31 March 2014
Clifford Chance advises Babcock International Group on its acquisition of Avincis Mission Critical Services
Leading international law firm Clifford Chance is advising UK engineering support services provider, Babcock International Group plc, on its acquisition of Avincis Mission Critical Services and associated £1.1 billion rights issue. The helicopter services provider is being sold by World Helicopters (a portfolio company of investment funds affiliated with Investindustrial and Kohlberg Kravis Roberts & Co). The deal values the equity at £920 million, with an enterprise value of £1625 million.
As part of the acquisition, Babcock has entered into a new debt facility to enable it to refinance the Avincis Group’s third party debt following completion.
The Clifford Chance Corporate team was led by partner Lee Coney with support from partner Caroline Sherrell and senior associate Katherine Moir. Capital Markets partner John Connolly and senior associate Claudia Kim advised on the US aspects of the deal. Finance partners Malcolm Sweeting and Roderick McGillivary advised on the financing aspects of the transaction. Antitrust advice was provided by partner Greg Olsen and associate Petra Carey.
Completion of the proposed acquisition is expected to take place in May 2014.