Dealwatch: Insolvencies provide work for CC and Gateley
Legal Business
Skadden, Arps, Slate, Meagher & Flom advised food chain Pret A Manger as it agreed to acquire all of Eat’s 94 shops for an undisclosed sum. The London team was led by corporate partners Richard Youle, Katja Butler and Linda Davies. Freshfields Bruckhaus Deringer also advised Pret on antitrust while Travers Smith acted for the selling shareholders.
Gateley fielded insolvency partner Daniel French to act alongside administrator KPMG after Jamie Oliver’s restaurant business collapsed. The insolvency will see 22 of the 25 eateries close, resulting in 1,000 job losses.
Clifford Chance’s insolvency team advised British Steel as the firm entered compulsory liquidation, putting 5,000 of its employees at risk of redundancy. CC’s restructuring head Philip Hertz and partner Iain White are leading the team. Crowell & Moring, meanwhile, advised the senior lenders. Big Four firm EY is helping British Steel find a buyer.
Eversheds Sutherland advised regeneration company Urban Splash with a team led by corporate partner Alistair Cree as it signed a £90m joint venture with Homes England and Sekisui House. Pinsent Masons partner Scot Morrison led the team advising the government body, while Ashurst’s Hiroyuki Iwamura acted for Sekisui.
Herbert Smith Freehills (HSF) advised Spanish telecoms infrastructure company Cellnex on its €2.7bn acquisitions in France, Italy and Switzerland. The deals saw Paul Hastings advise seller Salt in Switzerland led by London corporate partner Garrett Hayes. Bredin Prat advised seller Iliad in France and Italy, while Italian firm BonelliErede acted for Cellnex on Italian law aspects. Bär & Karrer advised Cellnex in Switzerland.
Orrick Herrington & Sutcliffe advised tyre manufacturer Michelin on its acquisition of the Masternaut Group from majority owners Summit Partners and FleetCor Technologies. The Orrick team was led by M&A and private equity partner James Connor. Kirkland & Ellis advised the sellers, while Simpson Thacher & Bartlett advised Masternaut on financing arrangements. Addleshaw Goddard and DLA Piper acted for Masternaut’s management and lenders respectively.