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Transactions UK
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May 20, 2025
JPMorgan Fell Short In Trader Spoofing Investigation
A former metals trader at JPMorgan Chase & Co. has won his claim that he was unfairly fired on suspicion of fraud because of shortcomings in the bank's disciplinary process — but his compensation will be slim after an employment tribunal ruled it was very likely he would have been dismissed regardless.
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May 20, 2025
London-Listed Investor To Wind Down Amid Strategic Shift
London-listed private equity firm Riverstone Energy Ltd. said Tuesday that it has agreed to gradually end its business by selling all of its investments after discussions with its investment manager RIGL Holdings LP regarding the "strategic direction" of the energy investor.
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May 20, 2025
Ryanair Launches €750M Share Buyback As Revenue Rises
Budget airlines parent company Ryanair Holdings PLC on Tuesday began a program to repurchase up to €750 million ($844 million) worth of shares following an increase in passenger numbers and revenue.
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May 20, 2025
Biotech Biz Poolbeg Pharma Raises £4.7M To Fund Research
Poolbeg Pharma PLC said Tuesday that it has raised approximately £4.7 million ($6.3 million) by selling its shares to fund the research and development of new medicines, up by more than £600,000 on its initial target of £4.1 million.
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May 20, 2025
Engineer Renold Faces Competing Bids Worth Up To £183M
Renold PLC said Tuesday that it is being circled by private equity firms after receiving two separate takeover bids that would pull the British engineering firm from London's junior market.
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May 20, 2025
Vodafone Kicks Off €500M Buyback In €2B Repurchase Plan
Vodafone rolled out a share buyback program of up to €500 million ($562 million) on Tuesday, the first phase of a new €2 billion stock repurchase arrangement to reduce the telecommunications giant's share capital.
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May 20, 2025
Ithaca To Boost Stake In UK Gas Field With £116M Deal
Ithaca Energy said Tuesday that it has agreed to acquire a 46.25% stake in a North Sea gas field from a joint venture between British Gas-owner Centrica and a German company for £116 million ($155 million) as the business looks to expand its portfolio.
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May 20, 2025
AstraZeneca Completes $1B EsoBiotec Purchase
AstraZeneca PLC said Tuesday it has completed its acquisition of EsoBiotec SA, a Belgian biotechnology firm, for up to $1 billion as the pharmaceutical giant seeks to bolster its cancer treatment platform.
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May 19, 2025
Ex-Allen & Overy Chiefs Set Up Shop To Match PE, Law Firms
Two former Allen & Overy LLP senior partners have teamed up to launch a consultancy to advise private equity investors and family offices on investing in law firms in England and Wales and beyond.
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May 19, 2025
Construction Co. Owes £27K To Worker Dismissed In Transfer
An employment tribunal has ordered Altrad Babcock Ltd. to pay £27,446 ($36,772) to an employee over a botched redeployment effort following an instance of "potential sexual harassment."
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May 19, 2025
L&G Buys 75% Of US Property Investor Proprium Capital
Legal & General said Monday that it has acquired a 75% stake in Proprium Capital Partners, a real estate private equity firm, to accelerate its growth and expand its geographic footprint in the European and Asian property sector.
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May 19, 2025
BNP Paribas Launches €1B Share Buyback
BNP Paribas began a share repurchase program worth up to €1.084 billion ($1.2 billion) on Monday, a move expected to lower the French banking giant's outstanding share capital.
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May 19, 2025
Latham-Led Cobalt Buyer Confirms $230M IPO In London
Cobalt Holdings PLC confirmed on Monday that it will make an initial public offering in London backed by two major investors, in what could be the largest listing on the U.K. stock exchange so far this year.
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May 19, 2025
Dutch Investor Launches €4.1B Offer For Just Eat Takeaway
Dutch investment group Prosus said Monday that it has launched a formal offer to acquire Just Eat Takeaway.com in a €4.1 billion ($4.6 billion) take-private deal to "build a Europe-based food delivery champion" after they reached a conditional agreement in February.
