Top Law Firms Lead $14.5 Billion Nord Anglia Education Takeover, Transforming Global Private Equity
A consortium led by Swedish investment firm EQT, Neuberger Berman Private Markets, and the Canada Pension Plan Investment Board (CPP Investments) has engaged several top-tier law firms to guide the $14.5 billion acquisition of Nord Anglia Education, a global network of international schools. This transaction underscores the strategic significance of Nord Anglia, which operates over 80 schools in 33 countries, educating more than 85,000 students.
Key Legal Advisors Involved
- Latham & Watkins is advising the current owners—EQT, CPP Investments, and Nord Anglia Education—on the sale to the consortium. Both EQT and CPP Investments will retain an interest in the company through new fund investments and reinvestments.
- Cravath, Swaine & Moore represents Neuberger Berman in this significant transaction.
- Ropes & Gray and Debevoise & Plimpton are providing legal counsel to EQT on various aspects of the deal.
Related: Latham & Watkins Advises Carlyle on Seattle Reign FC Investment
Latham & Watkins’ Cross-Border Team
Latham & Watkins played a pivotal role in navigating the cross-border complexities of this deal. Key members of their legal team included:
- Corporate Partners: David Walker and Suneel Basson-Bhatoa from London, with Hong Kong-based partners Dominik Sklenar and Simon Cooke.
- Specialized Counsel: A range of experts across disciplines, such as finance (Nicole Fanjul, Ian Lachow, Peter Sluka, Stelios Saffos, and Salvatore Vanchieri), tax (Aoife McCabe and Katherine Moir), intellectual property (Christian McDermott), data privacy (Gail Crawford), and sanctions and Russian corporate matters (Rob Price and Olga Ponomarenko).
- Anti-bribery and corruption: Nathan Seltzer played a critical role in ensuring compliance with international regulations.
- Other Support: Sarah Gadd (pensions, employment, and benefits) and Quentin Gwyer (real estate) contributed their expertise to address specific regulatory and operational concerns.
Cravath, Swaine & Moore’s Representation
Cravath’s team, representing Neuberger Berman, was led by M&A partners Peter Feist and Jihyun Chung, with partner Arvind Ravichandran handling tax issues, ensuring the financial aspects of the acquisition aligned with all relevant tax laws and standards.
Ropes & Gray and Debevoise & Plimpton’s Role
Ropes & Gray’s team, led by private equity partners Elizabeth Todd and Shona Ha, worked closely with EQT, with tax partner Andrew Howard and asset management partner Eve Ellis providing additional counsel. Debevoise & Plimpton also assisted EQT on critical aspects of the deal.
Related: The Top Paying Law Firms of 2024
Financial Advisors on the Deal
Nord Anglia Education is also being advised by a consortium of financial institutions, including Goldman Sachs, JP Morgan, and Morgan Stanley, which are serving as lead financial advisors. Lazard is acting as private capital advisor, while Deutsche Bank and HSBC are providing further financial counsel.
Strategic Context
EQT first invested in Nord Anglia in 2008 and has been instrumental in the company’s growth. The company was listed on the New York Stock Exchange in 2014, but EQT, in partnership with CPP Investments, took the company private in 2017 in a $4.3 billion transaction. Latham & Watkins also played a key role in that deal, demonstrating the firm's longstanding relationship with Nord Anglia.
With an estimated $10 billion equity component in this acquisition, and the potential for more investors to come on board, this deal represents a major milestone in global private equity and education investment.
A Broader Impact on the Education Sector
This acquisition highlights the increasing value of international education and its appeal to global investors. As demand for high-quality education continues to grow worldwide, especially in emerging markets, investors like EQT, CPP Investments, and Neuberger Berman are strategically positioning themselves to capitalize on this trend.
Related: EQT Invests in BBS Automation
