Kirkland Advises Cerberus on Close of $2.3 Billion Single-Asset Continuation Vehicle for SubCom
Kirkland & Ellis advised Cerberus Capital Management, L.P., a global alternative investment firm, on the closing of a single-asset continuation vehicle for Subsea (SubCom), a critical digital infrastructure company and a leading global supplier of turnkey subsea fiber optic cable systems. The continuation vehicle secured approximately $2.3 billion in commitments and was led by CVC Secondary Partners. In connection with the continuation vehicle, Cerberus-managed funds, including funds associated with the firm's dedicated Supply Chain strategy, made an additional investment in SubCom, and Cerberus funds will continue to own a controlling stake in the company. The new investment, alongside the continuation vehicle, extends Cerberus' partnership with SubCom and supports the Company's continued expansion to meet the growing demand for subsea connectivity infrastructure.
Read the transaction press release
The Kirkland team included investment funds lawyers Patrick Vinett, Mark Boyagi, Carrie VanFleet, Jennifer Wang, Joseph Salvatore, Bill Xu, Jamison Chung, Albert Yakobashvili, Sean Grishpan, Jackson High and Isabelle Ng; corporate lawyers Doug Ryder, Michael Sartor, Aidan Murphy, Yash Nair and Pauline Hodencq; tax lawyers Ben Schreiner, Elie Zolty, Sara Zablotney and Jake Jung; investment funds regulatory lawyers Norm Champ, Nick Hemmingsen and Natalia Pszenny; investment funds ERISA lawyers Sabrina Glaser and Ted Brown; government contracts lawyer Rob Ryland; international trade & national security lawyers Luci Hague, Evan Sills, John Kabealo and Erika Krum; and transactional liability lawyer Anna Geml.
