June 26, 2014
The acquisition further strengthens Alcoa’s aerospace business and positions the company to capture additional aerospace growth with a broader range of high-growth value-add jet engine components. The acquisition is also strategically aligned with Alcoa’s objective to continue to build its value-add businesses.
The Weil team advising Morgan Stanley was led by Banking & Finance partner Morgan Bale and Capital Markets partner Matthew Bloch, and included Banking & Finance partner Danek Freeman; M&A partner Raymond Gietz; Environmental partner Annemargaret Connolly (Washington D.C.); Tax partner William Horton; Litigation partner Chip Roh (Washington D.C.); Environmental counsel Matthew Morton (Washington D.C.); Banking & Finance associates Brandon Cherry, Heather Viets, Justin C. Lee, Sarah Davis and Rachel Trudeau; Capital Markets associates Michael Esposito and Christine Paik; M&A associate Jamie Lurie; Litigation associate Jennifer Oliver; and Regulatory associate Timothy Welch (Washington D.C.) (all in New York unless otherwise specified).
This transaction is the latest in a series of high profile investment grade bridge financings Weil has been involved in over the past year. Other recent matters include:
- Morgan Stanley and J.P. Morgan in connection with providing committed bridge financing backing Tyson Foods’ unilaterally binding offer to acquire 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 connection with providing $7.2 billion of committed bridge financing backing Exelon Corporation’s $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 connection with providing $1.9 billion of committed bridge financing (and related matters) backing UIL Holdings Corporation’s acquisition of Philadelphia Gas Works, the nation’s largest municipally-owned natural gas utility, from the City of Philadelphia for $1.86 billion.
- Goldman Sachs in providing $4.75 billion of committed bridge financing (and related matters) backing Sysco Corporation’s 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.