Pestalozzi advised Goldman Sachs on acquisition of shares in Xella
PAI Partners and Goldman Sachs have agreed to acquire German construction materials company Xella International. The deal, which is financed evenly with equity and debt, is one of the largest to be agreed in Europe since the onset of the credit crunch last summer. PAI and Goldman Sachs are equal partners in the deal. Debt financing is being arranged by BNP Paribas, Calyon, Unicredit Group's HVB bank, Landesbank Baden-Württemberg and Royal Bank of Scotland. The total turnover of the target at the time of the transaction was EUR 1.3 billion. Pestalozzi acted as counsel to Goldman Sachs Capital Partners and PAI Partners.