Alan Rafferty

Primary Focus & Experience

Alan’s experience includes advising on transactions in the private equity, regulated financial, aviation, infrastructure, energy and real estate sectors. Alan’s clients include a wide variety of alternative investment funds (including private equity and credit funds), banks and large corporates.

Alan is described by clients as “extremely easy to work with” and “excellent technically” and is praised for his commercial and pragmatic approach. He enjoys working with the tax and deal teams at his clients to find the optimal structuring solutions for their transactions and works frequently with top-tier advisers in other jurisdictions to produce clear, concise advice.

Alan’s recent transaction highlights include advising on the following matters.

Financial sponsor M&A/investments

• CVC Capital Partners Fund VI on the disposal of its majority stake in the Hellenic Healthcare Group to PureHealth Holding PJSC in a transaction that values Hellenic Healthcare Group at €2.2 billion
• Advent on the acquisition of TBI Bank EAD, a leading digital bank in Southeast Europe, from 4finance Holding S.A.
• Investindustrial on its acquisition of DCC’s healthcare division at a total enterprise value of £1.050 billion
• Sterling Square Capital Partners on the sale of Outcomes First Group to The Risk Fund, managed by TPG
• CPPIB in relation to its investment in Fortress’ acquisition of Wm Morrison Supermarkets
• Fortress on its agreement to sell the Falko aviation leasing business to Chorus Aviation for $850 million
• Summit Partners on the acquisition of minority interests in TradingHub and Imagen AI
• Charterhouse Capital Partners on the acquisition of a majority stake in Two Circles
• Clearlake Capital Group in connection with its agreement to acquire European private credit specialist MV Credit from Natixis Investment Managers (leaving Clearlake with firmwide AUM of $90 billion)
• Castlelake on its $5 billion disposal of modern, fuel-efficient aircraft to Avolon
• Carlyle Aviation Partners on its agreement to acquire AMCK Aviation’s aircraft portfolio for a price in excess of $4 billion
• PK Airfinance and Apollo on the acquisition of a $920 million portfolio of secured aviation loans from Standard Chartered
• Chorus Aviation on the $1.9 billion sale of Falko Regional Aircraft to HPS

Recapitalisation/restructuring

• The creditor committee on the restructuring of the Selecta vending machines group
• A group of senior lenders on the successful recapitalization of the KKR-controlled Accell Group, a market-leading producer of bicycles
• The creditor committee on the restructuring of the Lycra group
• Intrum AB on its €4.5 billion cross-border recapitalisation
• GOL Airlines in relation to its chapter 11 bankruptcy and emergence
• The creditor committee in relation to the restructuring of the Waldorf Production group
• The ad hoc committee of bondholders on the comprehensive financial restructuring of the Adler Group, including its UK financing arrangements
• The senior lenders to the Keter group on the transfer to them of ownership of the group and restructuring of the group’s capital
• The lenders to the Schur Flexibles Group on the lender-led restructuring of the group, comprising an acquisition and recapitalization by the lenders of the group, which now operates under the name adapa
• The creditors of the Keter Group on its debt extension transaction
• Avianca in relation to its restructuring

Trade M&A

• Allwyn on its €16 billion all-share combination with OPAP
• Intralot S.A. on its acquisition of Bally’s International Interactive business in a cash-and-shares transaction that values the International Interactive business at an enterprise value of €2.7 billion
• CrediaBank (formerly known as Attica Bank) on the acquisition of HSBC Continental Europe, S.A.’s majority stake in HSBC Bank Malta p.l.c.
• Abra Group on the creation of a leading air transportation group for South America, including the Avianca, GOL and TACA airlines
• Eurobank on the sale of its Serbian banking business, operating as Eurobank Direktna, to AIK Banka Beograd
• Public Power Corporation on its acquisition of Enel’s Romanian renewables, power distribution and power supply businesses for around €1.26 billion, and the related financing
• Dragan Solak in relation to the acquisition by Sport Republic of the controlling stake in Southampton Football Club
• the d&b group on its acquisition of audio-visual production business “White Light”
• BP on its $10.5 billion acquisition of BHP Billiton's onshore US shale assets*
• the London Stock Exchange Group on its aborted merger with Deutsche Börse*

Structured Finance

• Establishing new European CLO management platforms for a variety of leading global asset managers
• Various top-tier CLO managers and arrangers in relation to a European CLO transactions and bespoke structured lending and fund financing transactions

Leveraged Finance

• The financing sources in relation to the £4.6 billion recommended cash offer by an EQT-led consortium for Dechra Pharma Plc
• The mandated lead arrangers in relation to the financing for Carlyle’s acquisition of Altadia Group, the largest global manufacturer of intermediate products for ceramic tile production, from LoneStar

Capital Markets

• Optasia’s IPO on the Johannesburg Stock Exchange
• Allwyn on its €600 million high-yield bond offering
• Punch Taverns on its high yield bond offering
• Qualco Group on its IPO on the Athens Exchange
• The underwriters in relation to various AT1 and AT2 issuances by NatWest
• Allfunds Group, and its majority owner Hellman & Friedman, on its IPO on Euronext Amsterdam*

Projects, energy and infrastructure

• Breakthrough Energy Catalyst on its acquisition of an equity interest in the FlagshipONE e-methanol project
• The multi-laterals (including IFC and ADB), the ECAs (including EDC, Euler Hermes, Finnvera and EKN) and the commercial banks on the Reko Diq Copper-Gold Project in Pakistan
• The lenders in relation to the financing of the Oyu Tolgoi Project in Mongolia
• The finance parties in connection with the $560 million greenfield project financing of an up to 102.6 MW hyperscale data-center campus in EEC, Thailand

* Alan advised on these matters prior to joining Milbank.

Recognition

“Alan Rafferty is technically superb, very responsive and writes clearly. He is an exceptional performer all round.” (The Legal 500 2024)

"He is a very thoughtful, considered tax lawyer who is always keen on providing proactive advice on structuring." (Chambers & Partners UK 2026)

"Alan is very approachable and technically strong." (Chambers & Partners UK 2026)

"He has very good knowledge of his clients and is always a pleasure to work with." (Chambers & Partners UK 2026)

"He has an authority about him that reassures you. He never views issues as problems; they're just things that haven't been solved yet." (Chambers & Partners UK 2026)

“I worked with Alan Rafferty on a number of extremely complicated transactions. He was thorough, precise, knowledgeable. He responded quickly and could explain the complexities clearly. I’ve worked with many of the major tax lawyers… and rank Alan Rafferty very highly.”  (The Legal 500 2024)

“Alan Rafferty is superb; his great commercial mind and technical knowledge make him extremely easy to work with.” (The Legal 500 2025)

“They have with Alan Rafferty one of the strongest tax practitioners in London. In addition given their integration with in particular their German (and US) tax practice they can provide great tax advice.”  (The Legal 500 2025)

Alan received his degree from the University of Oxford (Christ Church) and subsequently studied at City University and the College of Law in London.

Alan is a member of the City of London Law Society’s Revenue Committee.

Prior to studying law, Alan edited the Literary Review in London.