Deal watch: Westfield GC exits for something ‘very different’ as takeover completes while DLA lands Poundworld administration role

Deal watch: Westfield GC exits for something ‘very different’ as takeover completes while DLA lands Poundworld administration role

Retail’s high street struggles are keeping advisers in the sector busy, as multiple firms took roles on the £18.5bn takeover of Westfield Corporation and DLA Piper took the lead on the administration of discount retailer Poundworld.

A host of firms across the globe advised as French property company, Unibail-Rodamco, completed its acquisition of shopping centre operator Westfield last week, in a deal first announced late last year. The combined $72bn entity owns and operates 102 shopping centres in 13 countries, the majority of which are in Europe and the US. Continue reading “Deal watch: Westfield GC exits for something ‘very different’ as takeover completes while DLA lands Poundworld administration role”

Deal watch: Slaughters tunes into Sky bidding war as Links and Ashurst waste no opportunity on Cory Riverside disposal

Deal watch: Slaughters tunes into Sky bidding war as Links and Ashurst waste no opportunity on Cory Riverside disposal

Slaughter and May has been drafted in by the Walt Disney Company on its Sky News bid while Linklaters and Ashurst took the lead as infrastructure investors scoop UK waste management business Cory Riverside Energy.

The latest twist in the multi-billion pound takeover of Sky has seen a team led by Slaughters corporate partner Richard Smith advising Disney on a bid for Sky News. This after a UK government decision last week (5 June) that Rupert Murdoch-owned 21st Century Fox could pursue its £18.5bn bid for the 61% of Sky it did not already own on the condition it sells Sky News. Continue reading “Deal watch: Slaughters tunes into Sky bidding war as Links and Ashurst waste no opportunity on Cory Riverside disposal”

Deal watch: Ropes & Gray advises on £1.3bn private equity deal as White & Case and Eversheds score major mandates

Deal watch: Ropes & Gray advises on £1.3bn private equity deal as White & Case and Eversheds score major mandates

Major transactions continue to flow after Ropes & Gray’s London arm acted on the largest-ever UK private equity software buyout while White & Case and Eversheds Sutherland also landed on sizable deals.

Private equity powerhouse Helen Croke (pictured) led a team from Ropes & Gray advising Intermediate Capital Group (ICG) on a £1.3bn joint partnership investment. The investment, alongside HG Saturn Fund, is in IRIS, a business-critical software provider for the UK accountancy, education and business market. Continue reading “Deal watch: Ropes & Gray advises on £1.3bn private equity deal as White & Case and Eversheds score major mandates”

Kirkland and Baker McKenzie chart course for €950m sale of Danish shipping giant

Kirkland and Baker McKenzie chart course for €950m sale of Danish shipping giant

Kirkland & Ellis and Baker McKenzie have secured key roles as Turkish freight shipping operator UN Ro-Ro launched its sale to Danish shipping and logistics company DFDS in a deal worth roughly €950m.

The Kirkland team, spearheaded by London corporate partner David Arnold, advised Actera Group and Esas Holdings, while the Bakers team was led by Charles Whitefoord (London) and Eren Kurşun (Istanbul). Continue reading “Kirkland and Baker McKenzie chart course for €950m sale of Danish shipping giant”

Deal view: Life after Hatchard – does Skadden hunger to take its peerless M&A team to the next level?

Deal view: Life after Hatchard – does Skadden hunger to take its peerless M&A team to the next level?

‘Theirs is the biggest succession issue faced by any firm in the City,’ says one Magic Circle partner of Skadden, Arps, Slate, Meagher & Flom’s prospects, following the retirement of veteran dealmaker Michael Hatchard (pictured right) at the end of last year.

The widely-admired Hatchard did much to make Skadden a US trailblazer in public M&A work in Europe. Though leveraged finance hogs the headlines these days, Hatchard and Skadden were still the competitive forces most cited by top M&A partners at London rivals. Having moved from Theodore Goddard in 1994, Hatchard (who remains a consultant to Skadden) was one of the most successful transfers ever in City law. Continue reading “Deal view: Life after Hatchard – does Skadden hunger to take its peerless M&A team to the next level?”

