Milbank Advises on Porterbrook Acquisition
Milbank London Maintains Focus on Most Complex and Challenging Transactions
LONDON, 28 October 2008 – International law firm Milbank, Tweed, Hadley & McCloy LLP is pleased to announce that it has advised a consortium of investors including Deutsche Bank, Lloyds TSB and Antin Infrastructure Partners (the BNP Paribas sponsored infrastructure fund) in their acquisition of 100% of the Porterbrook Leasing Company from Abbey National and the related acquisition financing. Completion of the purchase is subject to regulatory approvals and is expected to take place before the end of 2008. This is one of the largest leveraged acquisitions of 2008 in the London market.
The London based Milbank team was led by Stuart Harray (corporate), Suhrud Mehta (finance) and Russell Jacobs (tax). Milbank's integrated corporate finance team focuses on the most complex and challenging transactions in the London/European markets. Earlier this year Milbank London advised the arranging banks (BNP Paribas, Calyon, Citi, CSFB, Lehman, RBS and Santander) on one of the largest ever acquisition financings - the $50 billion financing for the proposed bid by Vale for Xstrata plc, listed on the London and Swiss Stock Exchanges.
About Porterbrook
Porterbrook is one of the three major rolling stock leasing companies that together own almost all of the UK passenger rolling stock fleet. It specialises in leasing all forms of railway rolling stock and associated equipment to train operating companies.
About Milbank
Milbank, Tweed, Hadley & McCloy LLP is a pre-eminent global law firm that for more than 140 years has provided innovative legal solutions in many of the world’s most complex and challenging “first-ever” corporate finance transactions and litigation. Our transactional expertise includes corporate finance, capital markets, acquisition finance, project finance and other major fields of law practice. Milbank litigation teams resolve disputes involving mergers and acquisitions, financings and securities offerings and corporate restructurings, among others. Our clients range from prominent multinational financial, industrial and commercial enterprises to governments, institutions and individuals. The Firm is headquartered in New York with offices in Beijing, Frankfurt, Hong Kong, London, Los Angeles, Munich, Singapore, Tokyo, and Washington, DC.