Transactions UK

  • May 24, 2024

    Addleshaw Guides Coventry's £780M Co-op Bank Deal

    Coventry Building Society has formalized plans to buy the Co-operative Bank for £780 million ($990 million), the lenders said in a joint statement Friday, a move they claim will create an institution better equipped to challenge larger high street names.

  • May 23, 2024

    Skadden-Led Hg Buys Risk Platform Co. AuditBoard For $3B

    Cooley LLP-advised AuditBoard Inc. on Thursday announced that it has agreed to be bought by European software and services business investor Hg Capital, guided by Skadden Arps Slate Meagher & Flom LLP, in a deal valued at over $3 billion.

  • May 23, 2024

    NY Top Court Revives FanDuel Investors Suit

    New York's top appeals court on Thursday revived a suit brought by FanDuel investors who claim they were deprived of profits from a merger, disagreeing with a lower court's interpretation of Scottish law.

  • May 23, 2024

    Deals Rumor Mill: NY Yankees, Abu Dhabi Bank, Int'l Paper

    Yankees’ minority stake could hit the market, First Abu Dhabi could pay $8 billion for a stake in an Istanbul-based lender, and Suzano could sweeten its $15 billion bid for International Paper. Here, Law360 breaks down the notable deal rumors from the past week.

  • May 23, 2024

    White & Case Adds Former A&O Tax Pro In Luxembourg

    White & Case LLP announced it has added a tax partner to its Luxembourg office from A&O Shearman who specializes in international and Luxembourg corporate tax law.

  • May 23, 2024

    Billionaire Xavier Niel Mulling Potential $4.1B Millicom Buyout

    French billionaire Xavier Niel's Atlas Investissement confirmed Thursday that it is exploring a potential all cash tender offer for Luxembourgish telecommunications provider Millicom International Cellular SA. 

  • May 23, 2024

    Linklaters Guides National Grid On £7B Rights Issue

    National Grid said on Thursday that it will raise net funds of approximately £7 billion ($9 billion) by issuing shares to investors as the owner and operator of gas and electricity networks looks to finance an infrastructure upgrade.

  • May 23, 2024

    A&O Shearman-Led Great Portland Estates To Raise £350M

    Property developer and investor Great Portland Estates PLC said Thursday it is aiming to raise £350 million ($445.5 million) with a rights issue, as the British property developer and investor eyes exploiting relatively low real estate prices in central London.

  • May 23, 2024

    Linklaters Leads Tate & Lyle To Exit US JV For $350M

    Food producer Tate & Lyle said Thursday that it has agreed to sell its remaining stake in its ingredients business in the Americas to U.S. investment firm KPS Capital Partners for $350 million in a deal guided by Linklaters LLP.

  • May 23, 2024

    Hargreaves Lansdown Snubs £4.7B Bid From CVC, Abu Dhabi

    The board of Hargreaves Lansdown said Thursday that it has rejected a proposed £4.7 billion ($6 billion) takeover offer from a consortium of private equity companies, including CVC and the sovereign wealth fund of Abu Dhabi.

  • May 22, 2024

    Oaktree Assumes Inter Milan Ownership After Missed Payment

    Oaktree Capital Management LP has taken over ownership of FC Internazionale Milano after the soccer club failed to fully repay a three-year loan from Oaktree that matured this month, leaving a balance of €395m ($428.4 million).

  • May 22, 2024

    Tech Biz Marlowe Announces £75M Share Buyback

    Marlowe PLC said Wednesday it plans to reward investors with a share repurchase program of up to £75 million ($95.5 million) and a special dividend, after regulators greenlighted the completion of its £430 million asset sale.

  • May 22, 2024

    UK Gov't Calls Elections For July 4 Despite Poor Polls

    Prime Minister Rishi Sunak on Wednesday called an early general election to be held on July 4, advancing the electoral timetable even though his Conservative Party lags decisively behind the opposition Labour Party.

  • May 22, 2024

    Anglo American Rejects Latest £38.6B BHP Offer

    British miner Anglo American said Wednesday that it has rejected a third, £38.6 billion ($49.1 billion) proposed takeover from BHP Group Ltd., but has extended the offer deadline to allow the Australian rival more time to put in another bid.

