Debevoise & Plimpton LLP has advised Clayton, Dubilier & Rice (“CD&R”) in the financing and competition aspects of its acquisition of a 50% controlling stake in Opella, the French-headquartered consumer healthcare company. Sanofi remained a significant shareholder in Opella.

The financing consisted of (i) the offering of €1,250 million 5.500% and $1,100 million 6.500% senior secured notes due 2032, (ii) the incurrence of approximately €5,200 million equivalent of euro- and U.S. dollar-denominated borrowings under term loan facilities and the provision of a €1,200 million revolving credit facility and (iii) the issuance of €1,208 million payment-in-kind notes.

Opella is the third-largest business worldwide in the over-the-counter and vitamins, minerals & supplements market, serving more than half a billion consumers.

For more details, see the official release here.

The Debevoise team was led by partners Alan Davies, Timothy McIver, Nick Pellicani and Almas Daud, and counsel Vera Losonci and Gregg Young, and included counsel Philippe Tengelmann and associates Patrick Dixon, Tiffany Chow, Brett Edelblum, Rosanne Lariven, Zhenya Lebedev, Esther Stefanini, Maayan Stein, Aleksei Shapovalov and Henry Treble. In addition to Timothy McIver, competition advice was provided by counsel Anne-Mette Heemsoth and Sergej Bräuer, and associates Kayleigh Anderson, Dimitra Karakioulaki and Lina Hamidou. Tax advice was provided by partner Cécile Beurrier and associate Weichi Liu.