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May 19, 2025
Gaming Biz XLMedia Proposes Cancelation Of AIM Admission
XLMedia PLC proposed canceling its admission to trade its shares on London's Alternative Investment Market on Monday after selling its assets and returning cash to investors before liquidation.
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May 19, 2025
KKR, Stonepeak Take Swipe At PHP's Rival Bid For Assura
U.S. private equity firms KKR and Stonepeak urged shareholders in property manager Assura on Monday to back their £1.6 billion ($2.1 billion) takeover offer, saying that a rival £1.7 billion bid could be financially risky and harmful.
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May 19, 2025
Fintech Firm IForex Plans London IPO To Fund Expansion
IForex Financial Trading Holdings Ltd. confirmed on Monday that it will launch an initial public offering on the London Stock Exchange to help fund its expansion into new and existing markets.
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May 16, 2025
PHP Ups Takeover Offer For Assura To £1.7B
Real estate investment manager Primary Health Properties PLC on Friday announced an increased proposal to acquire property manager Assura in a cash and stock deal valued at approximately £1.7 billion ($2.25 billion).
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May 16, 2025
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen Linklaters and EY face negligence claims from a fintech investment firm, property developer Sir John Ritblat bring legal action against a Guernsey-registered company, and fresh equal pay litigation filed against Morrisons and Safeways. Here, Law360 looks at these and other new claims in the U.K.
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May 16, 2025
BCLP-Led KKR Funds Student Asset Near Warwick University
Private equity giant KKR said Friday that it has agreed to fund the development of a purpose-built student accommodation near the University of Warwick in middle England in a deal guided by Bryan Cave Leighton Paisner LLP, Gunnercooke LLP and Shoosmiths LLP.
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May 16, 2025
UK Biotech Biz Issues Shares To Fund £5M Canadian Buy
Biotech company Solvonis said Friday that it has issued more than 1.5 billion of its shares to raise part of the approximately £5 million ($6.6 million) needed for the acquisition of Canadian rival Awakn Life Sciences Corp.
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May 16, 2025
Shell Affiliate Sells Trinidad Assets To Touchstone For $28M
An affiliate of oil giant Shell has offloaded its assets in Trinidad in a $28.4 million deal with Touchstone Exploration Inc., the Canadian energy business said Friday, to add at least four active natural gas wells to expand its portfolio on the island.
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May 16, 2025
EU 'Champions' Ambitions Could Cause Antitrust Friction
Plans by the European Commission to amend merger guidance to help create "European champions" that could compete with technology and industrial heavyweights in the U.S. and China might cause tension among member state authorities hoping to protect antitrust ideals.
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May 16, 2025
Investor Pulls De La Rue Bid Amid Competing Offer
Two investors, Pension SuperFund and Disruptive Capital, have pulled their bid of approximately £260 million for De La Rue after the banknotes maker backed a rival £263 million offer from U.S. investment firm Atlas Holdings LLC.
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May 16, 2025
US Auto Parts Maker Eyes London Listing After £1.2B UK Deal
American Axle said Friday that it is planning a secondary listing in the U.K. after it takes over automotive group Dowlais, which trades in London, in a £1.16 billion ($1.5 billion) deal, appeasing shareholders across the Atlantic.
Expert Analysis
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Tools For Effective Asset Tracking In Offshore Jurisdictions
In light of a technology company's recent allegations that its former CEO maintained an undisclosed interest in offshore companies, practitioners may want to refresh their knowledge of the tool kit available for tracing and recovering allegedly misappropriated assets from both onshore and offshore jurisdictions, say lawyers at Walkers Global.
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FCA Update Eases Private Stock Market Disclosure Rules
The Financial Conduct Authority’s recently updated proposals for the Private Intermittent Securities and Capital Exchange System would result in less onerous disclosure obligations for businesses, reflecting ongoing efforts to balance an attractive trading venue for private companies while maintaining sufficient investor protections, say lawyers at Debevoise.
