Richard Hall Chairs Session at the IBA’s 2019 Private Equity Transactions Symposium

On October 14, 2019, affiliates of Lindsay Goldberg, a private investment firm, and American Securities LLC, a U.S. private equity firm, announced that they have entered into a definitive agreement to acquire the Management Services business from infrastructure firm AECOM for a purchase price of $2.405 billion. Management Services is a leading contractor to the U.S. federal government and serves various departments and agencies including the Department of Defense and the Department of Energy, as well as departments and agencies of allied governments. Cravath is representing Lindsay Goldberg and American Securities LLC in connection with the transaction. The Cravath team was led by partner Richard Hall and included associates Valerie Sapozhnikova, Nicholas Kypriotakis, David E. Jean-Baptiste and Joseph A. Marshall on M&A matters; partner J. Leonard Teti II and associates Kiran Sheffrin and Rory M. Minnis on tax matters; partner Tatiana Lapushchik and associate Alexander E. Greenberg on financing matters; associate Jana I. Hymowitz on executive compensation and benefits matters; senior attorney Jesse M. Weiss on antitrust matters; senior attorney Annmarie M. Terraciano on environmental matters; and practice area attorneys Brian M. Budnick and Laurel R. Berkowitz on real estate matters. Brian Diliberto also worked on executive compensation and benefits matters.

On September 11, 2019, the Hong Kong Exchanges and Clearing Limited announced that it has made a proposal to the Board of the London Stock Exchange Group plc (“LSEG”) to combine the two companies. The proposed transaction implies a value for the entire issued and to be issued ordinary share capital of LSEG of approximately £29.6 billion, implying an enterprise value of £31.6 billion. Cravath is representing the Hong Kong Exchanges and Clearing Limited as U.S. counsel in connection with the proposal.

On June 19, 2019, Peabody Energy Corporation (“Peabody”) and Arch Coal, Inc. (“Arch”) announced that they have entered into a definitive agreement to create a joint venture combining the companies’ respective Powder River Basin (Wyoming and Montana) and Colorado assets. The joint venture will be 66.5% owned by Peabody and 33.5% owned by Arch, and Peabody will be the operator. Cravath is representing Peabody in connection with the transaction.

On May 14, 2019, Lindsay Goldberg, a private investment firm, and The Kroger Co. (“Kroger”) announced the formation of PearlRock Partners, a new platform that will identify, invest in and help grow the next generation of leading consumer product brands. PearlRock Partners will be one of the largest data‑driven investment vehicles focused on consumer brands and will be a part of Kroger’s alternative profit streams portfolio. Cravath is representing Lindsay Goldberg in connection with the transaction.