Cobham Ultra £2.57 Billion Recommended Offer For Ultra Electronics

In UK Ashurst, Kirkland & Ellis, Paul Hastings LLP, Slaughter and May, advised on the matter.

Ashurst advised Credit Suisse, Goldman Sachs, Rothschild & Co. with a team including Karen Davies (Picture – Equity Capital Markets), Tim Rennie (Equity Capital Markets).

Kirkland & Ellis advised Cobham with a team including David Holdsworth (Equity Capital Markets), Adrian Maguire (Equity Capital Markets), Matthew Merkle (Equity Capital Markets), Michael Taufner (Equity Capital Markets), Leon Daoud (Finance), Christopher Shield (Finance).

Paul Hastings LLP advised AlbaCore Capital Group, Barclays Bank, BNP Paribas, Canyon Partners, LLC , Carlyle Group, Credit Suisse, Goldman Sachs, Goldman Sachs & Co., HSBC, Jefferies, KKR Credit, Morgan Stanley, Royal Bank of Canada, Unicredit S.p.A. with a team including Arun Srivastava (Corporate M&A), Jonathan Pickworth (Dispute Resolution), Roger Barron (Equity Capital Markets), Peter Hayes (Equity Capital Markets), Peter Schwartz (Equity Capital Markets), Richard Kitchen (Finance), Luke McDougall (Finance), Arun Birla (Tax M&A and Deal Advisory), Jiten Tank (Tax M&A and Deal Advisory).

Slaughter and May advised Ultra Electronics with a team including Lisa Wright (Competition Law), Daniel Schaffer (Employment), Christian Boney (Equity Capital Markets), Simon Nicholls (Equity Capital Markets), Phil Linnard (Executive Compensation), Mike Lane (Tax M&A and Deal Advisory).

Cobham Ultra Acquisitions Limited’s (a wholly-owned indirect subsidiary of Cobham Group Holdings Limited (the “Cobham Group”)) made a £2.57 billion recommended all cash offer for Ultra Electronics Holdings plc (“Ultra”).

The Cobham Group is a leading global technology and services innovator offering a suite of products, systems and engineering services that continue to enable innovative and cutting-edge solutions in space, avionics and electronics, in both commercial and defence markets. Ultra provides application-engineered solutions in the key elements of mission critical and intelligent systems that are on many of the world’s long-term defence programmes.

Credit Suisse, Goldman Sachs and Rothschild & Co are acting as financial advisers to the Cobham Group in relation to the offer.

The Ashurst team was led by partners Karen Davies (Picture) and Tim Rennie, supported by senior associate Darren Phelan and associates Krishna Parikh and Aaron Koh.

The Kirkland team was led by corporate partners Adrian Maguire and David Holdsworth and associates Chris Connolly, George Rawlinson, Chris Weale and Jack Evans; debt finance partners Chris Shield and Leon Daoud and associates Thomas Raftery, Phanne Yang and Tilly Kersley and high yield partners Matt Merkle and Michael Taufner and associate Lena Yoon.

Slaughter and May supported Ultra’s General Counsel and Company Secretary, Louise Ruppel. Slaughter and May’s team included Simon Nicholls (Picture), Partner, Christian Boney, Partner, Paul Thorpe, Associate, Edward Rochford, Associate, George Weston, Associate, Ryan Martin, Associate, Bianca Pereira, Trainee, Cameron Anderson, Trainee, Angus Young, Trainee, Matthew Spilsbury, Trainee, Lisa Wright, Partner, Murray Reeve, Associate, Kadambari Chinoy, Associate, Phil Linnard, Partner, Philippa O’Malley, Associate, Daniel Schaffer, Partner, Ross Neill, Associate, Sean Lee, Trainee, Mike Lane, Partner and Stephen Elhabbal, Associate.

