A Weil team led by New York partner Danek Freeman advised Citi in connection with providing committed debt financing for FMC Corp.’s $1.8 billion acquisition of Cheminova A/S, a multinational crop protection company based in Denmark, from Auriga Industries A/S.
The acquisition of Cheminova, which is expected to close in early 2015, will broaden FMC’s product portfolio and geographic footprint. Cheminova also brings complementary technologies in insecticides and herbicides, significantly enhances FMC’s fungicide portfolio and adds a growing micronutrient business.
The Weil team advising Citi was led by Banking & Finance partner Danek Freeman, and included Banking & Finance partner Morgan Bale; Capital Markets partner Jennifer Bensch, M&A partner Raymond Gietz; Regulatory partner Chip Roh (Washington D.C.); Banking & Finance associate Peter Puk; Capital Markets associate Jennifer Waisberg; M&A associate Owen Denby; and Regulatory associate Timothy Welch (Washington D.C.) (all in New York unless otherwise specified).
This transaction is the latest in a series of high profile investment grade acquisition financings Weil has advised leading investment banks on over the past year. Other recent matters include:
* Morgan Stanley in its $2.5 billion bridge financing to Alcoa, Inc. to finance its $2.85 billion acquisition of Firth Rixson Limited (U.K.), a manufacturer of aerospace jet engine components.
* Morgan Stanley and J.P. Morgan in connection with providing committed bridge financing to Tyson Foods, Inc., to finance its $8.5 billion acquisition of Hillshire Brands, a leader in branded, convenient foods, for $8.55 billion. The acquisition will accelerate Tyson Foods’ expansion into prepared foods and create a company with market positions in chicken, breakfast meats, hot dogs and other categories.
* Barclays and Goldman Sachs in connection with providing $7.2 billion of committed bridge financing to Exelon Corporation to finance its $6.8 billion acquisition of Pepco Holdings Inc. The acquisition will create a mid-Atlantic utility company serving about 10 million customers from D.C. up to Philadelphia and southern New Jersey, with a rate base of about $26 billion.
* Morgan Stanley in connection with providing $1.9 billion of committed bridge financing (and related matters) to UIL Holdings Corporation to finance its $1.86 billion acquisition of Philadelphia Gas Works, the nation’s largest municipally-owned natural gas utility, from the City of Philadelphia.
* Goldman Sachs in providing $4.75 billion of committed bridge financing (and related matters) to Sysco Corporation to finance its acquisition of US Foods from Clayton, Dubilier & Rice and KKR. This transaction, when completed, will unite two of the largest food distributors in the United States.
