A relationship partner for some of Linklaters’ biggest clients, Derek Tong had one of his busiest years over 2023 despite a global M&A lull. Much of it was down to his strong ties to US heating and ventilation conglomerate Carrier Global, which sought Tong’s advice on three transactions last year. These included a bumper European deal that saw Carrier acquire Viessmann Climate Solutions for €12bn, an important step for Tong’s client in its move away from gas boilers and towards heat pumps and more sustainable technologies. Tong also advised on the sale of Carrier’s security business for nearly $5bn, followed by its refrigeration division for $775m, rounding off a successful year for one happy client.
Advising on energy-related deals played a core part of Tong’s practice last year, while another area of focus is technology for which he is a global sector leader. Often the two coincide, with another big deal in 2023 seeing Tong advise longstanding client BP on its buyout of solar developer Lighthouse. Four years a partner and this Linklaters lifer is on a roll at Silk Street.