City and US heavyweights line up on Lego owner’s £4.8bn offer for Merlin

City and US heavyweights line up on Lego owner’s £4.8bn offer for Merlin

Slaughter and May and Clifford Chance (CC) are representing the City elite on a £4.8bn offer for Merlin Entertainments, in a deal that brought together a line-up of heavy hitters with Kirkland & Ellis and Latham & Watkins also fielding veteran partners.

The deal was announced on 28 June with Merlin, which is being advised by Slaughters, agreeing the terms of a recommended offer. The acquiring consortium comprises Kirkbi – the investment vehicle for Lego’s founding family – alongside private equity houses The Blackstone Group and the CPP Investment Board (CPPIB). Continue reading “City and US heavyweights line up on Lego owner’s £4.8bn offer for Merlin”

Dealwatch: US firms enjoy marquee run of deals with Kirkland and Goodwin leading the way

Dealwatch: US firms enjoy marquee run of deals with Kirkland and Goodwin leading the way
  • Kirkland & Ellis advised investment adviser and repeat customer GLP Investment Services on the $18.7bn sale of its US logistics business to The Blackstone Group. The Chicago-bred juggernaut fielded corporate partners Michael Steele in London and Michael Brueck in New York. Simpson Thacher & Bartlett advised longstanding client Blackstone out of New York with real estate partner Davis Coen leading the team.
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  • Eversheds Sutherland advised Legal & General (L&G) on its £4.6bn buy-in to buy-out with the Rolls-Royce UK Pension Fund, with corporate partner Hugo Laing and pensions specialist Mark Latimour leading the team. The deal is billed as the UK’s largest-ever annuity transfer and saw CMS advise L&G with partner Thomas Lockley at the helm, while Linklaters acted for the trustees with global head of pensions Claire Petheram and derivatives partner Mark Brown advising. Continue reading “Dealwatch: US firms enjoy marquee run of deals with Kirkland and Goodwin leading the way”

Travers’ private equity star Dolman joins Summerfield at the corporate helm

Travers’ private equity star Dolman joins Summerfield at the corporate helm

Travers Smith has appointed Paul Dolman as co-head of corporate in addition to his existing role of head of private equity and financial sponsors.

The well-respected Dolman joins the influential Spencer Summerfield, who has been sole head of corporate since 2013, on a joint ticket to lead Travers’ M&A, private equity and equity capital markets practices. Continue reading “Travers’ private equity star Dolman joins Summerfield at the corporate helm”

Global Elite line up on Nestlé’s $10bn skincare business sale to EQT

Global Elite line up on Nestlé’s $10bn skincare business sale to EQT

Latham & Watkins is acting alongside US counterpart Kirkland & Ellis in advising EQT as the private equity house looks to acquire Nestlé’s skincare business, in what could be one of the largest transactions in Europe this year.

Nestlé, which is being advised by Linklaters corporate partners David Martin and Michael Honan, confirmed talks with EQT in May following a competitive auction process with rival buyout funds and industry players all eager to make the acquisition. The group of investors includes Canada’s Public Sector Pension Investment Board and the Abu Dhabi Investment Authority. Continue reading “Global Elite line up on Nestlé’s $10bn skincare business sale to EQT”

Dealwatch: Insolvencies provide work for CC and Gateley

Dealwatch: Insolvencies provide work for CC and Gateley
  • 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.
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  • 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. Continue reading “Dealwatch: Insolvencies provide work for CC and Gateley”

Cash in hand: Slaughter and May to pocket £6m in fees for advice on failed hostile bid

Cash in hand: Slaughter and May to pocket £6m in fees for advice on failed hostile bid

Slaughter and May is set to receive over £6m in fees after advising sub-prime lender Non-Standard Finance (NSF) on its failed £1.3bn takeover of doorstep lender Provident Financial, which collapsed on Tuesday night (4 June) due to insufficient regulatory capital and a lack of shareholder support.

