Dealwatch: US firms enjoy marquee run of deals with Kirkland and Goodwin leading the way

Dealwatch: US firms enjoy marquee run of deals with Kirkland and Goodwin leading the way
  • Kirkland & Ellis advised investment adviser and repeat customer GLP Investment Services on the $18.7bn sale of its US logistics business to The Blackstone Group. The Chicago-bred juggernaut fielded corporate partners Michael Steele in London and Michael Brueck in New York. Simpson Thacher & Bartlett advised longstanding client Blackstone out of New York with real estate partner Davis Coen leading the team.
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  • Eversheds Sutherland advised Legal & General (L&G) on its £4.6bn buy-in to buy-out with the Rolls-Royce UK Pension Fund, with corporate partner Hugo Laing and pensions specialist Mark Latimour leading the team. The deal is billed as the UK’s largest-ever annuity transfer and saw CMS advise L&G with partner Thomas Lockley at the helm, while Linklaters acted for the trustees with global head of pensions Claire Petheram and derivatives partner Mark Brown advising. Continue reading “Dealwatch: US firms enjoy marquee run of deals with Kirkland and Goodwin leading the way”

Dealwatch: Global 100 firms share spoils on flurry of private equity and public M&A mandates

Dealwatch: Global 100 firms share spoils on flurry of private equity and public M&A mandates
  • Slaughter and May is acting on the £1.3bn unsolicited bid for doorstep lender Provident Financial. Corporate head Andy Ryde (pictured) is joined by Paul Mudie in advising the bid from Non-Standard Finance. Provident, meanwhile, has enlisted Clifford Chance corporate partners Lee Coney and Mark Poulton.
  • Eversheds Sutherland fielded a team led by partner Aleen Gulvanessian on Dairy Crest’s £975m sale to Canadian dairy company Saputo. Freshfields Bruckhaus Deringer acted for the buyer, with energy and natural resources head Laurie McFadden and corporate partner Stephen Hewes at the helm. Ashurst advised Lazard as buy-side financial adviser.

Continue reading “Dealwatch: Global 100 firms share spoils on flurry of private equity and public M&A mandates”

Dealwatch: Pre-Christmas run of real estate and power deals for US and City players

Dealwatch: Pre-Christmas run of real estate and power deals for US and City players
  • Herbert Smith Freehills (HSF) is advising entertainment and communications company ARRIS on its proposed $7.4bn acquisition by CommScope Holding Company. The HSF team is led by corporate partners Gavin Davies, Alex Kay and Caroline Rae. Pinsent Masons is acting for CommScope on the acquisition with corporate partners Rob Hutchings and Roberta Markovina leading. Alston & Bird also advised CommScope while fellow US outfit Troutman Sanders acted alongside HSF for ARRIS.

Continue reading “Dealwatch: Pre-Christmas run of real estate and power deals for US and City players”

Deal watch: Bakers and Slaughters drink in £3.1bn Horlicks acquisition as AJ Bell IPO yields dividends for Pinsents and Addleshaws

Deal watch: Bakers and Slaughters drink in £3.1bn Horlicks acquisition as AJ Bell IPO yields dividends for Pinsents and Addleshaws

As the market hunkers down for the festive season, GlaxoSmithKline’s (GSK) £3.1bn sale to Unilever of Horlicks has warmed the cockles of City teams from Baker McKenzie and Slaughter and May, while Pinsent Masons and Addleshaw Goddard have won key mandates on what is likely the year’s last big London listing.

The GSK deal sees it sell its malted drink brand Horlicks and other consumer healthcare nutrition brands to Unilever and includes the merger of listed GSK Consumer Healthcare India with Hindustan Unilever. GSK will also sell its 82% stake in GlaxoSmithKline Bangladesh in the deal, which is slated to complete by the end of next year. Continue reading “Deal watch: Bakers and Slaughters drink in £3.1bn Horlicks acquisition as AJ Bell IPO yields dividends for Pinsents and Addleshaws”

Deal watch: Slaughters and Kirkland drill into giant $12bn offshore plc merger as Travers and Eversheds maximise L&G’s pensions buy-out

Deal watch: Slaughters and Kirkland drill into giant $12bn offshore plc merger as Travers and Eversheds maximise L&G’s pensions buy-out

Slaughter and May and Kirkland & Ellis have led on the $12bn combination of UK Plc offshore drilling companies Ensco and Rowan Companies as Travers Smith and Eversheds Sutherland wrap up Legal & General’s £2.4bn buyout of Nortel Networks UK Pension Plan.

