US firm takes first-time instruction from Freshfields client Phoenix
Skadden, Arps, Slate, Meagher & Flom is in line for a windfall after taking the lead role advising on Phoenix Group Holdings’ proposed £935m acquisition of Abbey Life Assurance Company from Deutsche Bank, pocketing a significant chunk of £17m in fees in the process.
While the banks involved in financing the deal will take the lion’s share of fees, Skadden is expected to receive under £5m of the total.
The US firm has muscled in on Freshfields Bruckhaus Deringer’s long-term relationship, fielding a team including corporate partners Robert Stirling and Linda Davies, capital markets partner Danny Tricot and tax partner James Anderson. Freshfields took a noticeably smaller role than usual, advising on debt finance aspects with banking partner Sean Pierce leading. Clifford Chance acted for Deutsche Bank through the disposal, with a team led by partners Hilary Evenett and Narind Singh.
Phoenix Group Holdings director of legal, Phil Hagan, told Legal Business that traditionally the London-listed fund outsources major deal work to Freshfields, but added: ‘It’s the first time we have instructed Skadden. We know Rob Stirling well from his time at Freshfields and also Danny Tricot from a previous transaction when he acted for an investor, and we were very impressed by their performance.’
Hagan operates an informal panel with a handful of firms, including Freshfields and Skadden, alongside Hogan Lovells and Eversheds.
However, while Freshfields may have missed out on the most remunerative work on this deal, it was revealed in late August that it, Magic Circle rival Linklaters and a number of others pocketed $261m collectively for their role in Anheuser-Busch InBev’s $108bn takeover of SABMiller.
sarah.downey@legalease.co.uk
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