Freshfields advises CVC on its acquisition of Ontic
Freshfields Bruckhaus Deringer LLP (‘Freshfields’) has advised international private equity firm CVC on its acquisition of Ontic, from BBA Aviation plc (‘BBA’), in a deal worth $1,365m.
Ontic is a leading provider of high-quality, OEM-licensed parts for legacy aerospace platforms with locations in the United States, United Kingdom and Singapore. Ontic supports more than 39,000 legacy and sunset aircraft, through its portfolio of over 165 licences for more than 7,000 parts and over 1,200 customers worldwide. The transaction is conditional upon, amongst other things, approval by BBA’s shareholders and completion is expected in Q4 2019.
The transaction was led by Freshfields partners Valerie Ford Jacob, Charles Hayes, Paul Humphreys, Alex Mitchell and Denise Ryan, supported by senior associate Tamara Young, associates Stephen Wilkinson and Max Sanders, counsel Kyle Lakin and a cross border team in London and New York.
A crucial part of Freshfields’ role was its advice on CFIUS, the US national security screening regime. Freshfields partner Aimen Mir – who joined the firm in February this year after more than a decade in senior US Government roles shaping US security and investment policy – and special counsel Christine Laciak provided advice on the CFIUS notification process.
Valerie said: “Through this deal we have helped our client, CVC, to acquire a business in a very attractive market, in which it sees real opportunities for growth. This is the third deal that our joint US/UK team has completed for CVC, following our work on the sale of Formula One Group to Liberty Media and the sale of Sky Betting & Gaming to The Stars Group Inc. It is a transaction that once again demonstrates the transatlantic strengths of our platform, as well as the huge value of our expertise on complex and rapidly evolving regulatory issues such as CFIUS.”
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Freshfields Bruckhaus Deringer LLP is a global law firm with a long-standing track record of successfully supporting the world's leading national and multinational corporations, financial institutions and governments on ground-breaking and business-critical mandates. Our 2,800 plus lawyers deliver results worldwide through our own offices and alongside leading local firms. Our commitment, local and multi-national expertise and business know-how our clients rely on us when it matters most.