Elite New York firms Simpson Thacher & Bartlett and Skadden Arps Slate Meagher & Flom have bagged lead roles on the $10.1bn (£5.2bn) acquisition of air conditioning company Trane by US conglomerate Ingersoll-Rand.

Simpson Thacher advised Ingersoll-Rand, a long-term client of the firm, while Skadden advised the target on a deal that was announced earlier today (17 December).