McCarthy & Stone plc (“McCarthy & Stone”) recently announced that its board of directors reached agreement for the acquisition of the entire issued and to be issued share capital of McCarthy & Stone by a wholly owned indirect subsidiary of Lone Star Real Estate Fund VI. The acquisition is intended to be effected by means of a scheme of arrangement. The transaction values the entire issued and to be issued share capital of McCarthy & Stone at approximately £630 million.
McCarthy & Stone is a leading developer and manager of retirement communities in the UK, with a significant market share. It has built and sold more than 58,000 properties across more than 1,300 retirement developments since 1977.
Milbank represented the lead arranger in providing committed financing to support the takeover offer to McCarthy & Stone shareholders.
The Milbank team was led by European Leveraged Finance/Capital Markets partners Rebecca Marques and Sarbajeet Nag, with associates Aled Knights, Byron Nicol, Sarah Findlay, Francesca Moseley and Anish Mohanty and trainee solicitor Connor Clune. The team also included London Tax associates Steve Quinn and Cosmos Fung.
