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Sullivan & Cromwell LLP

1 NEW FETTER LANE, LONDON, EC4A 1AN, ENGLAND
Tel:
Work 020 7959 8900
Fax:
Fax 020 7959 8950
Email:
Web:
https://www.sullcrom.com

London: Corporate and commercial

Corporate tax
Corporate tax - ranked: tier 6

Sullivan & Cromwell LLP

Sullivan & Cromwell LLP's strength is its transatlantic presence, which it utilises to provide UK and US tax advice on complex cross-border transactions alongside the firm's other departments. The group is co-led by Ronald Creamer and S. Eric Wang, both of whom split their time between the New York and London offices. Highlights for Wang included advising firm-wide client Elis on the structuring of its £2bn cross-border takeover of Berendsen; and in a separate mandate, he was instructed by BP on its entrance into an agreement with Bridas Corporation to form a joint-venture with operations in Argentina. European counsel Andrew Thomson advised Diebold Nixdorf on the tax aspects of the sale of its legacy Diebold business in the UK and Ireland.

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EU and competition
EU and competition - ranked: tier 6

Sullivan & Cromwell LLP

Sullivan & Cromwell LLP¬†provides an ‚Äėoutstanding level of service‚Äô for EU and competition law matters, with particular niche advice in financial services and ‚Äėexpertise and knowledge of how the FCA works‚Äô. ‚ÄėExcellent competition lawyer‚Äô¬†Juan Rodriguez¬†heads the practice and is noted for his ‚Äėgreat technical and commercial skills‚Äô and ‚Äėspot-on judgment‚Äô. Rodriguez has been advising Bayer on the competition law aspects of its proposed $66bn acquisition of Monsanto, as well as the concerns surrounding its entry into four asset purchase agreements with BASF. ¬†European counsel¬†Axel Beckmerhagen¬†¬†is a key figure for competition law advice in the London office, while associate¬†Michael Engel¬†is noted as ‚Äėa remarkable and talented competition lawyer‚Äô.

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Equity capital markets
Equity capital markets - ranked: tier 3

Sullivan & Cromwell LLP

Sullivan & Cromwell LLP's team counts European bank capital securities as a particular strength, and is frequently active on multi-jurisdictional mandates, including work in emerging markets. John O’Connor acted for Barclays on the second sell-down of its stake in Barclays Africa via a private placement; closer to home, Ben Perry advised New Energy Investment as selling shareholder on four offerings of its shares in Danish company DONG Energy to institutional investors, pursuant to an accelerated book-build. Richard Pollack assisted Orion Engineered Carbons with share sales worth $219m and $107m respectively, involving registered offerings made by principal shareholder Kinove Luxembourg Holdings. Other clients include Goldman Sachs Merchant Banking Division and TeliaSonera. Chris Beatty, Vanessa Blackmore, Kathryn Campbell and John Horsfield-Bradbury are also active in the space.

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M&A: upper mid-market and premium deals, £250m+
M&A: upper mid-market and premium deals, £250m+ - ranked: tier 5

Sullivan & Cromwell LLP

The practice at¬†Sullivan & Cromwell LLP¬†gives ‚Äėexcellent response times‚Äô and is frequently involved in multi-jurisdictional mergers and private equity transactions, with an emphasis on acting for financial institutions. Practice head¬†Tim Emmerson¬†is¬†acting alongside¬†Ben Perry¬†in relation to French client Elis‚Äôs ¬£2bn cross-border takeover of UK-listed Berendsen. London office managing partner¬†Richard Pollack¬†represented BP in its agreement with Bridas Corporation to form a new integrated energy company and advised Rh»Źne Capital on its acquisition of a 29% ownership stake in GardaWorld Security‚Äôs parent company.¬†Nikolaos Andronikos¬†has extensive experience of advising corporate, private equity and sovereign wealth fund clients and¬†John Horsfield-Bradbury¬† handles cross-border M&A for clients such as BP and Goldman Sachs.

