Skadden, Arps, Slate, Meagher & Flom took the lead on two back-to-back M&A deals this week.
First, the firm advised Bermuda-based reinsurer Validus Holdings Ltd. on its $690 million cash purchase of New Jersey-based Western World Insurance Group Inc. in a deal announced Monday.
Then, the following day, Skadden was there to guide Irish specialty health care company Endo International plc on its agreement to buy generic drug company DAVA Pharmaceuticals for $575 million in cash.
Sullivan & Cromwell and Morrison Cohen advised Western World on Monday’s deal, while Dechert advised DAVA on Tuesday’s transaction.
The Western World acquisition will allow Validus to expand its line of specialty coverage. According to Validus, Western World will operate as an independent business under its current name and be led by its existing management team. The deal is expected to close at the end of the third quarter of 2014, pending regulatory approvals and other customary closing conditions,
Validus CEO Ed Noonan said that Western World’s U.S. distribution platform, management and technology “creates a franchise that will provide compelling products and services for our customers,” while Western World CEO Tom Mulligan noted that Validus’ capital and expertise in short-tail classes of business “will advance the competitive advantages in all of our underwriting divisions.”
Advising Validus from Skadden was a team that included financial institutions partner Jon Hlafter, mergers and acquisitions partner Todd Freed and tax partner Jessica Hough. Intellectual property and technology counsel James Talbot and M&A associate Alpa Fedor were also on the team.
Skadden had previously advised Validus on its 2012 purchase of Flagstone Reinsurance Holdings for $623.3 million in cash and stock.
