Top 10 Legal Advisors in Automotive Industry in the World in 2022 by Deal Volume
Kirkland & Ellis LLP, Baker & McKenzie LLP, Latham & Watkins LLP, CMS Legal Services EEIG and Skadden, Arps, Slate, Meagher & Flom LLP & Affiliates are among the top 5 legal advisors in the automotive industry in 2022 by deal volume. The Carvana-Adesa US was a major deal in the Automotive sector in 2022. Kirkland & Ellis LLP acted as legal advisor to Carvana, while Skadden, Arps, Slate, Meagher & Flom LLP & Affiliates served for ADESA Inc. Carvana Co, an eCommerce platform for buying and selling used cars, has acquired Adesa US physical auction business from KAR Auction Services, Inc. (doing business as KAR Global), an operator of digital marketplaces for wholesale used vehicles, for $2,200 million in cash. Both the companies involved in the transaction are based in the US. The acquisition will boost physical presence and maintain growth as a pandemic-induced boom fade. The AZZ- Sequa was another major deal in the Automotive sector in 2022. Baker & McKenzie LLP served as legal counsel to AZZ, while Latham & Watkins LLP served as legal counsel to Sequa in the transaction. AZZ Inc, a provider of metal coating materials and electrical equipment, has acquired the Precoat Metals business division from Sequa Corporation, an aerospace and metal coating business, for $1,280 million. Both companies are based in the US. The acquisition will allow AZZ to significantly broaden its metal coatings offering, creating unrivaled scale and breadth of solutions in both the prepainted and post-fabrication coatings markets. Apollo Funds-Tenneco was one of the major deals in the Automotive sector in 2022. Latham & Watkins LLP acted as legal advisor to Tenneco, while Wachtell, Lipton, Rosen & Katz served as legal advisor to Apollo Funds. Apollo Funds, a fund managed by affiliates of Apollo Global Management, has acquired Tenneco Inc., a designer, manufacturer, and distributor of automotive spares, for an enterprise valuation of $7,100 million at $20 per share. Both the entities involved in the transaction are based in the US.