Case Study: Santiago Airport
Known for our expertise in the airport sector, a cross-Atlantic team from our Paris, London and New York offices was brought on board for the US$900 million financing of Santiago Airport. The financing provides for both the renovation of the existing airport, and the development of a new terminal. In all, the project will allow 30 million extra passengers to use the airport each year.
We approached the project in our uniquely collaborative style from the start. Instead of pitching for the work through one office and then bringing in others later on, as is typical, our New York and Paris teams combined for a joint proposal.
"The client was delighted as it meant they received value for money, could take advantage of having one point of contact, and see us as one firm." Vijaya Palaniswamy, Partner, New York
In light of the challenges, our unity was vital. The financing brought together bespoke equity considerations and agreements with a large number of banks. Also, Brexit was unfolding as the deal neared its close, constraining liquidity in the market. This required us to devise a bespoke equity structure. And for Linklaters, the project demonstrated our expertise in working with high-profile parties on a marquee deal. As a result, we’re now working with working with Aeroports de Paris, together with Sarosh Mewawalla, Partner in our Dubai office, on the privatisation of Tehran airport.
Case Study: Hertz
A co-ordinated team from our Shanghai, Hong Kong, London and New York offices had guided Hertz through its pre-IPO investment into CAR Inc., the Hong Kong-listed, China-based, market leader in car rentals, in 2012, before taking on the Hong Kong IPO of CAR Inc. itself in 2014. Then, with the relationship well-established, the team set to work helping Hertz on a crucial deal in their China growth strategy.
We advised on the sale of the majority of their shareholding in CAR Inc., to UCAR Technology Inc., a chauffeured car service provider, also based in China. In the end, the sale came together very quickly over a weekend. It called for our global team to rally round in order to meet the deadline. Ultimately, the hard work was all worthwhile for the thrill of securing a market-leading deal. The sale generated US$240 million in proceeds for Hertz, and the client was delighted with our joined-up, invested team.
"We were all really attached to this client, so when the time came to respond, it came naturally. We worked across four offices to negotiate the strategic sale and co-operation agreements. And the client thought it was just brilliant." Craig Dally, Partner, Hong Kong
Case Study: Unifergie
The scale to shine
"As this was such a large deal, Unifergie wanted to step up the quality of the people that they worked with, so they turned to us based on our reputation." Francois April, Partner, Paris
With around 40 times the security documents and conditions that are usually required for project financing, it was clear this was no ordinary undertaking. A member of the Credit Agricole group, Unifergie sought our services for the refinancing of Tenergie’s 42 solar power plants.
We completed the deal successfully, thanks to our open approach to collaboration, and our expertise. Specifically, we could draw learning from similar large-scale projects. Experience that only a firm of our scale can provide. Then we deployed significant resources to get the project over the line, while working with all stakeholders, including Clifford Chance. And it's not the end of the story. Impressed by our commercial-mindedness, the sponsor’s financial advisor invited Linklaters to pitch for future projects.
Case Study: SSE Renewables
The energy to lead
Appointed due to our cross-practice expertise and global network, we advised SSE Renewables, Copenhagen Infrastructure Partners and SDIC Partners on the £2.6 billion financing of the Beatrice wind farm in Scotland. It’s the largest sustainable transaction to date under the UK’s low carbon regime. And one that reinforces our position as the leading legal advisor in renewables. In the same period, we were fortunate enough to win not just awards for the wind, biomass and solar transactions of the year but also to be named Project Finance Team of the Year by two separate publications.
Co-ordinating 11 countries and numerous work streams, of course, called for a great deal of energy of our own. Our success is credit to the exceptional collaboration of our team around the world, and the drive of our people.
"It was an invaluable experience. Over the last year, it's been immensely satisfying working as part of a truly integrated team and providing advice on virtually every aspect of this transaction - from the construction and power purchase arrangements through to the financing. It's been great to see first-hand just how unique our team is. A real effort is made to keep energy high. Everyone gets a say." Subir Rajadhyaksha, Managing Associate, London