25 January 2012

Carey Olsen advises on £1.5 billion acquisition

Carey Olsen has advised Colfax UK Holdings Limited on its acquisition of Charter International plc through a Jersey scheme of arrangement. This deal is believed to be the largest transaction of its kind in Jersey with an estimated value of $2.426 billion in cash and stock (approximately £1.528 billion) which is based on the closing price of $23.04 per Colfax share on 9 September, 2011.

Colfax UK Holdings Limited is a subsidiary of Colfax Corporation, a US-based international industrial group listed on the New York Stock Exchange.

A Carey Olsen cross practice team was instructed by, and worked in conjunction with Skadden, Arps, Slate, Meagher & Flom and included partner Guy Coltman and associate Kate McCaffrey from the corporate and finance group, partner Robert MacRae and senior associate Andreas Kistler from the firm’s litigation group.

Mr Coltman said: “Carey Olsen has an exceptional reputation for corporate and finance work and to have been selected to advise on the largest transaction of its kind in Jersey demonstrates the recognition of our strength and expertise particularly when advising on Jersey schemes of arrangement.”

In 2007, Carey Olsen played an integral role advising the Sandpiper CI Group on the first Jersey scheme of arrangement. In 2010, the firm structured and effected the largest ever scheme of arrangement in Jersey at the time when leading independent investor and fund manager Intermediate Capital Group acquired a large stake in legal services firm CPA Global. The corporate team also advised Rambler Media Limited on the cash acquisition of the shares of minority shareholders in that company by ProfMedia Group, one of Russia's largest media holding groups and a major private investor in most sectors in the Russian media market, through a Jersey scheme of arrangement.