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Private equity: transactions
Private equity: transactions ‚Äď high-value deals - ranked: tier 4

Sullivan & Cromwell LLP

Sullivan & Cromwell LLP's strong UK and US private equity M&A expertise is complemented by its ability to cover related bank lending and structured finance issues, as well as capital markets and tax matters, among other areas. It has strong relationships with many of the most active investors, including those that are US-based, as well as those that are headquartered elsewhere internationally.¬†In 2017,¬†Ben Perry¬†acted for Caisse de d√©p√īt et placement du Qu√©bec in its investment, in the form of debt and equity, to support SNC-Lavalin's ¬£2.1bn acquisition by WS Atkins. Perry also worked with¬†Timothy Emmerson¬†and others to assist the Goldman Sachs Merchant Banking Division (GSMBD) with selling its stake in Rothesay Life Plc to Blackstone Group, Massachusetts Mutual Life Insurance Co. and GIC. Another highlight involved acting for New Energy Investment (an entity controlled by GSMBD) as the selling shareholders with the sale of its remaining stake in DONG Energy by way of four equity offerings; the group handling this matter included Perry, Nikolaos Andronikos, John O‚ÄôConnor,¬†David Rockwell¬†and European counsel¬†Andrew Thomson. Rh√īne Capital, York Capital Management and Oaktree Capital Management are among other clients. Managing partner¬†Richard Pollack¬†leads the private equity group in London. Other key figures include¬†Christopher Howard,¬†Vanessa Blackmore,¬†John Horsfield-Bradbury¬†and Presley Warner.

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London: Finance

Bank lending: investment grade debt and syndicated loans
Bank lending: investment grade debt and syndicated loans - ranked: tier 5

Sullivan & Cromwell LLP

Often working in tandem with lawyers from the firm's New York headquarters and also including numerous dual-qualified UK and US lawyers based out of London,¬†Sullivan & Cromwell LLP¬†excels at handling big-ticket, bespoke cross-border financings, both on the creditor and debtor side.¬†Presley Warner¬†recently advised¬†Fiat Chrysler Automobiles on a ‚ā¨6.25bn syndicated revolving credit facility. Warner also acted for JP Morgan, Goldman Sachs and BNP Paribas, as arrangers and original lenders, on the ‚ā¨1.25bn senior facility agreement for TeleColumbus. The fluid financing team also regularly handles restructuring work and in this regard adds value by virtue of its intimate knowledge of New York-law governed high yield documents.¬†Christopher J Howard¬†is also recommended for both new money deals and refinancings/restructurings.

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Corporate restructuring and insolvency
Corporate restructuring and insolvency - ranked: tier 6

Sullivan & Cromwell LLP

Sullivan & Cromwell LLP regularly acts for banks, funds and corporates on large cross-border restructurings. Exhibiting a fluid approach between finance and restructuring, the firm provides a 'very strong service', particularly in relation to matters involving New York-law governed financial instruments including high yield debt. Chris Howard is 'absolutely fantastic' and alongside Presley Warner recently acted for York Capital, as leaders of the ad hoc committee of senior secured noteholders in relation to Bibby Offshore Group’s financial restructuring and recapitalisation. US-qualified partner Chris Beatty handles both new money and restructuring mandates involving high yield debt; alongside Howard he is acting for the committee of unsecured noteholders on the ongoing $3bn global restructuring of Algeco Scotsman. Other clients include RBS, ZIM Integrated Shipping Services and Terra Firma.

Leading individuals

Chris Howard - Sullivan & Cromwell LLP

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Debt capital markets
Debt capital markets - ranked: tier 2

Sullivan & Cromwell LLP

Sullivan & Cromwell LLP¬†'benefits from its approach of having an integrated debt team that provides real advice rather than opinions'. Its integrated US and English law practice is a key strength in the DCM space and enables the firm to play a key role in high-value, multi-jurisdictional offerings. The firm counts some of the world's leading investment banks among its clients and it recently acted for Barclays in its extensive SEC-registered debt issuance programmes, which included advice on capital securities and structured products.¬†John O‚Äôconnor¬†was the key partner involved.¬†Vanessa Blackmore¬†is the leading light of the practice and has a broad¬†domestic and international corporate practice that encompasses debt financing and liability management. She recently acted for longstanding client¬†Royal Philips on its Eurobond offering, which had a combined value of ‚ā¨1bn and was used in the prepayment of a bridge loan to fund the acquisition of The Spectranetics Corporation. Chris Beatty¬†focuses mainly on high yield debt, but he also played a key role in that deal. Blackmore also assisted Coca-Cola HBC Group with its ‚ā¨3bn MTN programme.¬†Kathryn Campbell¬†and¬†John Horsfield-Bradbury¬†are highly regarded and their recent work included advising BP on its $3.2bn SEC-registered bond offering. European counsel¬†Oderisio de Vito Piscicelli, whose clients include Italian electricity company Enel, is also recommended.

