"Arendt & Medernach is a super firm," says one partner, showcasing the esteem in which the firm is held in the market. With a significant presence across all the practice areas, the firm retains its lofty positions after another solid year....
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"Arendt & Medernach is a super firm," says one partner, showcasing the esteem in which the firm is held in the market. With a significant presence across all the practice areas, the firm retains its lofty positions after another solid year.
The firm is particularly strong in the banking and capital markets areas, with founding partner and head of the banking group Philippe Dupont the recipient of effusive praise from both clients and competitors. "Philippe Dupont is a bigshot, and is an excellent technician," says a rival partner, while a banking client adds: "Mr Dupont is a very smart person and can understand quickly any issues. He is also very pragmatic, which is good."
The positive view of the firm runs right to the top too, with a partner commenting that founding partner, leading lawyer and chairman of the management board Paul Mousel is "convincing, charming and a multi-practitioner".
In banking, some of the firm's work revolved around using the double Luxembourg holding company, or 'Double Luxco', structure, which lawyers at the firm had a hand in standardising and developing. On one such deal they advised the senior and mezzanine lenders relating to the purchase of Cerba European, a French lab testing company. This deal completed for an eventual value of €287 million.
In a similar deal, partner Ari Gudmannsson, who also led on the Cerba mandate, advised Societe Generale and associated credit institutions on an acquisition, through a Double Luxco structure, of the Novacap Group, a deal whose value remains confidential.
Capital markets work came thick and fast for the firm, with some large cross-border deals completed. The team advised 3W Power Holdings, a company that had moved its registration to Luxembourg from Guernsey last year, in respect of a number of legal issues to do with the listing of its shares on the Frankfurt Stock Exchange, a deal that completed in December 2010.
On the debt side, the firm advised Q-Cells Malta in connection with a cash sale of bonds. Q-Cells International Finance has convertible bonds carrying a 1.375% rate which are due in 2012 and listed on the MTF Market of the Luxembourg stock exchange, and Q-Cells Malta wished to buy these back. They did so, acquiring an aggregate nominal amount of bonds to the tune of €281.8 million, completing the transaction in October 2010.
It is arguably in M&A though where the firm had its landmark deals. Leading lawyer Jean-Marc Ueberecken led a team that advised Vista Equity Partners as it sold business solutions provider Ventyx to ABB, an international company involved with power and automation capabilities. The deal closed in May 2010 for a final value of almost €845 million.
The most high profile deal though was assisting Mohammed Al Fayed, through UK firm Herbert Smith, on the sale of world famous department store Harrods to the investment section of the Qatari Investment Authority. The transaction was worth €1.7 billion on completion, and was confirmed in May 2010.
The only slight blemish on the firm's overall excellent year was some comments that hinted at communication issues arising between lawyers.
"One thing the firm could improve on is the communication between lawyers and partners. As they are getting quite large this chain can sometimes break down," comments a client.
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Headed up by Claude Kremer, Arendt & Medernach's investments practice is acknowledged as one of the market leaders and has been very active this year, both maintaining its current mandates and in attracting new clients.This work has included acting for Ignis Asset Management, which was looking to set up its inaugural Ucits fund (Undertakings for Collective Investment in Transferable Securities)....
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Headed up by Claude Kremer, Arendt & Medernach's investments practice is acknowledged as one of the market leaders and has been very active this year, both maintaining its current mandates and in attracting new clients.
This work has included acting for Ignis Asset Management, which was looking to set up its inaugural Ucits fund (Undertakings for Collective Investment in Transferable Securities). This resulted in the creation of Ignis Global Funds Sicav, which is an open-ended collective investment fund. Arendt & Medernach also rendered its legal services as an advisor to Carnegie Asset Management Denmark, as they undertook a wholesale restructuring of the Luxembourg investment funds under its management.
The firm's current client list does also boast some big names, including Goldman Sachs International, for whom a team advises on the everyday running of their Goldman Sachs Structured Investments Sicav, and Barclays Capital, which required legal assistance when setting up sophisticated sub-funds, under an umbrella Sicav, for Celsius Investment Funds.
It isn't all Ucits-based work though, as the firm does manage some Special Investment Funds (SIFs) too. This includes advising Goldman Sachs Specialized Investments, MPC Global Maritime Opportunities and the European Kyoto Fund, which is aimed specifically at investments in carbon assets.
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