US aerospace and defence supplier Cobham acquires UK rival Ultra Electronics

August 18, 2021

London - Paul Hastings LLP, a leading global law firm, announced today that it has advised multiple banks and funds in relation to debt facilities provided for US based aerospace and defence supplier Cobham’s public-to-private bid to acquire UK competitor, Ultra Electronics, for £2.57 billion.

The acquisition aims to benefit customers by combining the complementary design, engineering and manufacturing capabilities of the two groups, which will enable the delivery of more integrated and higher performance solutions in space, avionics and electronics, in both commercial and defence markets, to mutual customers and wider stakeholders.

Paul Hastings advised Barclays Bank, BNP Paribas, Credit Suisse, HSBC, Jefferies, Morgan Stanley, Royal Bank of Canada, Goldman Sachs and UniCredit in relation to the senior debt facilities and advised Carlyle, KKR Credit, Canyon, Goldman Sachs and Albacore in relation to the junior debt facilities, together comprising a financing package of £1.8 billion.

The Paul Hastings cross-border team was led by London finance partners, Luke McDougall, Richard Kitchen, Peter Schwartz, Edward Holmes and Peter Hayes together with London associates Andrew Lowndes, Ludovico Giannotti, Alon Blitz, Lauren Winter, Lorenzo Colombi-Manzi, Kassia Lewis-Deboos, Valmir Merkaj and Michelle Li. The team also included New York finance partners, John Cobb and Seth Chandler, together with New York associates Mitchell Zuckerman and Maciej Zielnik; London M&A Partner, Roger Barron; London corporate crime & investigations partner, Jonathan Pickworth together with associate Gesa Bukowski; London fintech & regulation partner, Arun Srivastava; Washington D.C. litigation Of Counsel, Jennifer Riddle; London tax partners, Arun Birla and Jiten Tank together with associate Abigail Hung; and New York tax partner, David Makso.

In 2019, the Paul Hastings team also advised Credit Suisse, Goldman Sachs and Citibank as arrangers and underwriters in relation to a £2.5 billion 1st/2nd lien financing for Advent International’s acquisition of Cobham.

At Paul Hastings, our purpose is clear — to help our clients and people navigate new paths to growth. With a strong presence throughout Asia, Europe, Latin America, and the U.S., Paul Hastings is recognized as one of the world’s most innovative global law firms.


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