Magic Circle firms Clifford Chance and Freshfields Bruckhaus Deringer are advising on the latest big M&A transaction out of Germany—the sale of specialty chemical and manufacturing company CABB International by one London-based private equity firm to another.

Announced Tuesday, the deal calls for Permira Advisers, represented by Clifford Chance, to acquire Cabb International from Bridgepoint Capital, which has turned to Freshfields as its outside counsel. While the transaction’s terms were not disclosed, Bloomberg, citing individuals knowledgeable about the matter, put the value of Sulzbach-based CABB at roughly $1 billion.

According to German legal publication Juve, Freshfields corporate partner Markus Paul—who was named cohead of the firm’s global financial investors group in December—is leading a team advising Bridgepoint on the deal. The other Freshfields attorneys working on the matter are environmental and regulatory of counsel Marcus Emmer, M&A counsel Christian Zeppezauer and associates Hendrik Braun, Christoffer Bortz, Marius Fritzsche, Olga Gurman and Sherry Xu.

Bridgepoint has turned to Freshfields for German corporate work before, including the private equity firm’s $770 million acquisition last year of AHT Cooling Systems. Charles Bartel, the former head of the private equity practice at British firm Travers Smith, joined Bridgepoint Capital in 2008 to become its first-ever general counsel.

Leading the in-house team on the other side of the deal is Clifford Chance alum and Permira partner Ulrich Gasse, according to Juve. (Permira’s chief risk officer, Christopher Crozier, is a Freshfields and Simpson Thacher & Bartlett alum.)

Gasse’s former firm, which counseled Permira last year on its $485.3 million purchase of British footwear firm Dr. Martens, is advising the buyout shop on the CABB acquisition with a team led by Oliver Felsenstein, a private equity partner who joined Clifford Chance’s Frankfurt office in a high-profile 2005 lateral move.

Other Clifford Chance lawyers working on the deal include labor and employment partner Thomas Hey, antitrust partner Marc Besen, M&A counsel Joachim Hasselbach and Jörg Futter, litigation counsel Jochen Pörtge and associates Paul Bock, Christoph Crützen, Amrei Fuder, Achim Gronemeyer, Florian Lechner and Frederik Mühl, according to Juve. Permira’s purchase of CABB is expected to close in June, pending certain regulatory approvals.