The drilling merger – an all-stock deal and a court-sanctioned scheme of arrangements – will see the shareholders of Ensco and Rowan own 60.5% and 39.5% respectively of the combined business. Continue reading “Deal watch: Slaughters and Kirkland drill into giant $12bn offshore plc merger as Travers and Eversheds maximise L&G’s pensions buy-out”

Deal round-up: Travers advises Shazam on Apple buyout as Freshfields and Norton Rose strike gold on $18bn mining merger

Deal round-up: Travers advises Shazam on Apple buyout as Freshfields and Norton Rose strike gold on $18bn mining merger

In the latest flurry of deals, Travers Smith has represented popular mobile app Shazam on its buyout by tech giant Apple, while a raft of international firms have benefitted from recent transactional activity.

Shazam, which was founded in 2002, is a song recognition app which can identify what music is playing via a phone’s inbuilt microphone. The deal for Shazam, reportedly worth $400m, will see Apple offer the app on an ad-free basis for all users. Continue reading “Deal round-up: Travers advises Shazam on Apple buyout as Freshfields and Norton Rose strike gold on $18bn mining merger”

Deal watch: Rich pickings for Links as insurance and education sectors mark busy autumn for City elite

Deal watch: Rich pickings for Links as insurance and education sectors mark busy autumn for City elite

It has been a busy few weeks for Linklaters’ transactional team as the firm scooped spots on two multibillion pound deals, in the insurance and education sectors respectively.

Corporate partners James Inglis and Nick Rumsby joined Magic Circle rivals Clifford Chance (CC) and Slaughter and May as US insurance broker Marsh & McLennan agreed to acquire the entirety of UK listed rival Jardine Lloyd Thompson (JLT) for £4.9bn. Continue reading “Deal watch: Rich pickings for Links as insurance and education sectors mark busy autumn for City elite”

Deal watch: City high-flyers land jumbo £4.4bn BA pension deal as Blackstone’s buying spree continues

Deal watch: City high-flyers land jumbo £4.4bn BA pension deal as Blackstone’s buying spree continues

City heavyweights Allen & Overy (A&O), Clifford Chance (CC) and Eversheds Sutherland have landed key roles on Legal & General’s £4.4bn buy-in of the British Airways pension scheme as advisers cash in on a brace of Blackstone deals.

UK insurer Legal & General is taking on £4.4bn of historic pension liabilities relating to the Airways Pension Scheme (APS) in a bulk annuity designed to reduce risk in the scheme. Continue reading “Deal watch: City high-flyers land jumbo £4.4bn BA pension deal as Blackstone’s buying spree continues”

Deal watch: Magic Circle scoops £300m Funding Circle IPO as Linklaters advises on £2bn wind farm financing

Deal watch: Magic Circle scoops £300m Funding Circle IPO as Linklaters advises on £2bn wind farm financing

Freshfields Bruckhaus Deringer and Linklaters have scored lead mandates on the proposed initial public offering (IPO) of small business lender Funding Circle, while Linklaters advised on the £2bn financing of the Triton Knoll wind farm.

London-based start-up Funding Circle, which provides a loan platform for SMEs in the UK, US, Germany and the Netherlands, announced today (3 September) its intention to issue at least 25% of its share capital to raise around £300m. Continue reading “Deal watch: Magic Circle scoops £300m Funding Circle IPO as Linklaters advises on £2bn wind farm financing”

Magic Circle duo goes full throttle on Aston Martin’s landmark London listing

Magic Circle duo goes full throttle on Aston Martin’s landmark London listing

City heavyweights Slaughter and May and Freshfields Bruckhaus Deringer have taken the driving seat on the proposed initial public offering (IPO) of Aston Martin, a float reportedly valuing the luxury car maker at £5bn.

Slaughters won the mandate advising Aston Martin with a corporate team led by Nilufer von Bismarck and including Roland Turnill and Filippo de Falco. The firm is working alongside Aston Martin’s general counsel (GC) Michael Marecki, while Simpson Thacher & Bartlett is advising on US law, led by London-based partner Gil Strauss. Continue reading “Magic Circle duo goes full throttle on Aston Martin’s landmark London listing”