Deal watch: trio of big-ticket deals highlight frothy market for US and City elite

Deal watch: trio of big-ticket deals highlight frothy market for US and City elite

Barely a City or US firm in London has gone without popping a Champagne cork in recent days as big-ticket deal activity remains frothy, while showing no signs of losing its fizz.

Recent big-ticket deals characterising the market include US tech private equity player Silver Lake’s proposed £2.2bn buyout of ZPG – the parent company of UK property site Zoopla – Cinven’s disposal of its Ufinet Spanish fibre-optic business and the $816m London listing of Avast, the Prague-headquartered cybersecurity heavyweight. Continue reading “Deal watch: trio of big-ticket deals highlight frothy market for US and City elite”

Freshfields names Pritchard new corporate boss as dealmaker Marchant retires after 30 years

M&A partner Julian Pritchard has been named Freshfields Bruckhaus Deringer’s new London deals head following the announcement stalwart dealmaker Simon Marchant (pictured) is retiring in July.

Pritchard will take the title of London head of transactions in replacing the corporate veteran Marchant, who has been at the Magic Circle firm for nearly 30 years. Continue reading “Freshfields names Pritchard new corporate boss as dealmaker Marchant retires after 30 years”

Deal watch: Magic Circle duo lead on Vodafone’s €18.4bn buyout of Liberty Global European Assets

Deal watch: Magic Circle duo lead on Vodafone’s €18.4bn buyout of Liberty Global European Assets

Slaughter and May and Freshfields Bruckhaus Deringer have landed key roles on Vodafone’s €18.4bn buyout of Liberty Global European assets, as Vodafone expands its European services.

The transaction includes the acquisition of US cable giant Liberty’s Unitymedia business in Germany, as well as its UPC brand businesses across Hungary, Romania and the Czech Republic, as Vodafone looks to accelerate consolidation in key markets. Continue reading “Deal watch: Magic Circle duo lead on Vodafone’s €18.4bn buyout of Liberty Global European Assets”

Deal watch: International firms find cure for Takeda’s £46bn pharma takeover as CMS and Pinsents tie up giant wind farm disposal

Deal watch:  International firms find cure for Takeda’s £46bn pharma takeover as CMS and Pinsents tie up giant wind farm disposal

Slaughter and May, Linklaters, Davis Polk and Ashurst are among the firms to have won major mandates on Japanese pharmaceutical giant Takeda’s £46bn takeover of Irish drug-maker Shire, while CMS and Pinsent Masons led on the sale of the UK’s £2bn Neart na Gaoithe offshore wind farm.

Takeda’s recommended offer is the culmination of a drawn out takeover process which has seen Japan’s largest pharma company make multiple bids for London Stock Exchange-listed Shire over recent months. Continue reading “Deal watch: International firms find cure for Takeda’s £46bn pharma takeover as CMS and Pinsents tie up giant wind farm disposal”

MoFo and Wachtell lead on T-Mobile’s $26bn ‘seismic shift’ buyout of Sprint

MoFo and Wachtell lead on T-Mobile’s $26bn ‘seismic shift’ buyout of Sprint

Wachtell, Lipton, Rosen & Katz and Morrison & Foerster have taken the lead on T-Mobile’s takeover of fellow US telecoms operator Sprint, billed as an attempt to make the US a hotbed for innovation.

The proposed $146bn combination sees Washington-headquartered T-Mobile enter into an all-stock deal to merge with Sprint. The transaction gives the Kansas-based target an enterprise value of $59bn and paves the way for the companies’ dual ambition to build the world’s best 5G network. Continue reading “MoFo and Wachtell lead on T-Mobile’s $26bn ‘seismic shift’ buyout of Sprint”