McDermott was recognized for its cross-practice representation of Steward Health Care System LLC, a private equity-backed health care system operator, in a $1.25 billion transaction with Medical Properties Trust, Inc., in which MPT acquired real estate interests in nine acute care hospitals and numerous ancillary owned and leased properties under a complex tax-driven master lease and mortgage loan structure, together with minority equity in Steward.
The deal was a never-before seen transaction structure, performed on a truncated timeline to overcome numerous historic impediments to monetizing real estate assets for hospital systems at 100 percent of their value in a tax-efficient manner, all while doing so subject to a corporate level credit facility with a first-priority blanket lien on all assets of the hospital system.
The transaction has helped facilitate Steward’s growth of its cost-effective and high-quality health care model and enabled the company to develop beyond its New England roots and into the national market.
The McDermott team was led by Ankur Gupta, with invaluable assistance from Steward relationship partner Chris Jedrey, as well as Patrick McCurry, Ben Kirschner, John Tamisiea, Michael Boykins, John Hammond, Charlie Buck, Sarah Kitchell, Thomas Young, Mark Bilut, Joanne Ludovici, Robert Clagg, Krista Kay Lewis, Bethany Hatef, Jeffery Stephens and Kate Williams.
“It’s an immense honor to be recognized for our work on this deal. Our team worked tirelessly to ensure we achieved the best possible result for our client,” said Chris Jedrey, partner-in-charge of the Firm’s Boston Health Industry Advisory Practice. “Our work on behalf of Steward highlights our ability to field a large deal team covering all facets of a large transaction and directly results from the merger of two of our marquee strengths – Healthcare and our Tier-One Corporate Practice.”
The M&A Advisor Awards recognize the leading dealmakers, firms and transactions across the globe. Each year, The M&A Advisor seeks to “celebrate the creativity, perseverance and ingenuity of [the M&A] industry’s professionals.” Finalists were chosen from nominees in the first stage of the process, and an independent panel of judges was responsible for selecting the ultimate winners.
McDermott had four deals (Evonik Industries AG, Jimmy John’s LLC, Steward Health Care System LLC and Morton Buildings, Inc.) nominated across eight different categories, including Private Equity (Over $1B), M&A ($1B-$5B), Corporate/Strategic (Over $1B), Cross Border (Over $500MM), Industrials (Over $250MM), Industrials (Over $100MM-$250MM), HealthCare and Life Sciences (Over $100MM) and Consumer Staples (Over $100MM).
McDermott’s significant deal flow is only one part of what’s been a banner year for the Firm’s Corporate & Transactional Practice. Over the past year, McDermott has also added 19 lateral partners to the Practice Group and has been recognized in numerous league tables, including the Pitchbook PIPEs Report and Mergermarket’s League Table Rankings.
About McDermott’s Health Practice
McDermott’s Health Industry Advisory Practice is one of the largest and most prestigious health practices in the world. We are the only Firm to receive Tier 1 rankings in health care by all of the top legal directories, including Chambers USA, The Legal 500, and US News-Best Lawyers. McDermott’s integrated, multi-disciplinary practice has more than 30 years of experience counselling leading organizations in every major sector of the health care industry on regulatory, litigation and business transaction issues. With a core team of over 100 dedicated health care lawyers, McDermott creates multi-disciplinary teams to provide clients with efficient, solution-oriented counsel.
About McDermott’s M&A Practice
McDermott’s M&A practice combines its market knowledge and deal execution skills to help clients achieve their transactional strategies. Many of our clients’ deals have a cross-border dimension. With offices located in Asia, Europe and the United States, we have the ability to represent clients’ transactional needs globally regardless of jurisdiction. Moreover, we possess deep industry knowledge in key markets, including energy, telecommunications, media and technology, chemicals, aerospace and defense, mining and metals, life sciences, food and beverage, and health care. What distinguishes McDermott’s M&A capabilities is our comprehensive transactional offering—regulatory and antitrust, environmental, tax, labor and employment, intellectual property, financing and, when necessary, litigation—with those services provided by highly recognized and ranked lawyers.
About McDermott Will & Emery
McDermott Will & Emery is a premier international law firm with a diversified business practice. Numbering more than 1,000 lawyers, we have offices in Boston, Brussels, Chicago, Dallas, Düsseldorf, Frankfurt, Houston, London, Los Angeles, Miami, Milan, Munich, New York, Orange County, Paris, Seoul, Silicon Valley and Washington, DC. Further extending our reach into Asia, we have a strategic alliance with MWE China Law Offices in Shanghai.