Macfarlanes and Slaughters advise alongside US M&A heavyweights as GKN seals $6.1bn Dana deal

Macfarlanes has won a role advising US car parts maker Dana on its $6.1bn (£4.4bn) bid to combine with FTSE 100 engineering business GKN.

The bid, announced by Dana this morning, comprises $1.6bn (£1.2bn) in cash, $1bn (£700m) of net pension liabilities, and new Dana shares issued to GKN’s shareholders, valued at approximately $3.5bn (£2.5bn).

Ohio-based Dana is seeking to merge with GKN’s automotive business.

Macfarlanes London corporate partners Graham Gibb and Richard Burrows are advising Dana.

The firm joins a lineup of elite corporate firms advising on the deal. Macfarlanes is advising Dana alongside Paul Weiss Rifkind Wharton & Garrison New York partner Tarun Stewart.

Cravath Swaine & Moore has also been drafted in to advise GKN, with its team led by corporate partners Richard Hall, George Schoen and Jenny Hochenberg.

The US firm is advising alongside Slaughter and May, which is fielding a team including corporate partners Martin Hattrell and Rob Innes.

Slaughters also acted for GKN earlier this year when it rejected a £7bn offer from manufacturing turnaround specialist Melrose. Its team on that deal was led by M&A head Roland Turnill.

Meanwhile, US heavyweight Skadden Arps Slate Meagher & Flom is advising Dana’s board of directors.

Previously, Simpson Thacher represented Melrose on its failed bid, with London M&A partners Adam Signy and Ben Spiers leading its team.

Macfarlanes is currently advising private equity firm Epiris on its purchase of Time Inc’s UK magazine business. M&A partner Stephen Drewitt and banking partner Kirstie Hutchinson are leading the firm’s team.

Earlier today, the elite City firm hired Eversheds corporate crime and investigations head Neill Blundell to launch a white-collar practice.