Tax Group Update: July 2025

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Tax Group Update: July 2025

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As the first half of the year draws to a close, we present an overview of some of the work that has kept our Tax Group busy in 2025.

Our market-leading tax group provides high-value, fully comprehensive and commercial advice to a wide range of domestic and international clients operating in all sectors of the Irish economy, either as part of the firm’s wider legal practice or stand-alone guidance, based on our clients’ needs.

Notable Transactions

Investindustrial’s acquisition of DCC Healthcare

Tax partner Orlaith Kane and associate Ruth O’Sullivan advised Investindustrial on its acquisition of DCC Healthcare. DCC Healthcare is an independently run division of DCC plc and delivers future-focused solutions across energy, healthcare and technology sectors.

The acquisition of DCC Healthcare allows Investindustrial to leverage its strong track record and expertise in the food supplement CDMO and medical devices verticals. The acquisition values DCC Healthcare at a total enterprise value of £1,050 billion on a cash-free, debt-free basis. The transaction was announced on 22 April 2025 and is expected to complete in Q3 2025.

More information is available here: Investindustrial’s acquisition of DCC Healthcare

Advent on its significant minority stake in Felix

Tax partner David Kilty and senior associate Nicola Cavey advised Advent International, a leading global private equity investor, on its agreement to acquire a significant minority stake in Felix Pharmaceuticals Pvt Ltd, a leading global Gx animal pharma player.

More detail on the transaction is available here: Advent on its significant minority stake in Felix

Mallinckrodt plc’s $6.7 billion merger with Endo, Inc.

Tax partners Orlaith Kane and Fintan Clancy along with associates Dearbhla Ní Fhloinn and Ciara Murphy have been advising Mallinckrodt plc, a global leader in speciality pharmaceuticals, on its $6.7 billion merger with Endo Inc.

Find out more: Mallinckrodt plc’s $6.7 billion merger with Endo, Inc.

Finance Ireland completes €358m Irish auto finance securitisation

Tax partner Fintan Clancy, alongside senior associate Cristina Susanu and associate Isobel D’Arcy, advised the joint lead managers (MUFG Securities (Europe) N.V.), BNP Paribas and BofA Securities) on the STS Securitisation of a portfolio of Irish auto finance receivables.

This landmark transaction (Finance Ireland’s second such securitisation) has a value of approximately €358m and is the largest ever securitisation of Irish auto loans. Arthur Cox acted as drafting counsel on this Irish law governed transaction.

For more please visit: Finance Ireland completes €358m Irish auto finance securitisation

James Hardie to acquire building products group AZEK

Tax partners Orlaith Kane and Fintan Clancy along with associates Dearbhla Ní Fhloinn and Ciara Murphy advised James Hardie Industries plc, a leader in providing high-performance, low-maintenance building products and solutions, on its acquisition of the AZEK Company Inc.

More information on the acquisition is available here: James Hardie to acquire building products group AZEK

Rover Group, Inc. on its acquisition of Gudog to expand pet care services in Europe

Associates Nicola Cavey and Mari Woulfe advised Rover Group, Inc., a leading online marketplace for pet care, on all Irish law aspects of its acquisition of Gudog, a European dog sitting and walking platform. The Gudog community spans eight European countries with over one million days of services booked to date and a network of 20,000 dog sitters and walkers. This transaction is expected to accelerate the roll-out of Rover’s services in Denmark and Ireland.

More detail on the Gudog acquisition can be found here: Rover Group, Inc. on its acquisition of Gudog to expand pet care services in Europe

ADS-TEC

Tax partner Orlaith Kane and senior associate Paulina Serafieva advised ADS-TEC Energy plc (NASDAQ: ADSE), a global leader in battery-based energy storage and ultra-fast EV charging solutions, on its senior secured convertible note due 2028.

For more please visit: ADS-TEC Energy plc on Senior Secured Convertible Note

Seagate’s $400 Million Senior Notes Offering

Tax partner Fintan Clancy, senior foreign registered lawyer Jessica Lewis and associate Edwina Hilton advised Seagate Technology Holdings plc (NASDAQ: STX) (Seagate) on its subsidiary, Seagate Data Storage Technology Pte. Ltd’s private offering of $400 million aggregate principal amount of senior notes due 2030 (the Notes), which was announced on 12 May 2025.

The Notes will be guaranteed by Seagate, Seagate Technology Unlimited Company, and Seagate HDD Cayman. 

For more, please click here: Seagate’s $400 Million Senior Notes Offering

AssuredPartners acquires City Financial Marketing Group

Tax partner David Kilty and senior associate Paulina Serafieva advised AssuredPartners, a leading insurance broker in the United States, UK and Ireland, on its acquisition of City Financial Marketing Group. The transaction is subject to customary regulatory approval.

More information is available here: AssuredPartners acquires City Financial Marketing Group

Phoenix Tower International acquires Cellnex Ireland

Tax partner Ailish Finnerty and associate Ciara Murphy advised Phoenix Tower International on the completion of its acquisition of Cellnex Ireland for approximately €971 million, making Phoenix Tower International the largest owner of cell towers in Ireland.

Visit our website for more on this acquisition: Phoenix Tower International acquires Cellnex Ireland

Sale of Pat the Baker and Irish Pride

Tax partner Ailish Finnerty and associate Ciara Murphy advised Pat the Baker and Irish Pride on their proposed sale to Mayfair Equity Partners. 

More information on this transaction is available here: Sale of Pat the Baker and Irish Pride

Background on the Tax Group

Our Tax Group is one of the leading tax law practices in Ireland. We provide fully comprehensive and commercial tax advice to a broad range of domestic and international clients operating in all sectors of the Irish economy.

We provide high-value advice on important transactions and challenging situations. Our team is an integrated part of the firm’s wider legal practice for clients but also provides stand-alone tax advice.

We have a highly experienced team made up of five partners, one Of Counsel, one tax director, 13 associates, one professional support lawyer, one paralegal and trainees.

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