  • May 22, 2024

    Digital Assets Investor To Return Up To £34M To Shareholders

    Phoenix Digital Assets PLC launched on Wednesday a share repurchase program worth up to £33.7 million (£43 million), a move guided by Fladgate LLP, following the sale of some of its assets.

  • May 22, 2024

    Vending Machine Group ME Sells Fruit Juicer For €4.6M

    ME Group International PLC said Wednesday it has sold its entire stake in self-service fruit and vegetable juicer specialist Sempa SAS for €4.6 million ($5 million) in cash, allowing the U.K. company to focus on its core automated vending equipment business.

  • May 22, 2024

    Raspberry Pi Confirms June IPO With $40M In New Shares

    Raspberry Pi confirmed on Wednesday that it intends to float on the main market of the London Stock Exchange, including by issuing $40 million in new shares and a parallel stock sale to main investors chipmaker Arm and investment manager Lansdowne.

  • May 22, 2024

    Greenberg-Led SPAC To Buy Safety Biz For $1.85B, Quit LSE

    Admiral said on Wednesday that it has agreed to buy industry safety company Acuren for $1.85 billion, as the blank-check business seeks a slice of the growing and resilient infrastructure inspection sector.

  • May 21, 2024

    Denmark's Sydbank To Acquire Local Coop Bank For $50M

    Danish lender Sydbank said Tuesday that it has agreed to acquire the country's Coop Bank AS from its parent company for a preliminary purchase price of 345 million Danish kroner ($50.2 million), in addition to signing a partnership agreement.

  • May 21, 2024

    Sandwich Maker Greencore Rolls Out £30M Share Buyback

    Greencore Group PLC on Tuesday began an up to £30 million ($38 million) share repurchase program, the first chunk of the food-to-go firm's new buyback scheme aimed at rewarding investors following an uptick in earnings.

  • May 21, 2024

    Power Supplies Maker Rejects US Rival's £571M Approach

    Power supplies maker XP Power on Tuesday rejected the latest approximately £571 million ($726 million) unsolicited approach made by Advanced Energy Industries Inc., confirming that it had received "a series of highly conditional, opportunistic, indicative proposals" from the U.S. company.

  • May 21, 2024

    Ryanair Launches €700M Buyback, Profits Soar 34%

    Ryanair Holdings PLC said on Tuesday that it is rewarding investors with a share buyback program worth up to €700 million ($761 million) as it reported a massive rise in profits.

  • May 21, 2024

    Investor Launches Property JV With USS Pension Scheme

    Real estate investor Assura PLC said on Tuesday it has agreed to a £250 million ($318 million) joint venture with the U.K.'s largest private pension scheme to support investment in National Health Service buildings for community care services.

  • May 21, 2024

    Freshfields Helps Warburg Pincus Buy Insurance Intermediary

    Private equity giant Warburg Pincus and Temasek of Singapore will buy Specialist Risk Group, a London-headquartered company that has brokered more than £1 billion ($1.3 billion) worth of insurance risk, the companies said on Tuesday.

  • May 20, 2024

    Autonomy CEO Reaped $516M From HP Acquisition, Jurors Told

    Ex-Autonomy CEO Michael Lynch took home more than $516 million from the software company's $11.7 billion sale to HP, an FBI agent testified Monday as the government's last witness in a trial over allegations Lynch duped HP into overpaying to buy the company.

Expert Analysis

  • How Gov't Response Addresses Investment Act Concerns

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    The government’s recently published response to a call for evidence on the National Security and Investment Act is largely appropriate to stakeholder concerns raised and demonstrates in its five areas of focus that it is willing to respond to live issues, say lawyers at Watson Farley.

  • Pharma Remains A Key Focus Of EU Antitrust Enforcement

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    The recently published European Commission report on pharmaceutical sector competition law illustrates that effective enforcement of EU rules remains a matter of high priority for EU and national authorities, say lawyers at Dechert.

  • The Dangers Of Providing Misleading Info In A Merger Review

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    Although Kingspan's recent proposed acquisition of Trimo, brought before the European Commission, was abandoned following investigation for an alleged breach of EU Merger Regulation requirements, it has brought to light the importance of submitting accurate and complete information in merger reviews to avoid incurring a substantial fine, say lawyers at Steptoe.

