Deal watch: Linklaters lands roles on Debenhams administration and Carlyle oil deal

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Deal watch: Linklaters lands roles on Debenhams administration and Carlyle oil deal

Linklaters has secured a role in the pre-pack administration of Debenhams, in which the struggling department store has been taken over by its lenders.

Meanwhile, Hogan Lovells and Shoosmiths have acted on M Restaurants’ merger with Gaucho, which was brought out of administration in a rescue deal last September, as multiple firms landed roles in The Carlyle Group’s agreement to buy a minority stake in a Madrid-based oil and gas company in a multibillion-dollar deal. Continue reading “Deal watch: Linklaters lands roles on Debenhams administration and Carlyle oil deal”

US firms deployed on $43bn Worldpay takeover as Freshfields scores lead on major bank merger

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US firms deployed on $43bn Worldpay takeover as Freshfields scores lead on major bank merger

Skadden, Arps, Slate, Meagher & Flom is advising payment processor Worldpay on a proposed $43bn takeover offer by financial technology company FIS, while Freshfields Bruckhaus Deringer has been drafted in to act for Deutsche Bank on merger talks with rival Commerzbank.

The deal, announced yesterday (18 March), will see Worldpay shareholders receive $11 in cash for each of their shares. The merger gives Worldpay an enterprise value of around $43bn, including its debt, which Florida-based FIS expects to refinance. Continue reading “US firms deployed on $43bn Worldpay takeover as Freshfields scores lead on major bank merger”

Dealwatch: Freshfields joins Slaughters in fight for UK plastics plc as Apax returns to Links Paris team

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Dealwatch: Freshfields joins Slaughters in fight for UK plastics plc as Apax returns to Links Paris team

It has been a busy few days for the Magic Circle, as US company Berry Global trumped an offer by Apollo to secure UK plastics group RPC for £3.34bn while Apax sold its business schools to Cinven for €800m.

Corporate head Andy Ryde and partner Paul Mudie have been leading the Slaughter and May team advising the London-listed company as its board approved last Friday (8 March) the offer from the American packaging group. Continue reading “Dealwatch: Freshfields joins Slaughters in fight for UK plastics plc as Apax returns to Links Paris team”

Deal watch: Big cheeses land £975m Dairy Crest deal as Slaughters acts on £1.3bn Provident hostile takeover

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Deal watch: Big cheeses land £975m Dairy Crest deal as Slaughters acts on £1.3bn Provident hostile takeover

The UK buyout market had an uncharacteristically frenetic week with City M&A counsel taking the lead on a £1.3bn unsolicited bid for doorstep lender Provident Financial and the £975m recommended offer for UK cheese and spreads stalwart Dairy Crest Group on the same day.

The hostile bid for sub-prime lender Provident was launched at 7am this morning (22 February) by Non-Standard Finance (NSF), with Slaughter and May corporate head Andy Ryde and fellow partner Paul Mudie leading the charge. Continue reading “Deal watch: Big cheeses land £975m Dairy Crest deal as Slaughters acts on £1.3bn Provident hostile takeover”

Deal watch: Latham joins Freshfields and A&O on €5.7bn European buyout as Eversheds acts on €590m UK takeover

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Deal watch: Latham joins Freshfields and A&O on €5.7bn European buyout as Eversheds acts on €590m UK takeover

Continental Europe provided rich pickings to the global legal elite this week, as Blackstone and Hellman & Friedman agreed to one of the largest ever takeovers of a German listed company by a private equity group.

It was a busy week for the UK market too, as Eversheds Sutherland joined Allen & Overy (A&O) on the €590m takeover of a British chemical business by a New York-listed company. Continue reading “Deal watch: Latham joins Freshfields and A&O on €5.7bn European buyout as Eversheds acts on €590m UK takeover”

Deal watch: Healthy pickings for Travers and DLA on Unilever’s £150m graze buyout as firms navigate Interserve rescue saga

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Deal watch: Healthy pickings for Travers and DLA on Unilever’s £150m graze buyout as firms navigate Interserve rescue saga

Travers Smith and DLA Piper have sated their appetites on The Carlyle Group’s £150m disposal of graze while a raft of advisers sat tight as a further twist in the Interserve saga unfolded.

