Weil Gotshal, A&O advise as WestLB sells Boxclever

Author: | Published: 1 Feb 2005
Boxclever: maintenance problems killed the deal

German state-owned bank WestLB has finally rid itself of UK TV rental company Boxclever, almost two years after its securitization deal fell apart.

US private equity funds Fortress and Cerberus have teamed up, forming a consortium to buy the company for an undisclosed sum, reported to be in the region of £200 million ($372 million). An acquisition vehicle established by Fortress and Cerberus acquired the outstanding notes issued under the securitization by Boxclever vehicle Home Technology Receivables (No 1) Limited from Compass Finrec, a conduit sponsored by WestLB IXIS Corporate & Investment Bank and Superior Financing, a conduit sponsored by CIBC. At the same...