Dealwatch: Tech going gangbusters as elite firms line up $40bn SoftBank buyout and Klarna equity raise

Dealwatch: Tech going gangbusters as elite firms line up $40bn SoftBank buyout and Klarna equity raise

Standing out as one of the biggest mandates for external advisers in recent weeks, NVIDIA’s $40bn acquisition of Arm Limited from SoftBank kept transatlantic teams from Latham & Watkins and Morrison & Foerster on their toes in the artificial intelligence arena.

The deal sees California-based tech multinational NVIDIA acquire the Cambridge-headquartered AI company Arm from SoftBank Group and SoftBank Vision Fund in a cash and stock transaction. SoftBank will own a stake in NVIDIA of less than 10%.  Continue reading “Dealwatch: Tech going gangbusters as elite firms line up $40bn SoftBank buyout and Klarna equity raise”

Dealwatch: Software sector proves bullish against Covid turmoil as elite firms line up on big-ticket buyouts

Dealwatch: Software sector proves bullish against Covid turmoil as elite firms line up on big-ticket buyouts

Dealmakers have been Zoom-toasting a raft of strategic buyouts this week, with the software sector proving one of the most resilient amid the coronavirus crisis, demonstrated by Aveva’s $5bn acquisition of OSIsoft and Hg’s investment in Visma.

London-listed industrial software giant Aveva Group’s $5bn buyout of California-headquartered data software company OSIsoft stood firm as an example of sector resilience, fielding teams from Ashurst, Debevoise & Plimpton,  Latham & Watkins, Slaughter and May and Fenwick & West on this transformational deal. Continue reading “Dealwatch: Software sector proves bullish against Covid turmoil as elite firms line up on big-ticket buyouts”

Deal view: Linklaters rues loss of corporate golden generation but in Covid era inherent strengths remain

Deal view: Linklaters rues loss of corporate golden generation but in Covid era inherent strengths remain

Thomas Alan finds resilience at the heart of Linklaters, but without meaningful change the firm risks breathing life into unfavourable clichés.

‘It could and should have been a golden generation,’ laments one former Linklaters corporate partner, now at a US firm. ‘But that generation has been decimated.’ Continue reading “Deal view: Linklaters rues loss of corporate golden generation but in Covid era inherent strengths remain”

Dealwatch: US firms take lead in quartet of Covid-driven transactions as bounceback continues

Dealwatch: US firms take lead in quartet of Covid-driven transactions as bounceback continues

Another prolific week in the deal world has seen US advisers dominate on an eclectic mix of transactions driven largely – and for different reasons – by the ongoing coronavirus crisis.

Advent’s €1bn investment in the UK and German businesses of delivery company Hermes, Bayer’s acquisition of KaNDy Therapeutics, the restructuring of cash forex provider Travelex and Stormlight’s investment in Swansea City FC have all assuaged fears of a market slowdown. Continue reading “Dealwatch: US firms take lead in quartet of Covid-driven transactions as bounceback continues”

Dealwatch: Sign of the times as elite firms tap into $6.8bn IP deal, beleaguered restaurants buyout and oligarch asset disposal

Dealwatch: Sign of the times as elite firms tap into $6.8bn IP deal, beleaguered restaurants buyout and oligarch asset disposal

Difficult as it may be to imagine an upside amid a pandemic, clients have proved surprisingly resourceful in the face of adversity, handing corporate advisers on both sides of the pond opportune mandates in the past week.

CPA Global’s investment in New York-listed analytics business Clarivate was particularly notable, not least because of the $6.8bn enterprise value it gave the company.  Continue reading “Dealwatch: Sign of the times as elite firms tap into $6.8bn IP deal, beleaguered restaurants buyout and oligarch asset disposal”

Dealwatch: ‘glass half-full’ as Global 100 leaders line up on Centrica and eBay disposals

Dealwatch: ‘glass half-full’ as Global 100 leaders line up on Centrica and eBay disposals

Dealmakers could almost be forgiven for asking ‘what crisis?’ lately as a raft of recent major deals, including Centrica’s $3.6bn sale of its US energy business and Adevinta’s $9.2bn acquisition of eBay’s classifieds business, have kept Global 100 lawyers on their toes during lockdown. 

