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Clifford Chance advises Morgan Stanley on the granting of a EUR 1.65 billion bridge financing in connection with the tender offer announced by Otis

28 September 2021

Clifford Chance advises Morgan Stanley on the granting of a EUR 1.65 billion bridge financing in connection with the tender offer announced by Otis

Clifford Chance has advised Morgan Stanley, jointly with Davis Polk & Wardwell LLP as U.S. legal counsel, on the execution of a EUR 1.65 billion bridge loan credit agreement and a EUR 1.65 billion CNMV guarantees issuance agreement in connection with the all-cash voluntary takeover bid launched by Opal Spanish Holdings, S.A.U. for all outstanding shares of Zardoya Otis, S.A.

Otis Worldwide Corporation, the world's leading elevator and escalator manufacturing, installation and service company, announced last week the tender offer through its wholly-owned subsidiary, Opal Spanish Holdings, S.A.U., for all of the shares it does not currently own of Zardoya Otis, S.A, with the intention to delist Zardoya Otis, S.A. subsequent to the tender.

The Clifford Chance team was led by Epifanio Pérez and Ignacio Magariños.