Slaughter and May advised GKN plc (GKN) on the cashbox placing of up to approximately 5% of its existing issued ordinary share capital (the Placing) which raised gross proceeds of approximately £200 million. The Placing, which was announced on 28 July 2015, was conducted by an accelerated book-building process. J.P. Morgan Securities plc and UBS Limited acted as joint bookrunners in connection with the Placing.
The proceeds of the Placing will be used to support the funding of the acquisition by a subsidiary of GKN of Fokker Technologies Group B.V. (Fokker) from Arle Capital (the Acquisition). Fokker is a specialist tier one aerospace supplier in aerostructures, electrical wiring systems, landing gear and associated services and has an enterprise value of EUR706 million.
The GKN legal team was led by Jos Sclater (General Counsel and Company Secretary), Kerry Watson (Deputy Company Secretary) and Selina Randhawa (Legal Counsel).
Greenberg Traurig Maher advised in relation to the Acquisition and Ogier advised on Jersey law aspects of the Placing.