Richard Butterwick

Latham & Watkins has advised Varkey Group on the investment by a consortium led by Brookfield Asset Management Ltd to invest in GEMS Education (GEMS), partnering with the Varkey Group. The Middle East’s largest leveraged buy-out, which completed today, included a multi-tranche sustainable linked facility led by a consortium of international and regional investors alongside a UAE banking consortium led by Dubai Islamic Bank PJSC.  As part of the transactions, funds managed by CVC Capital Partners will sell partially and retain a stake in GEMS. With roots dating back to 1959 and founded by the Varkey family, GEMS Group, headquartered in Dubai, is a leading K-12 private education service institution in the UAE. It offers a diverse range of syllabi to more than 135,000 students in 61 schools operating across UAE, Qatar, and Europe. The GEMS group includes companies that provide auxiliary services for school transport, facility management, catering services, and school uniforms. The Latham team was led by London corporate partners Nick Cline, Richard Butterwick, and James Inness, with associate Harry Redford. Additional advice on corporate matters was provided by London associates Harriet Stephenson, Faris Shoubber, Irene Brandão, Isabelle Knapton, and Madina Salavdiyeva; on employment matters by London counsel Shaun Thompson; and on antitrust and regulatory matters by London partner Jonathan Parker and associate Nadeem Brora.~~

Jul 17

1 min

Latham & Watkins has advised Darktrace plc (LSE: DARK), a global leader in cybersecurity artificial intelligence, on its recommended takeover offer by Thoma Bravo. The acquisition values Darktrace's entire issued, and to be issued, ordinary share capital at approximately US$5.3 billion. It is intended that the acquisition will be implemented by way of a Court-sanctioned scheme of arrangement under English law. The Latham team was led by London M&A partner Richard Butterwick and associates Chris Ramsey, Will Temple-Smith, Beatrice Leung, and Aslihan Alparslan. Advice was provided on capital markets matters by London partners James Inness and Anna Ngo; on employment and benefits matters by London partner Kendall Burnett and Bay Area partner Ashley Wagner; and on regulatory matters by London partner Jonathan Parker and associate James Mathieson.~~

Apr 26

1 min

Latham & Watkins has advised a private equity consortium led by Astorg and Epiris on the £1.6 billion UK Takeover Code offer for Euromoney Institutional Investor Plc, a leading financial news and information business. As part of the offer, Euromoney investors will receive £14.61 per share. The consortium will separate Euromoney into two businesses, with Fastmarkets becoming a stand-alone unit owned by Astorg. The remaining Euromoney businesses will be majority controlled by Epiris. The transaction is expected to close in Q4 2022. The Latham team was led by London corporate partners Paul Dolman and Richard Butterwick, with associates Suneel Basson-Bhatoa, Jon Fox and Connie Taylor-Cox.~~

Jul 18

1 min

Latham & Watkins is advising Agility Public Warehousing Company KSCP (Agility), a Kuwaiti public company on the sale of its Global Integrated Logistics business (GIL) to Danish listed company DSV Panalpina A/S (DSV). The combination is expected to create a top-three global freight forwarder based on revenues. The acquisition will be an all-share transaction and closing is expected in the third quarter of 2021. The transaction has an implied equity value of US$4.1 billion and will result in Agility becoming the second largest shareholder in DSV, with an approximate 8% stake in the combined company. The combination of DSV and GIL will fortify DSV’s position as a leading global transport and logistics company with a combined pro forma revenue of approximately US$22 billion and a combined workforce of more than 70,000 employees. Latham is working alongside Meysan Partners, a Middle Eastern law firm, which is also advising Agility on the deal, with a team led by M&A partner Bader El-Jeaan. The Latham team is being led by London corporate partners Mike Bond and Richard Butterwick, with associates Medha Marathe, Ben Coleman and Antonina Semyachkova. Advice on tax matters is being provided by London partner Sean Finn and associate Aaron Bradley; and on antitrust matters by Brussels partner Luca Crocco and associate Marine Dewaele. Gorrissen Federspiel is advising Agility on the Danish law aspects of this transaction, led by M&A partner Anders Ørjan Jensen and associate, Andreas Høymann Hertel.~~

Apr 28

1 min

Latham & Watkins has advised Abcam plc (Nasdaq: ABCM), a global leader in the supply of life science research tools, on a definitive agreement pursuant to which Danaher Corporation (NYSE: DHR) will acquire all of the outstanding shares of Abcam for US$24 per share in cash (the ‘Transaction’), with a total enterprise value of approximately US$5.7 billion including assumed indebtedness and net of acquired cash. The Transaction has been unanimously approved and recommended by the Abcam Board of Directors and unanimously approved by the Danaher Board of Directors. Latham has previously advised Abcam on its listing on NASDAQ, de-listing from AIM, strategic M&A activities, and a recent activist campaign. The Latham team was led by London corporate partners Robbie McLaren, Richard Butterwick, Anna Ngo, and Jennifer Gascoyne, with associates Chris Ramsey, Aimee Godfrey, Aeneas Nalbantis, and Will Temple-Smith. Advice on US corporate matters was provided by Orange County partner Scott Shean and New York partner Leah Sauter; on executive compensation, employment & benefits matters by London partner Sarah Gadd and Washington, D.C. partner Nikhil Kumar; and on antitrust and regulatory matters by Brussels partner Héctor Armengod and counsel Philipp Studt, and Washington, D.C. partner Mandy Reeves.~~

Aug 28

1 min