The Paul Hastings cross-border team was led by London finance partners, Luke McDougall, Richard Kitchen, Peter Schwartz, Edward Holmes and Peter Hayes together with London associates Andrew Lowndes, Ludovico Giannotti, Alon Blitz, Lauren Winter, Lorenzo Colombi-Manzi and Michelle Li. The team also included New York finance partners, John Cobb and Seth Chandler, together with New York associates Mitchell Zuckerman and Maciej Zielnik; London M&A Partner, Roger Barron; London corporate crime & investigations partner, Jonathan Pickworth together with associate Gesa Bukowski; London fintech & regulation partner, Arun Srivastava; Washington D.C. litigation Of Counsel, Jennifer Riddle; London tax partners, Arun Birla and Jiten Tank together with associate Abigail Hung; and New York tax partner, David Makso.

Involved fees earner: Karen Davies – Ashurst; Aaron Koh – Ashurst; Krishna Parikh – Ashurst; Darren Phelan – Ashurst; Tim Rennie – Ashurst; Chris Connolly – Kirkland & Ellis; Leon Daoud – Kirkland & Ellis; Jack Evans – Kirkland & Ellis; David Holdsworth – Kirkland & Ellis; Tilly Kersley – Kirkland & Ellis; Adrian Maguire – Kirkland & Ellis; Matthew Merkle – Kirkland & Ellis; Thomas Raftery – Kirkland & Ellis; George Rawlinson – Kirkland & Ellis; Christopher Shield – Kirkland & Ellis; Michael Taufner – Kirkland & Ellis; Christopher Weale – Kirkland & Ellis; Phanne Yang – Kirkland & Ellis; Lena Yoon – Kirkland & Ellis; Roger Barron – Paul Hastings LLP; Arun Birla – Paul Hastings LLP; Alon Blitz – Paul Hastings LLP; Gesa Bukowski – Paul Hastings LLP; Seth Chandler – Paul Hastings LLP; John Cobb – Paul Hastings LLP; Lorenzo Colombi-Manzi – Paul Hastings LLP; Ludovico Giannotti – Paul Hastings LLP; Peter Hayes – Paul Hastings LLP; Edward Holmes – Paul Hastings LLP; Abby Hung – Paul Hastings LLP; Richard Kitchen – Paul Hastings LLP; Michelle Li – Paul Hastings LLP; Andrew Lowndes – Paul Hastings LLP; David Makso – Paul Hastings LLP; Luke McDougall – Paul Hastings LLP; Jonathan Pickworth – Paul Hastings LLP; Jennifer Riddle – Paul Hastings LLP; Peter Schwartz – Paul Hastings LLP; Arun Srivastava – Paul Hastings LLP; Jiten Tank – Paul Hastings LLP; Lauren Winter – Paul Hastings LLP; Mitchell Zuckerman – Paul Hastings LLP; Christian Boney – Slaughter and May; Kadambari Chinoy – Slaughter and May; Stephen Elhabbal – Slaughter and May; Mike Lane – Slaughter and May; Phil Linnard – Slaughter and May; Ryan Martin – Slaughter and May; Ross Neill – Slaughter and May; Simon Nicholls – Slaughter and May; Philippa O’Malley – Slaughter and May; Murray Reeve – Slaughter and May; Edward Rochford – Slaughter and May; Daniel Schaffer – Slaughter and May; Paul Thorpe – Slaughter and May; George Weston – Slaughter and May; Lisa Wright – Slaughter and May;

Law Firms: Ashurst; Kirkland & Ellis; Paul Hastings LLP; Slaughter and May;

Clients: AlbaCore Capital Group; Barclays Bank; BNP Paribas; Canyon Partners, LLC ; Carlyle Group; Cobham; Credit Suisse; Goldman Sachs; Goldman Sachs & Co.; HSBC; Jefferies; KKR Credit; Morgan Stanley; Rothschild & Co.; Royal Bank of Canada; Ultra Electronics; Unicredit S.p.A.;

Author: Giulia Di Palma