- Finance Dublin Deals of the Year 2010

Deals of the Year 2010

Awarding financial innovation
The importance of advisory skill and innovation were central qualities in all of the winners in this year’s Deals of the Year. The level of excellence in developing and closing the deals highlights the deep pool of talent in Ireland’s legal and corporate finance advisory community and the will of the leaders behind the growing businesses in trying times.

NAMA structuring: ‘Most Innovative Deal of the Year’
The establishment of NAMA, described by Moody’s as an ‘ingenious mechanism’, is awarded the Most Innovative Deal of the Year for its novel solution to fix Ireland’s banking system. Its unique structuring and complexity makes it stand out.

'It was a great honour for us to be involved in the design and structuring of an initiative of such fundamental national importance as NAMA and to work in such a capable team alongside the Attorney General’s Office, the Department of Finance and the NTMA. It was a challenging job with unprecedented issues requiring innovative solutions’ said Padraig O’Riordain, managing partner of Arthur Cox (pictured).

First public offer of covered bond by an Irish building society
The covered bond issued by EBSMF in November 2009, which is not government guaranteed, has been awarded the Debt Securities Deal of the Year. The bond is the first public issue of a covered bond by an Irish building society. The deal also facilitates an increase in EBS’ core tier one capital.

‘We were delighted to work for EBS and along side JP Morgan in establishing EBSMF and on its debut issue. Mark Whelan and his team were a pleasure to work with and very effective in achieving their goals in a challenging environment,’ said Roy Parker, partner at McCann FitzGerald (pictured).

Airbus deal shows opportunities for aviation finance sector in China
The Loans and Financing Deal of the Year, has been won by the role of Matheson Ormsby Prentice in advising The Export-Import Bank of China in respect of its financing of six Airbus A320 aircraft to a Chinese based lessor. The deal highlights how IFSC skills are being successfully exported by Irish firms to international clients.
Johnson and Johnson deal enables full funding of Elan’s AIP
The winner of this year’s Mergers and Acquisitions Deal of the Year: Public is the Johnson and Johnson acquisition of Elan Alzheimer’s Immunotherapy Program (AIP) was the largest deal in 2009, will allow Elan to fully fund the AIP programme all the way to commercialisation while strengthening the shareholder base and reducing overall risk.

According to John Given, partner, A&L Goodbody (pictured) who advised on the deal, ‘it is the first time a main market listed Irish company has raised funds by way of a cash box structure and was a highly innovative method of securing the equity investment for Elan in an expeditious manner with lower market risk.’

Willis migration paves the way for other redomestications
The migration of Willis to Ireland is one of a group of deals that has paved the way for multinational companies to locate their tax residency in Ireland and wins the inaugural IFSC Deal of the Year.

‘The migration of the Willis Group to Ireland involved a myriad of corporate law and taxation elements including a number of regulatory filings and clearances in multiple jurisdictions which further added to the complexities and time pressures involved in completing the transaction within the desired timeframe,’ John Matson, corporate partner at Arthur Cox (pictured).

Web Reservations International deal wins M&A: Private award
The sale of Web Reservations International has won the Mergers & Acquisitions Deal of the Year: Private recognising the international success story of WRI.
Edward Miller, partner, Maples and Calder (pictured), who advised WRI, said ‘WRI is one of a number of companies in Ireland in the burgeoning consumer internet space and should properly be considered to be a stand-out success story and an example of what Ireland’s internet entrepreneurs can achieve.’

CRH rights issue largest ever equity funding by an Irish company
CRH’s €1.27 billion rights issue in March last year is this year’s Equity Capital Markets Deal of the Year. The deal is the largest equity raising by an Irish company and was successfully conducted despite considerable domestic and international economic upheaval and uncertainty.