October 06, 2014
A Weil team advised Goldman Sachs in providing $9.1 billion of fully committed bridge financing to Becton Dickinson & Co., a leading medical technology company, to finance its $12.2 billion acquisition of CareFusion Corp., a global healthcare company that provides products and services to hospitals. The transaction, which is expected to close in the first half of 2015, will create a global leader in medication management and patient safety solutions.
The Weil team advising Goldman Sachs was led by Banking & Finance partner Morgan Bale, and M&A partner Raymond Gietz, and included Real Estate partner Beatriz Azcuy-Diaz (Miami); Tax partner William Horton; Technology & IP Transactions partner Jeffrey Osterman; Litigation partners Robert Berezin, Chip Roh (Washington, DC) and Steven Tyrrell (Washington, DC); Environmental counsel John O’Loughlin (Washington, DC); Litigation counsel Lawrence Baer; Banking & Finance associates Heather Viets and Rachel Trudeau; Capital Markets associate Jessica Wang; M&A associate Jennifer Cheng; Tax associate William Dong; Technology & IP Transactions associate Claudia Hoeben; Litigation associates Aryeh Zuber, Greg Kau, Erin Yates (Washington, DC), Eileen Citron (Washington, DC) and Robert Swenson; Environmental associate Thomas Goslin (Washington, DC); and Executive Compensation & Employee Benefits associate Brian Hamano (all in New York unless otherwise specified).
This transaction is the latest in a series of high profile investment grade acquisition financings Weil has advised leading investment banks on over the past year. Other recent matters include:
- Citi in providing committed debt financing to FMC Corp. to finance its $1.8 billion acquisition of Cheminova A/S, a multinational crop protection company based in Denmark.
- Morgan Stanley in providing $2.5 billion of committed bridge financing to Alcoa, Inc. to finance its $2.85 billion acquisition of Firth Rixson Limited (U.K.), a manufacturer of aerospace jet engine components.
- Morgan Stanley and J.P. Morgan in providing committed bridge financing to Tyson Foods, Inc., to finance its $8.5 billion acquisition of Hillshire Brands, a leader in branded, convenient foods, for $8.55 billion. The acquisition will accelerate Tyson Foods’ expansion into prepared foods and create a company with market positions in chicken, breakfast meats, hot dogs and other categories.
- Barclays and Goldman Sachs in providing $7.2 billion of committed bridge financing to Exelon Corporation to finance its $6.8 billion acquisition of Pepco Holdings Inc. The acquisition will create a mid-Atlantic utility company serving about 10 million customers from D.C. up to Philadelphia and southern New Jersey, with a rate base of about $26 billion.
- Morgan Stanley in providing $1.9 billion of committed bridge financing (and related matters) to UIL Holdings Corporation to finance its $1.86 billion acquisition of Philadelphia Gas Works, the nation’s largest municipally-owned natural gas utility, from the City of Philadelphia.
- Goldman Sachs in providing $4.75 billion of committed bridge financing (and related matters) to Sysco Corporation to finance its acquisition of US Foods from Clayton, Dubilier & Rice and KKR. This transaction, when completed, will unite two of the largest food distributors in the United States.