Shearman & Sterling has been awarded European Private Equity Tax Deal of the Year at the International Tax Review awards 2014 for the firm’s role advising General Electric on its $4.3 billion acquisition of Italian aerospace group Avio from Cinven and other investors.

Counsel Simon Letherman accepted the award on behalf of the firm and late partner Iain Scoon, who with Letherman led the team on the tax aspects of the deal.

The deal was one of General Electric's largest M&A deals globally in recent years and one of the biggest foreign investments by any foreign group in Italy for a decade.

Shearman & Sterling was also shortlisted for US law firm in Europe and UK tax firm of the year. The firm also won Private Equity Deal of the Year for its role on the Avio transaction at the recent IFLR (International Finance Law Review) Europe Awards.

The ceremony was held at the Dorchester Hotel in London and was widely attended by industry and legal experts across the tax sector.