The biggest European transaction of recent weeks came when Vodafone announced the sale of its Spanish business to TMT investor Zegona Communications for €5bn.
Slaughter and May advised Vodafone with a London-based team led by corporate partners Victoria MacDuff and James Cook and including IP and IT partner Duncan Blaikie, finance partner Charlie McGarel-Groves, tax partner Mike Lane, employment partner Philippa O’Malley, and competition partner Claire Jeffs, who splits her time between London and Brussels. Continue reading “Dealwatch: €5bn Vodafone deal shows ‘the debt is there, if you can find the right transaction’”
In the first half of June, the UK economy suffered another blow. Global soda ash producer, WeSoda, made the decision to pull out of its $7.5bn London IPO, citing a lack of investor demand, leading to criticism of UK investors for being unduly conservative and tight-fisted with their cash.
However, there is a glimmer of hope on the horizon in the public M&A arena, in the form of some recent promising, high-value transactions. Continue reading “Dealwatch: ‘Heading back in the right direction’ – positive mood continues for public M&A as UK elite line up on big-ticket deals”
Early 2023 has been a rough time for deals. In our 2023 Deals Yearbook, for instance, citing Dealogic, we noted a decline in both the volume and value of deals. Q1 2023 saw just 601 deals totaling $19.6bn in the UK, while globally there were 9,400 deals worth a little under $591bn. This marks the lowest UK Q1 since 2009, and the lowest global Q1 since 2012.
Recent weeks, though, have seen an uptick in multibillion-dollar activity. And, while it is certainly too early to declare that we are out of the woods, the mood among corporate lawyers has lifted: more ‘cautious optimism’ than ‘doom and gloom’. Continue reading “‘Carveouts are here to stay’: green energy deals dominate as major players see signs of a bounceback”
Amid a continued dearth of big-ticket deals, Sika’s €5.3bn acquisition of Master Builder Construction Chemicals (MBCC) Group has been the standout in recent weeks, landing lead mandates for Baker McKenzie and Weil.
The deal saw Swiss construction chemicals group Sika acquire MBCC from private equity firm Lone Star Funds, which acquired it in 2019 after BASF disposed of that part of its business. Continue reading “Dealwatch: Bakers and Weil cement €5.3bn MBCC deal as advisers see renewed energy in M&A”
US powerhouses and City stalwarts alike have been up against it in the last week, departing from the traditional August lull to push through substantive deals in the health and facilities management sectors.
Clayton, Dubilier & Rice (CD&R), the private equity house that bought supermarket giant Morrisons last year, has announced it plans to acquire Atalian Servest and OCS Group. Continue reading “Dealwatch: US firms line up major private equity buyouts as Magic Circle firms operate on Mediclinic acquisition”
Big deals in agriculture, social care and fintech have stood out in the market in recent days, with leading US and UK-headquartered firms scoring lead mandates.
The irrigation sector saw consolidation with the merger of Temasek-owned Rivulis and publicly-listed Jain Irrigation in a cash and stock transaction. The combined entity will be a global force in the irrigation space with $750m in revenues and coverage across 35 countries. Continue reading “Dealwatch: Latham and Bakers handle agriculture merger as Weil and Kirkland land fintech financing”
High-profile deals in the insurance, real estate and software sectors have been keeping advisers busy this week, as leading US and UK firms advised on high-profile mandates.
The trend of increasingly ambitious private credit deals broke new ground in recent days, as a host of City firms advised on the refinancing of The Access Group. The transaction, speculated to value in the region of £3.2bn, is the largest European private debt financing in history as well as the region’s largest ever unitranche facility. Continue reading “Dealwatch: Elite firms act on major private credit deal as playmakers pounce on TigerRisk acquisition”
A trio of City firms acted on the sale out of insolvency of McColl’s to supermarket chain Morrisons, in a week that also saw significant mandates in the renewable energy and software sectors.
The transaction, which was structured as a pre-pack sale following the initiation of administration proceedings by McColl’s board on 6 May, ensured all employees would avoid redundancy, while also protecting all pension schemes. Continue reading “Dealwatch: Ashurst and Travers double up on McColl’s and Ideagen acquisitions as Freshfields energises offshore wind deal”