Slaughter and May is advising BBA Aviation plc on its disposal of the Ontic Business to CVC Capital Partners
Slaughter and May is advising BBA Aviation plc on its proposed Class 1 disposal of the Ontic Business to CVC Capital Partners (CVC Fund VII), for a total consideration of $1.365 billion, its consequent planned return of value and associated financing, pensions and employment matters. The sale was announced on 30 July 2019 and is expected to complete in Q4 2019. The sale is conditional on, inter alia, the approval of BBA’s shareholders in general meeting (expected to be convened in August 2019), antitrust and regulatory clearances, consent of certain group lenders and/or replacement of certain financial indebtedness and consent to the release of applicable security by BBA’s group pension scheme trustee.
BBA Aviation plc is a market-leading provider of global aviation support and aftermarket services. Its Ontic business is a leading provider of high-quality, OEM-licensed parts for legacy aerospace platforms. CVC Capital Partners is a leading British private equity firm.
Jones Day acted for BBA on the US-legal aspects and Freshfields advised CVC. Slaughter and May has been working closely alongside the BBA team: Mark Johnstone (CEO), David Crook (CFO), Maria Garton (General Counsel) and David Blizzard (Company Secretary); and JP Morgan Cazenove (Financial Adviser and Joint Corporate Broker) and Lazard (Lead Financial Adviser).