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FCA Bulletin Highlights Risks Of Leaking Inside M&A Info
The Financial Conduct Authority’s recent bulletin on the consequences of leaking sensitive information during transactions, warning that such disclosure may result in market abuse allegations, demonstrates the regulator’s determination to root out and penalize insider dealing, say lawyers at Cadwalader.
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How CMA Is Responding To UK Gov't Pro-Growth Agenda
With the U.K. government’s recent call for the Competition and Markets Authority and other regulators to better support economic growth, the competition policy landscape is shifting materially toward an emphasis on a more proportionate and targeted approach to merger enforcement, say lawyers at Macfarlanes.
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What Latest VC Model Document Revisions Offer UK Investors
Recent updates to the British Private Equity and Venture Capital Association model documents, reflecting prevailing U.K. market practice on early-stage equity financing terms and increasing focus on compliance issues, provide needed protection for investors in relation to the growth in global foreign direct investment regimes, say lawyers at Davis Polk.
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What Cos. Must Note From FCA Bulletin On Leaking M&A Info
The Financial Conduct Authority’s recent bulletin on strategic leaks in merger and acquisition transactions, as the second such publication in four months, acts as a warning for issuers and their advisers to tighten up their current policies for handling inside information, say lawyers at Herbert Smith.
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Key Takeaways From The 2025 Spring Antitrust Meeting
Leadership changes, shifting priorities and evolving enforcement tools dominated the conversation at the recent American Bar Association Spring Antitrust Meeting, as panelists explored competition policy under a second Trump administration, agency discretion under the 2023 merger guidelines and new frontiers in conduct enforcement, say attorneys at Freshfields.
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What To Know About FCA's UK Listing Rules Proposal
A recent consultation paper from the Financial Conduct Authority aims to streamline the securities-listing process for U.K.-regulated markets, including by allowing issuers to submit a single application for all securities of the same class, and aligning the disclosure standards for low-denomination and wholesale bonds, say lawyers at Debevoise.
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Issues To Watch At ABA's Antitrust Spring Meeting
Attorneys at Freshfields consider the future of antitrust law and competition enforcement amid agency leadership changes and other emerging developments likely to dominate discussion at the American Bar Association's Antitrust Spring Meeting this week.
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What To Note In EU Tech Transfer Agreements Consultation
Robert Klotz at Steptoe explains the European Commission’s main contemplated amendments to a regulation that exempts certain technology transfer agreements from European Union restrictions, the current political context around the ongoing reform, and as its potential consequences for businesses.
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UK Refusal Of US Extradition Request May Set New Standard
The recent U.K. Supreme Court ruling in El-Khouri v. U.S., denying a U.S. extradition request, overturns a long-held precedent and narrows how U.K. courts must decide such requests, potentially signaling a broader reevaluation of U.K. extradition law, say lawyers at Dechert and Kingsley Napley.
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Key Findings From EU Report On Antitrust Remedies
Although the European Commission’s recent report assessing the effectiveness of its antitrust policy on behavioral remedies is not binding, it may influence future cases and promote coherence, providing useful insights for national competition authorities and courts when considering remedies in their own jurisdictions, say lawyers at Paul Weiss.
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New UK Order Offers Welcome Clarity To Crypto Staking Rules
The recently effective Financial Services and Markets Act 2000 Amendment Order clarifies that arrangements for qualifying crypto-asset staking do not amount to a collective investment scheme, and by addressing an issue that curtailed staking activities in the U.K., facilitates the use of that practice, says Andrew Henderson at Goodwin.
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How EU Competition Policy Will Affect State Aid Rules
The European Commission’s recent competitiveness compass policy indicates its ambitions for the European Union to become an economic powerhouse, leveraging a new coordination tool that would affect state aid rules and boost public support for green energy investments, say lawyers at Linklaters.
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Banker Remuneration Proposals Could Affect More Than Pay
The Financial Conduct Authority and Prudential Regulation Authority’s pending proposals to reduce banker remuneration restrictions bring obvious personal financial advantages for bankers, but may have repercussions that result in increased scrutiny of bonus payments and wider changes to workplace culture and overall accountability, say lawyers at Fox Williams.