Werksmans is a firm that maintains solid capability and expertise in this area through its finance practice, which last year continued to be led by Wildu du Plessis. Richard Roothman is the other big name with regards to capital markets and between the two leading lawyers they managed to be active on all the landmark deals over the past 12 months....
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Werksmans is a firm that maintains solid capability and expertise in this area through its finance practice, which last year continued to be led by Wildu du Plessis. Richard Roothman is the other big name with regards to capital markets and between the two leading lawyers they managed to be active on all the landmark deals over the past 12 months. (Following publication, Du Plessis left the firm in November 2011.)
The team has found a lot of work coming from Absa Capital, the investment banking arm of Absa Bank. On one mandate it advised Absa Capital alongside Rand Merchant Bank and Vunani Capital as the arranger and dealers of a $1.4 billion DMTN Programme for the Land and Agricultural Bank of South Africa in September 2010.
Werksmans also advised Absa Capital and Ekurhuleni Metropolitan Municipality on establishing a $584 million DMTN programme for the latter in July 2010. Both of the previously mentioned deals were led by a team comprised of Richard Roothman and the recently-promoted Tracey-Lee Janse van Rensburg.
Wildu du Plessis also got involved on the front line, advising JPMorgan Securities and Barclays as initial purchasers and arrangers on Foodcorp's offering of $467 million in senior secured notes in March 2011.
The firm promoted Shaun Browne from senior associate to partner in March 2011.
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Werksmans moved up in finance last year and maintains its position, with market feedback indicating that it more than merits its ranking.
The only criticism is from some commentators arguing that the firm does not possess the headcount for large, sustained deals....
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Werksmans moved up in finance last year and maintains its position, with market feedback indicating that it more than merits its ranking.
The only criticism is from some commentators arguing that the firm does not possess the headcount for large, sustained deals. "Werksmans is very good but small. They can only have one or two people on at once," says a peer.
The team is led by Wildu du Plessis along with Richard Roothman. (Following publication, Du Plessis left the firm in November 2011.)
A standout deal in 2011 saw Roothman advise Aspen Pharmacare Holdings and Aspen Global on $865 million of acquisition finance for Aspen Global's purchase of shares and assets of Australian company Sigma Pharmaceuticals.
Another interesting deal entailed some restructuring work, advising Quickbird Air on $138 million of restructuring of finance provided by Investec.
The firm's highlight projects deal featured Roothman and senior associate and new hire Shaun Browne, who advised Rand Merchant Bank and Absa Capital on a $140 million project financing for the production and maintenance of a broadband internet fibre network for the City of Johannesburg Metropolitan Municipality. Other parties involved include CitiConnect and Ericsson.
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A firm that is traditionally very active in the M&A market, Werksmans again posts a busy year studded with high value deals. Led by Gareth Driver, the team boasts a number of well-respected partners, including Kevin Trudgeon, Morne Van Der Merwe and Shaun Teichner, the latter coming in for specific praise from a peer: "At Werksmans I have to say I rate Shaun Teichner a lot....
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A firm that is traditionally very active in the M&A market, Werksmans again posts a busy year studded with high value deals. Led by Gareth Driver, the team boasts a number of well-respected partners, including Kevin Trudgeon, Morne Van Der Merwe and Shaun Teichner, the latter coming in for specific praise from a peer: "At Werksmans I have to say I rate Shaun Teichner a lot." (Following publication, Van Der Merwe left the firm in November 2011.)
The firm's deal flow reflects a focus on mineral and metal deals this year. Van Der Merwe led on one of these deals, advising steel giant ArcelorMittal South Africa as Lexshell 771 Investments and BEE (Black Economic Empowerment) consortium Lexshell 769 Investments acquired 26% of its issued share capital for $1.3 billion. One of the most high profile mining transactions this year, the deal is still awaiting closing.
A similar, though smaller, mining deal came with Gareth Driver and Shaun Teichner teaming up to advise the highly visible Glencore as it looked to acquire a $300 million stake in Umcebo Mining. The deal was complicated as it involved four counterparties, the existing shareholders, the existing BEE shareholder, another shareholder who was to invest alongside Glencore and a lender to Umcebo itself. Umcebo was in distress when the deal began after its lender Investec called in its debt, so this deal sees the company given a cash injection and Glencore extending its coal assets in South Africa.
Teichner led a team that advised Jinchuan Group and the China-Africa Development Fund on its acquisition of a 46% stake in Wesizwe Platinum for $227 million. Although a less sizeable deal than others in the market it does show how Asian investors are looking to South Africa.
Werksmans also promoted four people to director status in the corporate and M&A team over the past 12 months: Irma-Dalene Gouws, Nozipho Bhengu, Shirley Fodor and Stephan Lochner.
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