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Addleshaws, Freshfields and Linklaters line up on Lloyds and Metro Bank £1.9bn and £596.7m acquisitions

Addleshaw Goddard has scored roles advising both Lloyds Banking Group and Metro Bank on two distinct acquisitions worth £1.9bn and £596.7m respectively, Freshfields Bruckhaus Deringer and Linklaters on the other side.

Addleshaws’ M&A partner Nick Pearey and financial regulation partner Rosanna Bryant acted for Lloyds on the £1.9bn buyout of credit card provider MBNA from Bank of America. The deal is the bank’s largest acquisition since the 2008 financial crisis.

Freshfields advised Bank of America on the transaction, with corporate partner Sundeep Kapila leading for the firm.

Addleshaws also acted for Metro Bank on its £596.7m takeover of private equity firm Cerberus European Residential Holdings. Addleshaws fielded M&A partner Hugh Lauritsen, alongside Bryant, on the deal. Linklaters acted for Cerberus on the deal.

Legacy HBJ Gateley partners Alan Shanks and Addi Shamash also acted for Addleshaws, who finalised their merger with HBJ this week.

This week, Addleshaws finally secured a long-awaited Scottish presence when the firm’s merger with HBJ Gateley went live yesterday (1 June).

The tie-up, which will integrate HBJ’s entire Scottish office into Addleshaws, has already resulted in new mandates for the firm. Addleshaws will be appointed as pharmaceutical company Celesio’s preferred law firm on all Scottish real estate matters, as Legal Business reported.

Following last year’s failed merger talks with Scottish Independent Maclay Murray & Spens, Addleshaws and HBJ first confirmed plans to merge back in November.  It is expected that the combined firm will have a turnover of £224m, with £214m in UK revenue and more than 240 partners.

The firm is on both Lloyds Bank and Metro Bank’s panels.