Roaring back – Corporate activity has soared in Ireland

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Earlier this year, Ireland’s prime minister (An Taoiseach) Enda Kenny made an appeal to emigrants who had departed the country in the aftermath of the economic crash to return home. Speaking at the launch of an official government policy paper, ‘Global Irish: Ireland’s Diaspora Policy’, the appeal was aimed at encouraging educated Irish people to return, as the government ramps up efforts to entice international investment and capitalise on the fragile Irish economic recovery.

Identifying around 200,000 people, Kenny said: ‘Emigration has a devastating impact on our economy as we lose the input of people, of talent and energy. We need these people at home. And we will welcome them. I believe that, after seven years of emigration, 2016 will be the year when the number of our people coming home will be greater than the numbers who leave.’

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Booming pharma sector delivers work to US firms’ City offices

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M&A work in the pharmaceutical industry continued apace last month, with White & Case’s London office winning its first mandate from CVC Capital Partners, as the private equity firm led a club of investors in buying a controlling stake in Simpson Thacher & Bartlett-client Alvogen.

Although White & Case has a historic relationship with CVC stateside, the deal for the $2bn pharma company is the first to be led out of London for the European private equity fund, which has previously turned to a raft of firms for its corporate work, including Clifford Chance and Cleary Gottlieb Steen & Hamilton. Private equity heavyweight Ian Bagshaw in London, alongside Oliver Brahmst from New York, led the firm’s team, which included New York partner Brian Smarsh and London partners Justin Wagstaff and Marcus Booth.

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Deal watch: Corporate activity in June 2015

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US CITY TEAMS TAKE LEAD ROLES ON GHG’S £1.5BN DEBT RESTRUCTURING

General Healthcare Group (GHG)’s £1.5bn debt restructuring, involving two commercial mortgage-backed securitisations (CMBSs), saw Paul Hastings’ London office win a role advising Capita Asset Services, which acted on behalf of the senior lenders. Milbank, Tweed, Hadley & McCloy represented the junior lenders, while Weil, Gotshal & Manges acted for Barclays, which had roles both in the CMBSs and as counter-party to an interest rate swap. Sidley Austin and Clifford Chance acted for other swap counter-parties, while Simmons & Simmons acted for GHG.

 

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Dealwatch: Linklaters and CC act on New Look sale as South African billionaire Wiese continues UK high street buy-up

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Less than 30 days after advising on the £1.3bn purchase of Virgin Active by South African billionaire Christo Wiese’s private equity vehicle Brait, Linklaters‘ rising star Alex Woodward has led on Brait’s £780m deal for a 90% stake in clothing retailer New Look.

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Clifford Chance German practice suffers further partner exits

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Magic Circle firm Clifford Chance (CC) has seen multiple partner exits from its German operations in recent weeks with longstanding capital markets partner Markus Pfüller and trademark head Thorsten Vormann becoming the latest, leaving for SZA Schilling, Zutt & Anschütz and K&L Gates respectively.

Reasons suggested for the exodus, which has already seen at least nine lawyers leave including eight partners, point towards a long-term cultural and strategic divide between CC and the German firm it merged with in 2000, Pünder, Volhard, Weber & Axster. One partner at the firm says: ‘The majority of partners came from the 2000 merger with Pünder. There was a difference in culture and since the merger, things improved day-to-day but not on the general standing of what kind of clients we want to advise and where they come from. That has never been solved or overcome.’

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Heavyweight US trio advises on €15.6bn Alcatel takeover

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Three US law firms – Skadden, Arps, Slate, Meagher & Flom, Latham & Watkins and Sullivan & Cromwell – leveraged long-term relationships with key corporate clients last month, seeing them land lead roles on Nokia’s bid to take over Alcatel-Lucent.

Skadden is advising longstanding client Nokia on the tie-up that values its French rival at €15.6bn and will create a technology giant worth more than €40bn. The team is led by London-based global transactions co-head Scott Simpson; Paris-based Armand Grumberg, who heads the firm’s European M&A practice; and London corporate partner Michal Berkner.

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