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Allen & Overy advises on financing for Cinven’s takeover offer for Synlab

Allen & Overy (A&O) has advised 15 bank underwriters (Barclays Bank, BNP Paribas, Citibank, Crédit Agricole Corporate and Investment Bank, Deutsche Bank, Mizuho Bank, Natixis, Banco Santander, Goldman Sachs, HSBC, ING Bank, Raiffeisen Bank International, Standard Chartered Bank, SMBC and UniCredit) and four private credit providers (Apollo, CVC Credit, MV Credit and Rantum Capital) on the financing for Cinven’s takeover offer to acquire German-listed company Synlab.

Synlab is Europe’s leading provider of laboratory diagnostic services for practising doctors, clinics and patients. Headquartered in Munich, Germany, Synlab operates in 33 countries across four continents and is a core provider to many national healthcare systems.

Nick Clark, partner and co-head of A&O’s global leveraged finance group commented: “Appetite in the syndicated loan markets has been steadily growing in recent months, but primary M&A activity has remained in short supply, so high-profile deals like these provide a welcome boost to the market. Our ability to advise an unusually large number of underwriters and private credit providers on this complex financing across London, Luxembourg and Germany played to our strengths as the leading integrated European leveraged finance practice.”

Brad Weyland, London-based US capital markets partner added: “We are very pleased to be supporting Cinven’s underwriters on another financing, having previously advised the underwriters on the green senior secured notes in support of the Amara Nzero acquisition by a Cinven-led consortium in July of this year. These roles come on the back of a standout 2023 first half for the A&O team, in which we obtained several number one league table rankings for Western Europe bank counsel.”

The team was led by partners Nick Clark, Brad Weyland, Robert Burt and Thomas Wilkinson in the European leveraged finance team. German advice was led by partners Hartmut Krause and Heike Weber and senior associate Rauni Ahammer. Luxembourg advice was led by partner Andreas Hommel and counsel Johanna Tschurtschenthaler. The deal team was supported by more than 20 associates across London, Luxembourg, Frankfurt and Munich.

This deal marks the latest milestone in what has already been a stellar year for A&O’s European leveraged finance team advising on public takeover financings (P2Ps), with a 2023 deal list that includes Triton’s EUR1.2bn offer for Caverion, Silver Lake’s offer for Software AG and Permira’s offer for Ergomed.