Cinven buys out McKechnie PLC
Cinven, one of the largest private equity issuers in the UK, provided the equity to finance existing management’s buyout in this watershed multinational ‘public to private’ deal. Hunton & Williams acted as Cinven’s US counsel and worked as a team with Freshfields, Cinven’s lead counsel in London. Hunton & Williams coordinated and advised on the U.S. due diligence, acquisition structure and acquisition financing sides of the transaction. Cinven’s buy-out of McKechnie was complicated by conflicting aspects of UK tender offer rules, US cross-border SEC rules, HSR requirements and national security clearance. Hunton & Williams and Freshfields worked as an effective team to solve these problems and yield a successful outcome.
