Tian Sun

Prior to joining Kirkland, Tian was involved in the following representative matters:

• Acted for the Issa brothers and TDR Capital on the financing for the acquisition of ASDA Group Limited, Walmart’s wholly owned UK business, for an enterprise value of £6.8 billion on a debt-free and cash-free basis, one of the largest leveraged buy-outs of the decade in the UK
• ASDA and TDR Capital:
  
  • Acted for ASDA on its acquisition of EG Group’s UK&I operations, for an enterprise value of £2.27 billon, with the financing package consisting of bridge financing from relationship banks, real estate securitization financings and private debt financings by strategic debt funds
  • Acted for ASDA on the refinancing of £3.2 billion of its senior secured debt. The refinancing included the biggest Sterling high-yield bond of 2024 and the second largest Sterling bond ever in the European leveraged finance market, only behind Asda’s own £2.25 billion bond issuance in 2021. As part of the refinancing, Asda also secured an extension and upsize of its revolving credit facility
  • Acted for ASDA on the bridge financing for its acquisition of 132 co-op stores around the UK and repayment strategies for the bridge financing
  • Acted for ASDA for general corporate finance support, including any issues arising out of its existing debt platforms, supply chain financings and liability management initiatives
• EG Group and TDR Capital:
  
  • Acted for EG Group on its series of A&E transactions, one of the largest A&E transactions in the European leveraged finance market in 2023, in which EG Group used the proceeds from sale & leaseback and business disposals, new syndicated loans, new revolving and letter of credit facilities, new senior secured bonds, a private debt facility and a bridging debt facility provided by relationship banks to refinance or extend the maturity of $6.2 billion-equivalent principal amount of term loans, $2 billion-equivalent principal amount of senior secured bonds, and the majority of its revolving credit and letter of credit facilities
  • Acted for EG Group on its committed bank financing for its acquisition of The Herbert Group, the largest KFC franchise in the UK & Ireland
  • Acted for EG Group on its proposed $17 billion bid to acquire Speedway in the US
  • Acted for EG Group for general corporate finance support, including any issues arising out of its existing debt platforms, supply chain financings and liability management initiatives
• Carlyle and Co-Investors:
  
  • Acted for Farmfront Group, a portfolio company controlled by Carlyle, on the financing for its acquisition of two additional groups active in the production of advanced irrigation systems, RKD and Irrimec Group, together with refinancing of its existing capital structure
  • Acted for Carlyle on the financing for its acquisition of the majority stake in END, a luxury online retailer
  • Acted for Carlyle on the financing for its acquisition of the majority stake in Ocmis Group, a leading manufacturer of advanced irrigation systems for the Italian agricultural market
  • Acted for Carlyle and GIC on the financing for its acquisition of Nobian, the base chemicals business spun out by Nouryon, a global specialty chemicals business
  • Acted for International Design Group S.p.A., an Italian company controlled by Carlyle and Investindustrial, on the financing for its acquisition of YDesign Group, LLC, a leading e-commerce retailer in the U.S. online high-end lighting market
  • Acted for International Design Group S.p.A., a portfolio company of Carlyle and Investindustrial, on the new issuance of senior secured notes and the upsize of its existing revolving credit facility
  • Acted for Carlyle on various A&E processes across its portfolio companies in UK, US and Europe
• Acted for the consortium of Macquarie Capital, MIRA and USS on the £2.3 billion acquisition of the Green Investment Bank (now Green Investment Group) from the UK Government (including due diligence over its portfolio of debt and equity assets)
• Acted for the consortium of InfraRed, Equitix and National Pensions Service of Korea on its £3 billion acquisition financing for the High Speed 1 from Borealis and Ontario Teachers
• Acted for EVOCA Group, a portfolio company of Lone Star on the new issuance of senior secured notes and the upsize of its existing revolving credit facility
• Acted for Al Fakher Group, a portfolio company of Kingsway Capital, a leading global producer of branded shisha, on its $525 million refinancing and corporate restructuring
• Acted for Bridgepoint Europe on the financing for its acquisition of PEI Group, a leading international provider of information, insights and events for the global alternative private assets market
• Acted for Energy Capital Partners on the £1.3 billion acquisition financing of Biffa plc, a UK listed company specialising in sustainable waste management
• Acted for Astorg Partners on the holdco and opco financing for its acquisition of the majority stake in OPEN Health, a leading medical affairs and market access platform
• Acted for Waterfall Asset Management on the financing for its acquisition of P2P Global Investments PLC, a UK listed investment trust
• Acted for the lenders in connection with Cellnex Telecom and GIC’s $14 billion proposed joint bid to acquire Vantage Towers AG, a German listed company
• Acted for the lenders in connection with financing Castik’s acquisition of Customs Support Group, Europe’s leading independent, digital and neutral provider of customs services
• Acted for the lenders in connection with financing Marlin Equity Partners’ acquisition of Lengow SAS, a French e-commerce platform
• Acted for the lenders in connection with financing Siris Capital Group’s bid to acquire Equiniti Group plc, a UK listed company focused on outsourcing financial and administration services
• Acted for the PIK lenders, unitranche lenders and ssRCF lenders in connection with financing Providence Equity’s acquisition of HSE24, a leading German home shopping TV network

Latham & Watkins LLP, 2020–2024

Macfarlanes LLP, 2019–2020

Allen & Overy LLP, 2013–2018