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Monday, 15th April 2024
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18 firms in Esat deal Back  
As the dust settles for the Esat millionaires, at least eighteen professional advisory firms have had their coffers boosted by being associated with the deal.

Simultaneously the target and the leader in the deal, Esat employed the services of at least eight advisory firms in four countries. In London, Chase Manhattan and Credit Suisse First Boston, together dedicated around fourteen people to ‘make sure that the market was appreciating the argument put forward by Esat’s board and management’, according to James Nagelmackers, relationship manager and telecom specialist with Credit Suisse. Dick Collier was the team leader in Chase, while Nagelmackers and Rob Duffy were leading the Credit Suisse effort.

DLJ was meanwhile charged with finding the ‘white knight’ to allow Esat to rebuff the Newtel offer, and seven people were involved in this effort across DLJ’s London and New York offices. Andrew Durnford was the London team leader, while Anthony Belinkoff was the New York head.

Esat’s legal advice was covered by three firms, again ranging across London, Dublin and New York. In Dublin, William Fry’s team was headed by Owen O’Connell, while Freshfields were advisers to Credit Suisse and Chase. The third law firm engaged on Esat’s side was Davis Polk & Wardwell. Nine people were dedicated to the deal, three of whom were based in London and nine in New York. John J McCarthy was team leader and is based in London.

Corporate finance advice for Esat in Dublin was provided by Davy Corporate Finance, where Tom Byrne headed a team of two to four people. In Norway, Sundal Collier & Co was engaged.

Newtel, the spurned suitor, retained AIB Corporate Finance as Dublin advisors, where a team of four was headed by John O’Donnell. In London, HSBC Investment Bank’s advice on Newtel was provided by a team of six, headed by Richard Tolkien. A team of seven from Wasserstein Perella, headed by Howard Covington, was also involved.

Newtel’s legal advice was provided by A&L Goodbody in Dublin, where Frank O’Riordan headed a team of sixteen, and in London by Linklaters. Matthew Middelditch was lead partner of a team of fifteen lawyers here.

BT, the white knight, retained NM Rothschild in London as adviser. Nigel Higgins, corporate finance managing director, was the leader of eight people it had on the deal.

Shearman and Sterling offered legal advice in London, where Jeff Lawrence was team leader for four people. In Dublin, BT retained Arthur Cox, where Colm Duggan led from fifteen to twenty people at various stages of the deal.

ESB/Ocean’s legal advice came from in-house lawyers, while Dresdner Kleinwort Benson in London provided corporate finance advice.

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