These major transactions, along with a raft of private equity deals involving Silver Lake, have kept international playmakers inundated during what, by rights, should have been a less than optimistic period.  Continue reading “Dealwatch: ‘glass half-full’ as Global 100 leaders line up on Centrica and eBay disposals”

Sponsors, pharma and tech fire up deal activity despite a subdued year for marquee M&A in Europe

Sponsors, pharma and tech fire up deal activity despite a subdued year for marquee M&A in Europe

A dearth of megadeals in 2019 did little to dampen the spirits of dealmakers with buyout teams capitalising on the ongoing private equity boom while wider pharma and tech deals drove bid activity.

On the face of it, headline figures from Mergermarket speak of a subdued year, with global M&A activity declining 6.9% from 2018 to $3.33trn. The picture in Europe was considerably more gloomy, with the continent seeing a 21.9% dive in total deal value to $770.5bn. Continue reading “Sponsors, pharma and tech fire up deal activity despite a subdued year for marquee M&A in Europe”

Goodwin and Eversheds make bold corporate plays amid hopes of increasing City transactional firepower

Goodwin and Eversheds make bold corporate plays amid hopes of increasing City transactional firepower

Goodwin Procter and Eversheds Sutherland both made significant corporate hires in November, with the pair recruiting Kirkland & Ellis partner Carl Bradshaw and Simmons & Simmons former head of UK corporate Giles Dennison respectively.

For Goodwin, the hire of Bradshaw comes during an expansive period for the firm, particularly in private equity. He brings nine years of experience from Kirkland – four of which were as partner – and a practice that focuses on cross-border private equity deals; leveraged buyouts; carve-outs; public-to-privates; consortium deals; and co-investments. Continue reading “Goodwin and Eversheds make bold corporate plays amid hopes of increasing City transactional firepower”

Deal View: Freshfields silences critics with four-piece Cleary team but can it keep up the pressure on Wall St?

Deal View: Freshfields silences critics with four-piece Cleary team but can it keep up the pressure on Wall St?

‘Supercharging it’ and ‘pretty wild’ are not superlatives usually cropping up on your average conference call with Freshfields Bruckhaus Deringer. If the conversation with Ethan Klingsberg (pictured), the Wall Street M&A star that led a four-partner team exit from Cleary Gottlieb Steen & Hamilton, was not very Freshfields, Edward Braham’s unrestrained enthusiasm for the hires when the news broke in October was similarly striking for the unfailingly understated senior partner. Reinforcing how much Freshfields had riding on this, Braham was in New York personally supervising the move upon announcement.

Even critics of Freshfields’ slow-and-steady US strategy are applauding the Cleary haul – the prominent M&A veteran Klingsberg, Meredith Kotler, Pamela Marcogliese and Paul Tiger – as the kind of daring statement that has been previously missing. ‘I admire them for having a go,’ admits one ex-partner, now at a US firm, expressing the consensus view. Continue reading “Deal View: Freshfields silences critics with four-piece Cleary team but can it keep up the pressure on Wall St?”

Deal View: A&O’s corporate practice has matured nicely but will O’Melveny fallout take its toll?

Deal View: A&O’s corporate practice has matured nicely but will O’Melveny fallout take its toll?

Habitually viewed as the poor relation to its unparalleled banking and finance practice, Allen & Overy (A&O)’s corporate team has stepped up in recent years, the culmination of a decades-spanning campaign to forge a top-tier name in M&A.

Richard Browne, co-head of corporate, stresses the level of growth the 161-partner practice has seen, having increased its fee income by 50% in the last decade. ‘In the dark ages when I started, A&O’s corporate practice was not the best. It was a banking and finance firm. That is no longer the case at all. Corporate has become the same size as the banking business. It is incredibly profitable, with top-tier work and clients.’ Continue reading “Deal View: A&O’s corporate practice has matured nicely but will O’Melveny fallout take its toll?”