The transaction will see community tools supplier CommScope purchase software program maker Arris, a fellow US-headquartered that’s listed on the NASDAQ.
Pinsents London companions Rob Hutchings and Roberta Markovina suggested CommScope on UK M&A issues, whereas associate Eloise Walker supported on tax.
The agency labored alongside Alston & Fowl companions Mark Kelly and William Snyder, who led on US components of the transaction. Latham & Watkins and Skadden Arps Slate Meagher & Flom additionally performed key roles for CommScope and are understood to have suggested on financing points.
The goal Arris was represented by a trio of companions from HSF’s company group in London; Gavin Davies, Alex Kay and Caroline Rae. The agency additionally led on tax recommendation for the corporate, with world head Isaac Zailer on name.
HSF was introduced in by Troutman Sanders to work on UK points of the transaction, whereas the US agency led on issues abroad with Atlanta-based Brink Dickerson.
Hogan Lovells is known to have suggested on antitrust points for Arris.
In reference to the acquisition, the Carlyle Group has additionally re-established an possession place in CommScope by way of a $1bn minority fairness funding. Cravath Swaine & Moore M&A companions Keith Hallam and Jenny Hochenberg suggested CommScope on this particular a part of the deal, whereas Simpson Thacher & Bartlett gained the function for Carlyle.
CommScope’s CEO Eddie Edwards stated: “CommScope and Arris will convey collectively a novel set of complementary property and capabilities that allow end-to-end wired and wi-fi communications infrastructure options that neither firm might in any other case obtain by itself. We are going to entry new and rising markets, and have larger expertise, options and worker expertise that can present extra worth and profit to our clients and companions.”
Background to the deal
Few cross-border M&A offers have such an array of advisers listed, however this was a very complicated transaction made up of a number of totally different company and finance elements. To begin with, Arris is a US firm listed on the Nasdaq however is however structured as a UK plc. There was then a big financing aspect concerned within the deal, with CommScope agreeing too to the reimbursement of Arris’ debt. Lastly CommScope wanted to boost fairness of round $1bn, which noticed Carlyle wade in to reclaim possession within the firm.
Arris took over UK firm Tempo in a $2bn deal in 2015, through which Travers Smith suggested Tempo, and HSF and Troutman labored with Arris. This was the primary function HSF picked up for Arris.
Pinsents labored with CommScope for the primary time in 2014, grabbing the mandate on its acquisition of two of Alifabs’ companies. Alston is a longstanding adviser to CommScope within the US; Silicon Valley-based Snyder has acted on its $3bn acquisition of TE Connectivity’s telecom, enterprise and wi-fi companies in 2015.