Lloyds privatisation
Slaughter and May and Freshfields Bruckhaus Deringer led the line in September advising Lloyds Banking Group on the first stage of its privatisation after being taken over by the taxpayer during the financial crisis in 2008. Slaughters, led by capital markets partner Nilufer von Bismarck, is advising UK Financial Investments on HM Treasury’s disposal of a 6% stake in the banking group, worth £6bn. Freshfields, led by corporate partner Will Lawes, advised the joint bookrunners Bank of America Merrill Lynch, J.P. Morgan Cazenove and UBS on the sale.
Microsoft’s $7bn Nokia devices acquisition
One of the most talked-about deals of the month was Microsoft’s game-changing, $7bn acquisition of Nokia’s devices and services business along with a ten-year patent licensing agreement. Skadden, Arps, Slate, Meagher & Flom, led by corporate partner Ken King, is advising Nokia on the deal, which is expected to complete in the first quarter of 2014. Alan Klein of Simpson Thacher & Bartlett in New York is advising Microsoft.
Kodak pension settlement
Hogan Lovells pensions partner Katie Banks closed a $650m settlement for long-term client Kodak Pension Plan against Eastman Kodak Company (EKC) and Kodak Ltd, including the acquisition of EKC’s personalised imaging and document imaging businesses. Linklaters, led by London-based pensions partner Mark Blyth, and a Sullivan & Cromwell team advised Kodak Ltd and EKC respectively.
Acquisition of minority share in Pagani
Private client leader Withers demonstrated its ability to advise high-net-worth individuals (HNWI) on corporate transactions, with Italian partner Sergio Anania advising luxury sports car maker Pagani on the acquisition of a minority shareholding in the group by Nicola Volpi, the managing director of private equity fund Permira, for an undisclosed sum. Withers advised all parties to the deal, including investment company Faro.
Caring Homes Group sale and leaseback
On the property front, Speechly Bircham corporate partner Martin Wright advised Caring Homes Group on the sale and leaseback of 44 care homes to California-based real estate investment trust Griffin-American Healthcare, advised by Berwin Leighton Paisner’s Michael Anderson, for £300m. Hogan Lovells corporate partner Tom Whelan acted for Bank of Scotland on financing aspects of the deal.
Cornerstone debt portfolio
DLA Piper and Nabarro have combined to advise on a £150m senior debt portfolio financing for Cornerstone Real Estate Advisers, a subsidiary of US insurance giant Mass Mutual. The portfolio consists of six properties in central London and the South East. The DLA Piper team was led by head of real estate finance Toby Barker while Nabarro’s team was led by head of banking Clive Swillman.