Leading individuals

Vanessa Blackmore - Sullivan & Cromwell LLP

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High yield
High yield - ranked: tier 3

Sullivan & Cromwell LLP

Sullivan & Cromwell LLP¬†'delivers sophisticated advice to sophisticated clients'. The firm is a prominent player in deals under¬†New York law,¬†acting for issuers, underwriters and initial purchasers in new issuance and restructurings. Its US law capability in London, and the ability of its lawyers to handle both bank and bond transactions, enable it to handle some of the most complex deals in the market. For initial purchasers including Goldman Sachs and BNP Paribas, it handled Jaguar Land Rover Automotive's Rule 144a/Regulation S debut euro-denominated offering. This ‚ā¨650m transaction was accompanied by a further ¬£800m offering.¬†US-qualified practice head¬†Chris Beatty¬†and English law specialist¬†Vanessa Blackmore¬†led those transactions. Beatty also acted for SoftBank in a consent solicitation to amend indentures for its existing high yield debt. Also recommended are¬†Christopher Howard¬†, who¬†leads the European restructuring practice;¬†Stewart Robertson¬†, who focuses on the¬†natural resources and consumer products sectors; and¬†Presley Warner¬†who leads the¬†European credit and leveraged finance practice.

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London: Private client

Personal tax, trusts and probate
Personal tax, trusts and probate - ranked: tier 4

Sullivan & Cromwell LLP

Sullivan & Cromwell LLP¬†¬†‚Äėis an invaluable resource in London for top-notch US legal advice in the trust and private client sphere. It is one of the top New York trust and private client practices with offices in London‚Äô.¬†Basil Zirinis¬†‚Äėtruly understands the big picture and engenders confidence with families. He is utterly remarkable, is involved in nearly every major international case and is sophisticated and urbane‚Äô. For many years the firm has advised the majority of the Pritzker family beneficiaries on the restructuring of their $25bn worldwide business empire which includes interests in Global Hyatt Corporation and extensive international gaming operations. Other key clients include the Heyman family (as owners of the Building Materials Corporation of America) and the National Gallery of Art (Washington D.C.).

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London: Projects, energy and natural resources

Mining and minerals
Mining and minerals - ranked: tier 2

Sullivan & Cromwell LLP

Sullivan & Cromwell LLP boasts a strong borrower and sponsor practice with a particular expertise in project bonds and capital markets as part of complex financing structures. In recent highlights, Craig Jones is currently acting for Intergeo MMC in the construction and financing of its copper project in Siberia. The team also advised Rio Tinto as sponsor and Oyu Tolgoi as project company on the multi-source financing for the Oyu Tolgoi copper and gold mine in Mongolia, and Ambatovy engaged the firm to oversee a complex equity restructuring. On the contentious front, Centerra Gold appointed a team led by Stewart Robertson to resolve its international arbitration against the government of Kyrgyzstan with regards to the Kumtor gold mine project.

Leading individuals

Jamieson Logie - Sullivan & Cromwell LLP

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Oil and gas
Oil and gas - ranked: tier 3

Sullivan & Cromwell LLP

Sullivan & Cromwell LLP¬†'s 'up-and-coming'¬†oil and gas team provides a¬†'very strong service' and is noted for its 'quick responses' and¬†'in-depth, insightful and practical analysis'. ¬†London managing partner¬†Richard Pollack¬†acted for BP on its agreement with Bridas to form a new integrated energy company by combining their interests, while the 'technically outstanding'¬†Kathryn Campbell¬†and John Horsfield-Bradbury¬†led the advice with regards to BP's $3.1bn SEC-registered bonds debt offering. Also notable are¬†Vanessa Blackmore¬†who assisted Statoil with its ‚ā¨20bn euro medium-term notes programme, and¬†Presley Warner¬†who teamed up with¬†Christopher Howard¬†to represent the administrative agent and lenders in revolving credit facility agreement in relation to the refinancing and bankruptcy protection of Gulfmark Offshore. Clients also single out the 'high-performing' senior associate¬†Emily Deddens¬†.

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Power (including electricity and renewables)
Power (including electricity and renewables) - ranked: tier 4

Sullivan & Cromwell LLP

Sullivan & Cromwell LLP¬†'s¬†Presley Warner¬†and¬†Christopher Howard¬†advised the coordinating committee of bank creditors with regards to the restructuring of renewables company Abengao which had consolidated financial and trade debt of more than ‚ā¨20bn. On the transactional side, Nikolaos Andronikos¬†teamed up with Ben Perry¬†to assist New Energy Investments as selling shareholder on four offerings representing all of its remaining equity in DONG. Also notable are¬†John O‚ÄôConnor¬†and¬†Vanessa Blackmore¬†who acted for Enel in its $5bn three-tranche offering of notes.

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