The mandate for Slaughters was led by corporate head Andy Ryde alongside fellow partner Paul Mudie, with the hostile bid being launched in February of this year. However the Prudential Regulation Authority decided the combined entity would not carry sufficient capital at the point of completion, and therefore blocked the deal. Slaughters did not advise the client on capital or shareholder-related issues. Continue reading “Cash in hand: Slaughter and May to pocket £6m in fees for advice on failed hostile bid”

Apollo hamstrung as Freshfields helps Berry complete eleventh-hour bid for UK plastics group

Apollo hamstrung as Freshfields helps Berry complete eleventh-hour bid for UK plastics group

Freshfields Bruckhaus Deringer successfully advised US manufacturing company Berry Global as it completed a late bid for UK-headquartered RPC Group, after private equity house Apollo Global Management cornered itself with a best and final offer.

The £3.43bn Berry bid only slightly surpassed the previous £3.3bn bid from Apollo, but was approved in early March by RPC’s board. Apollo made its final bid for RPC in a no-increase statement, leaving out the necessary caveats to return with an improved offer. Continue reading “Apollo hamstrung as Freshfields helps Berry complete eleventh-hour bid for UK plastics group”

Dealwatch: Global 100 firms share spoils on flurry of private equity and public M&A mandates

Dealwatch: Global 100 firms share spoils on flurry of private equity and public M&A mandates
  • Slaughter and May is acting on the £1.3bn unsolicited bid for doorstep lender Provident Financial. Corporate head Andy Ryde (pictured) is joined by Paul Mudie in advising the bid from Non-Standard Finance. Provident, meanwhile, has enlisted Clifford Chance corporate partners Lee Coney and Mark Poulton.
  • Eversheds Sutherland fielded a team led by partner Aleen Gulvanessian on Dairy Crest’s £975m sale to Canadian dairy company Saputo. Freshfields Bruckhaus Deringer acted for the buyer, with energy and natural resources head Laurie McFadden and corporate partner Stephen Hewes at the helm. Ashurst advised Lazard as buy-side financial adviser.

Continue reading “Dealwatch: Global 100 firms share spoils on flurry of private equity and public M&A mandates”

Buyout star Adrian Maguire to join Kirkland in body blow to Freshfields

Buyout star Adrian Maguire to join Kirkland in body blow to Freshfields

One of the most touted private equity names in the City, Adrian Maguire, has quit Freshfields Bruckhaus Deringer to join Kirkland & Ellis just over a year after his former colleague David Higgins made the same move.

Freshfields-bred and regarded as a loyalist to the firm, Maguire is leaving the Magic Circle outfit after more than two decades in what will be seen as a notable setback for its attempts to limit the damage of Higgins’ $10m move in December 2017. Continue reading “Buyout star Adrian Maguire to join Kirkland in body blow to Freshfields”

Pharma just the tonic for US firms leading on Boston Scientific’s £3bn bid for BTG

Pharma just the tonic for US firms leading on Boston Scientific’s £3bn bid for BTG

An array of City and US firms have landed roles advising on Boston Scientific’s buyout of British healthcare firm BTG in the latest bumper deal in the pharmaceutical sector. Allen & Overy (A&O), Shearman & Sterling, Travers Smith, White & Case, and Arnold & Porter Kaye Scholer were all called upon to advise on the deal, continuing a spate of takeovers in the UK healthcare market.

Shearman acted as lead counsel for longstanding client Boston Scientific, with a team headed by New York corporate partner Clare O’Brien alongside London-based veteran Europe and Middle East M&A head Laurence Levy. City firm Travers worked alongside Shearman, with partner Mahesh Varia advising on share option schemes, while Arnold & Porter Washington DC antitrust partner Michael Bernstein was also drafted in by Boston Scientific. Continue reading “Pharma just the tonic for US firms leading on Boston Scientific’s £3bn bid for BTG”