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Elite US firms Sullivan & Cromwell, Shearman & Sterling and Simpson Thacher & Bartlett have bagged the lead roles on the $33bn (£18bn) buy-out of Tennessee-based hospital chain HCA.

The deal is the largest-ever private equity transaction and involves buy-out giants Bain Capital, Kohlberg Kravis Roberts (KKR), and Merrill Lynch Global Private Equity in the acquiring consortium.

Sullivan is advising on both sides of the deal. The M&A powerhouse fielded two teams out of its New York office. The first team, led by M&A head James Morphy, advised HCA’s management. The second team, headed by corporate partner John Evangelakos advised the Frist family — the company’s largest shareholders, which is also in the acquiring consortium.

Shearman advised the special committee of the board of directors for HCA, which negotiates the price on the deal. New York corporate partner Creighton Condon led the team.

Simpson Thacher took the lead role for the consortium, advising regular client KKR, with corporate partner David Sorkin leading the team. Boston firm Ropes & Gray also advised Bain Capital, while Proskauer Rose acted for Merrill Lynch Global Private Equity.

HCA operates approximately 190 acute care, psychiatric, and rehabilitation hospitals and about 80 ambulatory surgery centers across the US and is one of the country’s biggest hospital operators with revenues of nearly $25bn (£13.5bn).

The deal dwarfs last year’s largest buy-out deal — the $15bn (£8.25bn) sale of Hertz to a consortium. Simpson Thacher and Debevoise & Plimpton took the lead roles on that occasion.

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