Egyptian law firm Shalakany said on Sunday it concluded its advisory to the sale of Sealed Air Corporation's Diversey Care division besides the food hygiene and cleaning business to Boston-based Bain Capital for $3.2 billion. The acquisition is among eight deals Shalakany has been successfully advising in late 2017, partner Mariam Fahmy told Amwal Al Ghad. "We have been successfully advising on acquisitions and giant projects in various sectors, mainly in oil and energy sectors," Fahmy said. Shalakany assisted Sealed Air Corporation as the sole sell side legal advisor for all Egyptian assets on this transaction, which is one of the largest global acquisitions in this sector in 2017. Upon closing of the transaction, Sealed Air is set to use the proceeds to repay debt and maintain its net leverage ratio in the range of 3.5 to 4.0 times. It would then repurchase shares to minimise earnings dilution and fund core growth initiatives, including potential complementary acquisitions to its Food Care and Product Care divisions. Founded in in 1984, Bain Capital is one of the world's leading private multi-asset alternative investment firms with approximately $95 billion of assets under management.
