Akin Gump Advises Cairn Capital and Mediobanca in Strategic Partnership to Acquire Bybrook
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(London) – Akin Gump is advising Cairn Capital Group Ltd., together with Mediobanca S.p.A. as its majority shareholder, on the terms of a strategic partnership in which Cairn Capital will acquire and merge with Bybrook Capital LLP, a specialist distressed credit manager based in London. The transaction was announced today, February 2, 2021.
The merger will create a leading diversified alternative credit manager with approximately $8 billion in assets under management across public, private, performing and distressed investment opportunities. Through the transaction, Mediobanca will reaffirm its position as a majority shareholder in Cairn Capital with a stake of approximately 64 percent, while the remaining 36 percent will be held by former Bybrook shareholders and existing Cairn Capital minority shareholders.
London corporate partner Gavin Weir, who is leading the Akin Gump team, said, “We are delighted to advise Mediobanca and Cairn Capital on this transformational deal. The merger with Bybrook will help Cairn to fulfil its ambition to create a market-leading diversified alternative credit manager. This transaction highlights Akin Gump’s combined strength in M&A, investment funds and asset management. We expect to see more M&A activity in the funds and asset management sector over the next 12-18 months.”
London investment management partner Ian Meade, who is leading the funds aspects of the transaction, added, “It has been fantastic to be part of a team working on the combination of these successful and ambitious asset managers. The credit space continues to be one of the most exciting and dynamic sectors in the alternative asset management industry. We are delighted to continue to be involved with businesses at the forefront of the increasing institutionalisation of the sector.”
In addition to Mr. Weir and Mr. Meade, the Akin Gump team advising Cairn Capital and Mediobanca includes corporate associate Alla Barford and investment management counsel Melissa Kinsmore-Ward supported by financial regulatory partner Ezra Zahabi and tax partner Stuart Sinclair, with counsel Jasdeep Rai and associates Kelvin Mahal, Mohammed Natha and Suley Siddiqui.
Akin Gump Strauss Hauer & Feld LLP is a leading international law firm with more than 900 lawyers in offices throughout the United States, Europe, Asia and the Middle East.
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