Unilever last Tuesday (5 February) sealed the deal to acquire ubiquitous healthy snack brand graze, having fended of competition from rival bidders Pepsi and Kellogg in an auction launched in the latter part of last year by Harris Williams. Continue reading “Deal watch: Healthy pickings for Travers and DLA on Unilever’s £150m graze buyout as firms navigate Interserve rescue saga”

Deal watch: City and US firms defy tough M&A market with deal duo as Gateley takes the cake on Patisserie Valerie collapse

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Deal watch: City and US firms defy tough M&A market with deal duo as Gateley takes the cake on Patisserie Valerie collapse

Slaughter and May, Sullivan & Cromwell, CMS Cameron McKenna Nabarro Olswang and Ashurst have defied a challenging market to take key roles on a pair of UK mergers as listed Gateley leads on the collapse of Patisserie Valerie.

Last week saw the £3.3bn takeover of UK listed plastics manufacturer RPC Group by funds managed by Apollo Management IX, as well as Primary Health Properties’ £393m acquisition of MedicX Fund Limited in an otherwise sedate UK M&A market. Continue reading “Deal watch: City and US firms defy tough M&A market with deal duo as Gateley takes the cake on Patisserie Valerie collapse”

Deal watch: Busy year-end as Japanese group buys Swiss power grid and Malaysian funds invest in Battersea

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City deal teams are having a busy run-up to Christmas, with Baker McKenzie, Freshfields Bruckhaus Deringer, Addleshaw Goddard and Linklaters leading on two multibillion-dollar deals.

Bakers’ London private equity head David Allen and corporate partner Jannan Crozier led a team advising Hitachi as the Japanese conglomerate acquired 80.1% of Swiss giant ABB’s power grid division for around $6.4bn. Continue reading “Deal watch: Busy year-end as Japanese group buys Swiss power grid and Malaysian funds invest in Battersea”

Deal watch: Slaughters leads on Wonga collapse and joins Skadden, Ashurst and CC on £3.9bn Costa deal

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Deal watch: Slaughters leads on Wonga collapse and joins Skadden, Ashurst and CC on £3.9bn Costa deal

Slaughter and May has landed key roles on the high-profile collapse of payday lender Wonga and Coca-Cola’s £3.9bn acquisition of national coffee house Costa, joined by Skadden, Arps, Slate, Meagher & Flom, Clifford Chance (CC) and Ashurst.

The demise of Wonga, the UK’s largest payday lender, was confirmed yesterday (30 August) amidst a flood of compensation claims as the government cranks up the pressure on companies offering high-cost, short-term loans. Continue reading “Deal watch: Slaughters leads on Wonga collapse and joins Skadden, Ashurst and CC on £3.9bn Costa deal”

Deal watch: Weil and Slaughters lead on Bain’s £1.2bn esure bid as CC and RPC land House of Fraser roles

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Deal watch: Weil and Slaughters lead on Bain’s £1.2bn esure bid as CC and RPC land House of Fraser roles

Weil Gotshal & Manges and Slaughter and May have scooped key mandates on Bain Capital’s proposed £1.2bn takeover of UK insurer esure as RPC and Clifford Chance (CC) wade into the House of Fraser saga.

Weil is advising Bain on the proposed take-private, which will see the private equity player acquire, via its Blue (BC) Bidco Limited subsidiary, all shares in the motor and home insurer for 280 pence per share. The Weil team is led by private equity partner Marco Compagnoni and senior consultant Ian Hamilton. Continue reading “Deal watch: Weil and Slaughters lead on Bain’s £1.2bn esure bid as CC and RPC land House of Fraser roles”