Varun Natteri Mangadu

Milbank LLP is advising the financing sources on Bain Capital’s multibillion acquisition of House of HR, European recruitment specialist. House of HR was founded in 1995 under the Accent Jobs umbrella, and has subsequently grown into a European powerhouse, with over 4300 internal employees and offices in Belgium, the Netherlands, France and Germany. The Milbank team is led by European Leveraged Finance/Capital Markets partners Suhrud Mehta, Apostolos Gkoutzinis and Rebecca Marques, special counsel Laura Bonamis and associates Varun Natteri Mangadu, Michael Gatter, Abbey Dalgleish, Maria Chiara De Biasio, Kristian Sutt and Vasujith Ram. Kirkland & Ellis is acting as counsel to Bain Capital.

Jun 8

1 min

Milbank LLP advised Public Power Corporation S.A. (“PPC”), a société anonyme incorporated under the laws of Greece, in connection with its offering of €600 million 4.625% senior notes due 2031. The proceeds from the offering will be used to fund ongoing expansion capital expenditure projects of PPC and its subsidiaries, and pay fees and expenses related to the offering. PPC is the leading Southeast European electric utility and a critical infrastructure player, operating mainly in Greece and Romania. In Greece, for more than 70 years, PPC has been at the forefront of the power industry and an integral part of the country’s process of electrification. PPC is the largest generator and supplier of electricity, providing electricity to approximately 5.6 million end-customers as of 30 June 2024. It also holds a 51% interest in Hellenic Electricity Distribution Network Operator S.A., the sole owner and operator of the electricity distribution network in the country. In Romania, PPC is the largest energy supplier and the second largest electricity distribution network operator, providing energy to approximately 3.2 million end-customers as of 30 June 2024. PPC is publicly listed, and its shares are traded on the Main Market of the Athens Exchange with a market capitalization of approximately €4.3 billion as of 30 June 2024. The Milbank team was led by European Leveraged Finance/Capital Markets partners Apostolos Gkoutzinis and Trevor Truman, and special counsel Varun Natteri Mangadu, with associates Chara Makrygianni and Alexia Pimbli, and law clerk Panos Maniatis. The team also included New York Tax partner Eschi Rahimi-Laridjani and associate Michelle Song.

Oct 31

1 min

Milbank LLP has advised Oaktree Capital Management and its affiliates (“Oaktree”) on a €425 million refinancing of a term loan facility to Scranton Enterprises, a leading healthcare and biosciences company based in the Netherlands, with operations in the United States, Germany and Hungary. Milbank acted as lead international and German counsel and advised Oaktree on all aspects of the transaction. Milbank’s co-counsel were NautaDutilh in Luxembourg and the Netherlands, Walkers (Ireland) LLP in Ireland, and Lakatos, Köves and Partners in Hungary. The Milbank team was led by Corporate Finance and Securities special counsel Varun Natteri Mangadu and Financial Restructuring partner Sinjini Saha, and included associates Diana Dai, Paavani Garg, Ryan Al-Hakim, Isabel Langlois and trainee Eamon MacDonald. US law advice was provided by partner Benjamin Sayagh and associate Christine Qin and German law advice was provided by partner Barbara Mayer-Trautmann and associates Susanne Baier and Marlon Kiechl.

Jul 31

1 min

Milbank LLP advises EQT X fund (“EQT”) on its investment in Acronis AG. EQT will acquire a majority stake in Acronis. Founded in 2003 and headquartered in Switzerland, Acronis is a leading IT solutions vendor for Managed Service Providers, offering a natively integrated, highly efficient cybersecurity and data protection platform. Acronis enables customers to outsource IT capabilities while ensuring high standards of data security, integrity and reliability. With 15 offices around the globe and more than 1,700 employees, Acronis’ network spans over 150 countries, enabling over 20,000 Service Providers to protect over 750,000 businesses. The founders, the management team, and certain existing investors will remain invested as significant minority shareholders. Completion of the transaction is subject to customary regulatory approvals and expected for H1 2025. The Milbank team was led by partner Steffen Oppenlaender (Corporate/M&A, Munich) and included partners Sebastian Heim (Corporate/M&A, Munich),  Alexander Rinne (Regulatory, Munich), Andrea Hamilton (Regulatory, London), Thomas Kleinheisterkamp (Tax, Munich), Barbara Mayer-Trautmann (Banking and Leveraged Finance, Munich), Bijan Ganji (Global Risk & National Security, Washington DC), Atara Miller (Litigation, New York) and Mike Shah (Executive Compensation and Employee Benefits, New York) as well as special counsels Nils Bremer (Regulatory, Munich), John Garces (Corporate Data Privacy and Information Security), and Varun Natteri Mangadu (Banking and Leveraged Finance, London), and associates Sandra Feil, Pirmin Schauer, Maximilian Mueller, Linus Knappe, Tim Prakash (all Corporate/M&A, Munich), Jan Maas (Regulatory, Munich), Bridget Golob (Global Risk & National Security, Washington DC), Susanne Baier (Banking and Leveraged Finance, Munich), Bradley Hershon (Litigation & Arbitration, New York), and Georgia Kinsella (Litigation & Arbitration, London).

Aug 7

1 min

Milbank LLP is advising the financing sources on Permira and Blackstone’s private credit loan financing for a voluntary tender offer to acquire all of the outstanding ordinary Class A shares in Adevinta ASA. The offer is being made through Aurelia Bidco Norway AS, a Norwegian private limited liability company established for the purpose of the offer. The price per Adevinta share offered to the Adevinta shareholders is NOK115 and corresponds to an equity value of Adevinta of approximately NOK141 billion, which including debt translates into a transaction value of approximately €14 billion. Adevinta is the world’s largest online classified advertising business, with an extensive footprint and leading marketplace brands. The transaction is one of the largest European buyouts announced in 2023 and financing, if completed, would be one of the largest on record, globally, for a private credit financing. This continues a successful year in the private credit space for Milbank’s European Leveraged Finance/Capital Markets team, which previously advised the financing sources on two of the largest European private credit deals in 2023, EQT’s take private of Dechra and One Rock’s acquisition of Constantia Flexibles. The Milbank team was led by European Leveraged Finance/Capital Markets partners Sarbajeet Nag, Suhrud Mehta, Laura Bonamis, and included partner Davide Mencacci, special counsel Varun Natteri Mangadu and Trevor Truman, and associates Michael Gatter, Abbey Dalgleish, Pranahita Srinivas, Andrew Mavers, Obinna Mezu, David Zhu and trainee solicitors Tom Shurman and Freddie Fisk.

Dec 13

1 min