CMS has advised Polish company Tele-Fonika Kable S.A. on its acquisition of JDR Cable Systems (Holdings) Ltd. — a supplier of subsea umbilicals and power cables to the offshore energy industry, headquartered in the UK — from majority owner Vision Capital. Macfarlanes served as legal counsel to the sellers, with Mills & Reeve acting as legal counsel to the JDR management team. JP Morgan and Societe Generale provided financial advice to TFKable, and Simmons & Company International provided financial advice to JDR.
According to CMS, "both companies have a long history of collaboration, with TFKable being one of JDR’s important business partners, supplying power copper cores for its cable and umbilical systems. JDR’s highly technical subsea systems, used in the global offshore oil, gas and renewable industries, allow its customers to power and control their offshore operations, and will enhance the range of cable solutions TFKable can provide to its customers."
The transaction, which remains subject to regulatory approvals, is expected to close in Q3 2017.
The CMS team was led by CEE-based English-qualified Corporate Partner Graham Conlon, along with Senior Associate Valentina Santambrogio, supported by over 50 other CMS lawyers, including Ben McParland, Anna Thomson, and Siddharth Fresa in CMS’s London office. According to Conlon, “this is the second transaction in as many years where we CMS have helped a major Polish company to expand into the UK, the other transaction being Amica’s acquisition of CDA Group in the UK. We are seeing CEE-based companies becoming increasingly acquisitive overseas, and clients appreciate the fact that we have English law capability on the ground in CEE, backed by an extensive footprint of offices throughout Europe and beyond."
Image Source: jdrcables.com