Debevoise & Plimpton LLP acted for the consortium led by Clayton, Dubilier & Rice ("CD&R"), which included Eurazeo and Merrill Lynch Global Private Equity ("MLGPE"), on the successful completion of Europe’s largest ever public to private transaction and third largest private equity buyout to date. The investor group has acquired approximately 98.5% of Rexel SA with a transaction value of approximately €3.7 billion. Rexel SA is the global leader in the €135 billion market for wholesale distribution of electrical products.

As part of the transaction Pinault-Printemps-Redoute sold its 73.5% stake in Rexel SA to the investor group on March 16, 2005. An additional 25% was acquired from minority shareholders through a tender offer that expired on March 11, 2005. The investment group expects to acquire the remaining shares over the next month and delist the company.

M&A partner James A. Kiernan headed the Debevoise team. Partners David F. Hickok and Geoffrey P. Burgess in London and Antoine F. Kirry in Paris, as well as counsel Jean-Christophe Beaury in Paris and corporate associates Wendy A. Semel, Erin E. Callahan and Elliott Wiseman in London and Philippe Tengelmann in Paris worked on the acquisition and the equity arrangements. The financing team was led by partner David A. Brittenham.  Partner Craig A. Bowman and associates Marlies Braun and Jeremy King in London worked on the senior financing. Partners E. Raman Bet-Mansour and Marc Castagnède in Paris and Alan J. Davies in London and associates Stephen C. Hsu and Florent Bouyer in Paris worked on the high-yield offering. The tax team was led by tax partner Peter F.G. Schuur and tax associate Matthew D. Saronson  in London.