December 17, 2019
Weil advised Morgan Stanley and Credit Suisse in providing $7.5 billion committed bridge financing to support the merger between IFF and DuPont’s Nutrition & Biosciences Business in a Reverse Morris Trust transaction. The deal values the combined company at $45 billion on an enterprise value basis, reflecting a value of $26.2 billion for the N&B business based on IFF’s share price as of December 13, 2019. IFF uses artistry, science, and expertise to create unique and unexpected scents, tastes, experiences and nutrition for the products our world craves – from global icons, to boutique innovations. DuPont is a global innovation leader with technology-based materials, ingredients and solutions that help transform industries and everyday life. The transaction is subject to customary closing conditions including regulatory approvals.
The Weil team that advised Morgan Stanley and Credit Suisse was led by Banking & Finance partner Morgan Bale and included Capital Markets partner Michael Hickey, Banking & Finance partner Heather Viets, Mergers & Acquisitions partner Raymond Gietz, Tax partner Helyn Goldstein, and Technology & IP Transactions partner Jeffrey Osterman. The team also included Environmental counsel John O’Loughlin and Matthew Morton; Banking & Finance associates Jessie Chiang and Conor O’Muiri; Capital Markets associates Melissa Abraham and Stefan Tsourovakas; Mergers & Acquisitions associate Robert Sevalrud; Tax associate Eric Remijan; White Collar Defense, Regulatory and Investigations associate Timothy Welch; Executive Compensation & Benefits associates Jennifer Haydel Britz (elected partner effective January 1, 2020) and Maliha Ikram; Technology & IP Transactions/Privacy associates Luis Gonzalez and Maryann Thompson; Real Estate associates Yelena Nersesyan, Daniel Soso and Shira Barron; and Environmental associate J. Caleb Anderson.