National UK law firm Shoosmiths has been honoured for its role advising train manufacturer Hitachi Rail in a multi-billion pounds sterling order for new trains.
The American Lawyer has already awarded the Intercity Express Programme (IEP) the Project Finance (Europe) award which means it now goes through to the Global Finance Deal of the Year category at its global legal awards.
IEP is a 30 year design, construction and maintenance contract to replace Great Western and East Coast mainline intercity rolling stock in the UK.
The American Lawyer is a monthly trade publication read by senior partners, general counsel and law firm partners across the United States. Its annual global legal awards evening will take place at Gotham Hall in New York on 15 September.
Shoosmiths corporate partner Chris McClure advised Hitachi on the order. The company beat off stiff competition from rivals Bombardier, Siemens and Alstom to win the largest ever rolling stock contract awarded in the UK, valued at £4.5 billion, or $7 billion.
Hitachi will directly create nearly a thousand jobs in the North East of England when a new train manufacturing facility is constructed at Newton Aycliffe in County Durham. The new rolling stock will be built at this new facility.
The scale of the programme is underlined by the relocation of Hitachi Rail's headquarters from Japan to London as a result of the contract awards.
Chris McClure said: 'It's great to see the size and scale of the deal recognised in the US by the American Lawyer. We are proud of our finance capabilities here at Shoosmiths and to have recognition from the international legal and business community is a great achievement for everyone in the firm who has worked with Hitachi over several years.
'The modernisation of the UK's intercity train fleet is a necessary piece of national infrastructure investment and we're proud to be a part of it. This transformational deal will provide the next generation of high-speed, low-carbon trains for Britain, secure and create thousands of jobs and bring the headquarters of a world-class, high-tech company to the UK.'
Shoosmiths is a leading national UK law firm with 10 offices and 1400 lawyers and staff across Britain's main commercial centres including London, Birmingham, Manchester and Edinburgh. The firm is also the English representative of the multi-national WSG global network of leading professional service providers.
Shoosmiths' corporate and rail infrastructure team has a multidisciplinary approach and has advised Hitachi on the financing, regulatory, real estate, planning and construction aspects of the deal. Led by Chris McClure, the team includes other partners Mark Shepherd (private equity), Joanne McGuinness (real estate and rail regulatory), and Simon Wain (construction).
For more information on the American Lawyer's global legal awards, please click on the link here or go to www.americanlawyerawards.com