP; Aimen Mir – Freshfields Bruckhaus Deringer LLP; Laura Onken – Freshfields Bruckhaus Deringer LLP; Anne Powderly – Freshfields Bruckhaus Deringer LLP; Olivia Radin – Freshfields Bruckhaus Deringer LLP; Olivier Rogivue – Freshfields Bruckhaus Deringer LLP; Frank Röhling – Freshfields Bruckhaus Deringer LLP; Sara Salem – Freshfields Bruckhaus Deringer LLP; Elvira Sihvola – Freshfields Bruckhaus Deringer LLP; Justin Simeone – Freshfields Bruckhaus Deringer LLP; Vinita Sithapathy – Freshfields Bruckhaus Deringer LLP; Claude Stansbury – Freshfields Bruckhaus Deringer LLP; Nabeel Yousef – Freshfields Bruckhaus Deringer LLP; Marissa Yu – Freshfields Bruckhaus Deringer LLP; Lina Zhu – Freshfields Bruckhaus Deringer LLP; Stephanie Adams – Latham & Watkins; Nineveh Alkhas – Latham & Watkins; Héctor Armengod – Latham & Watkins; Daniel Baker – Latham & Watkins; Adriana Beach – Latham & Watkins; Robert Blamires – Latham & Watkins; Les Carnegie – Latham & Watkins; Young Woo Cho – Latham & Watkins; Robert Christoffel – Latham & Watkins; Matthew Conway – Latham & Watkins; Jina Davidovich – Latham & Watkins; Diana Doyle – Latham & Watkins; Zachary Eddington – Latham & Watkins; Bradley Faris – Latham & Watkins; Tiffany Fobes Campion – Latham & Watkins; Arthur Foerster – Latham & Watkins; Carrie Girgenti – Latham & Watkins; Joseph Grosser – Latham & Watkins; Zhaoqing Gu – Latham & Watkins; Ben Isaacs – Latham & Watkins; Micah Kamoe – Latham & Watkins; Peter Labonski – Latham & Watkins; Malorie Medellin – Latham & Watkins; Meredith Monroe – Latham & Watkins; Jason Morelli – Latham & Watkins; Byron Patton – Latham & Watkins; Kirk Porter – Latham & Watkins; Amanda Reeves – Latham & Watkins; Benjamin Stern – Latham & Watkins; Tamara Farber – Miller Thomson; Lisa Goodfellow – Miller Thomson; Sharon MacMillan – Miller Thomson; Christie McLeod – Miller Thomson; Erin Munik – Miller Thomson; Roxane Nadeau – Miller Thomson; Jason Sernoskie – Miller Thomson;

Law Firms: Freshfields Bruckhaus Deringer LLP; Latham & Watkins; Miller Thomson;

Clients: GCP Applied Technologies Inc.; Saint-Gobain;

Giulia Di Palma

Author: Giulia Di Palma