Baker & McKenzie is advising longtime client Abbott Laboratories in its $7.1 billion acquisition of Solvay SA’s drug unit, a deal that will give Abbott control of new drugs and expand its access to non-U.S. markets, according to Bloomberg and lawyers on the deal.

Solvay has turned to a team from Freshfields Bruckhaus Deringer led by corporate partners Geert Verhoeven in Brussels and Timothy Wilkins in New York. The acquisition is a private all-cash deal that does not include the exchange of public shares, according to Verhoeven and Wilkins.

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