How Ali Group’s financing for Welbilt deal was structured

Ali Group

The global law firm that advised Ali Group on its multibillion dollar takeover of Welbilt has given fresh insight into how the landmark deal was structured.  

Milan-based Ali Group obtained debt financing from Goldman Sachs International and Mediobanca to fund the transaction, which at $4.5 billion is one of the largest mergers the catering equipment industry has ever seen.

Ali Group hired law firm White & Case to advise it on the financing and it has disclosed details of how the funding was arranged.  

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It revealed that the financing comprised a $2.25 billion New York law governed facility agreement and a multicurrency English law governed facility agreement divided into three parts.

This included a €1.062 billion ($899.6m) Euro-equivalent term loan facility, a $750m asset sale bridge facility and a $250m revolving credit facility. 

In addition to financing the acquisition, the proceeds of the financing were available to refinance existing indebtedness of Welbilt and for general corporate purposes of the Ali Group.

The scale and geographic nature of the acquisition were reflected in the experienced global team that White & Case attached to the job.

The team that advised on the transaction was led by partners Justin Wagstaff in New York, Iacopo Canino in Milan, Martin Forbes in London and Michael Immordino in both London and Milan.

Input was also provided by a number of local partners and associates in Milan, New York, Los Angeles and London.

Tags : Ali Group
Andrew Seymour

The author Andrew Seymour

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