Global law firm White & Case LLP has advised Ali Group, one of the largest and most diversified global leaders in the foodservice equipment industry, on a ~US$4.5 billion acquisition financing in connection with Ali Group’s acquisition of Welbilt, Inc., a provider of industry-leading equipment and solutions to the world’s top chefs and premier foodservice operators.
The financing comprised (i) a US$2.25 billion New York law governed facility agreement; and (ii) a multicurrency English law governed facility agreement divided into a ~€1.062 billion Euro-equivalent term loan facility, a US$750 million asset sale bridge facility and a US$250 million revolving credit facility.
In addition to financing the acquisition of Welbilt, the proceeds of the financing were available to refinance existing indebtedness of Welbilt and for general corporate purposes of the Ali Group.
The White & Case team which advised on the transaction was led by partners Justin Wagstaff (New York), Iacopo Canino (Milan), Michael Immordino (London & Milan) and Martin Forbes (London), and included local partner Bianca Caruso (Milan) and associates Shaheen Karolia, Alondra Urbina (both New York), Peter Denton (Los Angeles), Nicola Tosin (Milan) and Ally Hammond (London).
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