  • Cum-Ex Prosecutions Storm Shows No Sign Of Abating

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    The ongoing trial of Sanjay Shah in Denmark is a clear indicator that efforts remain focused on holding to account the alleged architects and beneficiaries of cum-ex trading, and with these prosecutions making their way across Europe, it is a more turbulent time now than ever, says Niall Hearty at Rahman Ravelli.

  • Spartan Arbitration Tactics Against Well-Funded Opponents

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    Like the ancient Spartans who held off a numerically superior Persian army at the Battle of Thermopylae, trial attorneys and clients faced with arbitration against an opponent with a bigger war chest can take a strategic approach to create a pass to victory, say Kostas Katsiris and Benjamin Argyle at Venable.

  • EU Inquiry Offers First Insight Into Foreign Subsidy Law

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    The European Commission's first in-depth investigation under the Foreign Subsidies Regulation into a public procurement process, and subsequent brief on regulatory trends, sheds light on the commission's approach to such cases, as well as jurisdictional, procedural and substantive issues under the regulation, says Matthew Hall at McGuireWoods.

  • Key Points From EC Economic Security Screening Initiatives

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    Lawyers at Herbert Smith analyze the European Commission's five recently announced initiatives aimed at de-risking the EU's trade and investment links with third countries, including the implementation of mandatory screening mechanisms and extending coverage to investments made by EU companies that are controlled subsidiaries of non-EU investors.

  • Vodafone Decision Highlights Wide Scope Of UK's FDI Rules

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    The U.K. government’s recently imposed conditions required for its approval of Vodafone and Etisalat’s strategic relationship agreement under its National Security and Investment Act jurisdiction, illustrating the significance of the act as an important factor for transactions with a U.K. link, says Matthew Hall at McGuireWoods.

  • What Extension Of French FDI Control Means For Investors

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    The recently published French order on foreign investment control expands the regime's application to more sectors and at a lower threshold of share ownership, illustrating France's determination to maintain sovereignty over its supply chains in sensitive sectors, and adding new considerations for potential investors in these areas, say lawyers at Linklaters.

  • What To Expect For Private Capital Investment Funds In 2024

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    As 2024 gets underway, market sentiment in the private fundraising sphere seems more optimistic, with a greater focus on deal sourcing and operational optimizations, and an increased emphasis on impact and sustainability strategies, say lawyers at Ropes & Gray.

  • Cayman Islands Off AML Risk Lists, Signaling Robust Controls

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    As a world-leading jurisdiction for securitization special purpose entities, the removal of the Cayman Islands from increased anti-money laundering monitoring lists is a significant milestone that will benefit new and existing financial services customers conducting business in the territory, say lawyers at Walkers Global.

  • Acquisition Of AI Tech Poses Challenges For Media Industry

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    The artificial intelligence regulatory landscape is changing quickly, and media and entertainment companies planning to acquire AI technology through a merger, acquisition or licensing deal should be mindful of potential new compliance requirements and AI-specific insurance products, say lawyers at Covington.

  • Due Diligence Pointers After Entain Deferred Prosecution Deal

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    The Crown Prosecution Service's £615 million settlement with Entain last month signifies that the CPS is a serious enforcer of corporate crime, and illustrates the importance of carrying out a tailored risk assessment in preparation for and following an acquisition, say Matthew Cowie and Aziz Rahman at Rahman Ravelli.

  • What Can Be Learned From Adobe-Figma Merger Termination

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    The Competition and Markets Authority’s role in the recent termination of the proposed Adobe-Figma merger deal indicates the regulator's intention to be seen as a strong enforcer in the technology sphere, and serves as a warning for companies to address antitrust risks early on in the merger process, say Deirdre Taylor and Molly Heslop at Gibson Dunn.

  • How FCA Listing Regime Reform Proposals Are Developing

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    The Financial Conduct Authority’s recently proposed U.K. equity listings reforms maintain increased flexibility with a disclosure-based approach, but much of the new regime’s success will depend on the eligibility criteria used and whether additional governance will be required for inclusion, say lawyers at Debevoise.

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