Mourant advises on first-ever Jersey acquisition by scheme of arrangement of NYSE-listed target
21 October 2020
Leading offshore law firm, Mourant, has advised BorgWarner Inc. in relation to its acquisition of Delphi Technologies PLC, a Jersey company listed on the New York Stock Exchange.
The all-stock transaction values Delphi at around $3.3 billion and combines two major auto-parts makers.
The transaction was implemented by a Jersey court sanctioned scheme of arrangement. This is believed to be the first time a US listed target has been acquired using a Jersey scheme of arrangement.
Mourant Partners James Hill and Stephen Alexander, Counsel, Andrew Salisbury and Associate, Max Galt provided Jersey legal advice on all aspects of the acquisition, working alongside New York Counsel, Simpson Thacher & Bartlett.
Mourant advises on a number of schemes of arrangement. Other examples include: the takeover of Shire plc by Takeda Pharmaceutical Company Limited (a transaction which, by deal value is the largest ever outbound M&A deal by a Japanese company); the takeover of Stride Gaming plc by The Rank Group plc; the takeover of Kuwait Energy by United Energy Group; Informa's takeover of UBM; the takeover of Kentz Corporation by SNC-Lavalin and the takeover of Heritage Oil.