Sullivan & Cromwell LLP

Sullivan & Cromwell is one of the most prominent international legal advisers for privatization transactions, through which government-controlled companies become—often in multiple stages—privately run, for-profit companies. We provide counsel to governments and their financial advisers, to companies being privatized, to U.S. and international underwriters of the related securities offerings and to private sector purchasers.

Privatizations are particularly demanding transactions. They combine political, legal and economic decision-making. They require the skills of numerous S&C practice groups, usually working collaboratively with other advisers. They require industry-specific expertise in a wide range of business sectors, chiefly including finance, manufacturing, natural resources, power, telecommunications and transportation.

Global Practice

S&C’s leadership in privatizations dates from the groundbreaking privatizations of the late 1970s in the United Kingdom, where the Firm participated in virtually all of the major transactions. Since 1990 we have acted in over 100 of the largest and most significant privatizations, in 35 countries around the world and in a range of industries.

Recent experience includes:

• Current non-confidential privatizations on which S&C is working include representing GS Global Infrastructure Partners in its participation in a consortium led by Hochtief to consider submitting a bid for the Chicago Midway International Airport concession—in what will be the first privatization of a major airport in the United States—and in a potential bid, together with Obrascon Huarte Lain (OHL) and Balfour Beatty, for the I-595 Corridor Roadway Improvements Project being concessioned by the State of Florida Department of Transportation. In addition, S&C recently represented a final round bidder for a 75-year lease and concession of the Pennsylvania Turnpike. 
   
• In 2007 S&C represented the underwriters with respect to U.S. and German law in the partial privatization of Hamburger Hafen und Logistik (via $1.7 billion IPO with Frankfurt and Hamburg Stock Exchange listings), the largest port operator in the Port of Hamburg and a leading, vertically integrated port logistics company; China Huaneng Group in the $3.067 billion privatization and acquisition, through its wholly owned subsidiary, SinoSing Power Pte. Ltd. (Singapore), of Tuas Power, which supplies approximately 25% of Singapore’s total power consumption, from Temasek Holdings; subsidiaries of Ontario Teachers’ Pension Plan Board (“OTPPB”), as borrowers, in the $2.4 billion financing for the acquisition by OTPPB of four North American container terminals located in the Vancouver and New York areas from Orient Overseas (International) Limited; a potential bidder on the PPP project to develop a portion of State Highway (SH) 121 in Texas; and MTR Corporation Limited, the world’s largest subway operator by market value and a publicly listed company in Hong Kong that is majority-owned by the Hong Kong Government, in its $1.6 billion rail merger with the Kowloon-Canton Railway Corporation, which prior to the merger was a statutory corporation under Hong Kong law that was wholly-owned by the Hong Kong Government (named “Merger Deal of the Year” by Asian Legal Business).
   
• In 2006 S&C was involved in three major privatizations around the world including advising the issuer in the third and final phase of the privatization of Australia’s leading telecommunications provider, Telstra Corporation Limited ($12.2 billion, the second largest equity offering of 2006); advising Bank of China, the second largest commercial bank in the People’s Republic of China, in its $11.3 billion IPO; and acting as international transaction counsel and as U.S. counsel to the underwriters in the $841.5 million partial privatization (via IPO) of Österreichische Post AG, the postal service in Austria. 
   
• In 2005 S&C acted as U.S. and French counsel to the underwriters in the $7.5 billion and $1.2 billion privatizations of, respectively, EDF (formerly Electricité de France) and SANEF, the French motorway concessionaire and operator. We also acted as U.S. counsel to the underwriters in the $3.4 billion privatization of Chunghwa Telecom in Taiwan and the $4.2 billion privatization of Central Japan Railway Company in Japan.
   
• In 2004 S&C acted as U.S. and French counsel to the issuer in the $6.2 billion privatization of France Telecom and was selected as counsel to the issuer in four major Japanese privatizations in the oil & gas, power, tobacco and railway industries: Inpex Corporation ($1.5 billion), Electric Power Development Co., also known as “J-Power” ($3.4 billion), Japan Tobacco ($2.2 billion) and West Japan Railway Company ($2.4 billion). In addition, S&C acted as U.S. and French counsel to the underwriters in the $1.4 billion privatization of aerospace and defense company Snecma, and as U.S. counsel to the underwriters in the $4.4 billion privatization of Belgacom, the Belgian telecommunications company.

Sullivan & Cromwell is committed to fostering a diverse and inclusive work environment. We believe that diversity is vital to the Firm’s ability to provide our clients with the highest level of service. Accordingly, the Firm’s culture and policies value the unique abilities and perspectives of every individual and support diversity in its broadest sense, including race, gender, ethnicity, sexual orientation, gender identity, gender expression, disability and religious affiliation. 

The Firm’s Diversity Committee, which is charged with assisting in the development of a diverse and inclusive workforce, is comprised of lawyers who hold positions of leadership and influence within the Firm. A member of the Firm’s Management Committee co-chairs the Diversity Committee. Other members of the Diversity Committee include the Firm’s senior chairman, practice group managing partners, hiring partners, assigning partners, chairs of the Firm’s associate affinity networks, and chairs of the Women’s Initiative Committee. The Firm also has a Diversity Management Department (“DMD”), which is charged with developing, implementing and coordinating the Firm’s diversity and inclusion initiatives, events and programs. Realizing the importance of an integrated approach, the DMD works closely with our Recruiting, Professional Development and Legal Personnel Departments to monitor the effectiveness of our extensive diversity initiatives and programs to further the Firm’s mission.

This ongoing commitment has led to great results, including the increased diversity of our partnership. As of January 1, 2013, the Firm had elected thirty-nine partners worldwide in the prior six years; of these thirty-nine partners, thirteen are women, eleven are minorities, and one is openly gay.

In its most recent rankings, Vault listed S&C as among the “20 Best Law Firms for LGBT Diversity.” In addition, MultiCultural Law magazine has named S&C to its annual lists of the “Top 100 Law Firms for Women” and “Top 100 Law Firms for Diversity” for several years, including most recently in 2012. Click here for Diversity Recognitions.

In addition, our lawyers have diverse backgrounds; they speak over 30 languages fluently and they come from approximately 40 different countries and 150 different law schools.