Ropes & Gray and Mason Hayes lead on billion-dollar private equity buyout

Ropes & Gray and Mason Hayes & Curran have lined up to advise on one of the largest leveraged buyouts in Ireland since the credit crunch - the $1.1bn (£700m) sale of SkillSoft to a private equity consortium.

Boston's Ropes and Ireland's Mason Hayes advised Berkshire Partners, Advent International and Bain Capital as the consortium acquiring electronic education services provider SkillSoft.

The Ropes team was led by Boston corporate partner Jane Goldstein, alongside David Chapin and Jane Rogers in Boston and Steve Rutkovsky and Sunil Savkar in New York, working closely with partners in the US firm's London office.

Meanwhile, Mason Hayes corporate chair Paul Egan advised the consortium on Irish law alongside M&A and private equity partner Justin McKenna.

Goldstein said: "The deal is one of only a few leveraged buyouts proposed in Europe since the credit crunch. Although Bain has been a long-term client, Ropes actually got the work through its longstanding relationship with Berkshire."

She added: "Being in London is important because it helps us collaborate on deals with our own partners on a private equity platform."

SkillSoft turned to Wilmer Cutler Pickering Hale and Dorr, where corporate chair Hal Leibowitz led the team alongside M&A partner Patrick Rondeau and antitrust counsel Jeffrey Ayer, while Irish firm William Fry provided local law advice.

The acquisition is being financed with $605m (£385m) in debt from Morgan Stanley and Barclays Capital. Elite US firm Latham & Watkins advised the banks, fielding a team including London finance partner Dan Maze as well as finance partner Ronan Wicks, corporate partner Pete Labonski and tax partner Jiyeon Lee-Lim in New York.

A&L Goodbody advised the banks on Irish law with a team led by partners Adrian Burke and Cian McCourt.

Under the terms of the deal, the sale will require the approval of a majority of SkillSoft shareholders.

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