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Transactions UK
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July 02, 2024
£8.5M Property Deal Said To Defraud Creditors In Debt Row
A British Virgin Islands-registered company has asked a London court to declare that the transfer of an estimated £8.5 million ($10.8 million) property by one of its debtors was done to intentionally hinder the company's chances to reclaim the money it is allegedly owed.
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July 09, 2024
Lawrence Stephens Hires 2 Directors From Rosling King
Ann Ebberson and Alex Edwards have joined Lawrence Stephens Ltd. from Rosling King LLP as directors on the real estate finance and banking teams.
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July 02, 2024
FCA Approves PE Firm's £432M Bid For Wealth Manager
Wealth management firm Mattioli Woods said Monday that the U.K.'s financial regulator has given a green light to its approximately £432 million ($546 million) acquisition by London private equity firm Pollen Street Capital.
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July 02, 2024
Video Game Publisher Devolver Raises £8M Through Placing
Devolver Digital Inc. said Tuesday it has successfully raised about £7.9 million ($10 million) by issuing shares to investors, funds the video game publisher said will help bolster its balance sheet.
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July 02, 2024
Liechtenstein Bank To Buy Austria's Kantonalbank
Liechtensteinische Landesbank AG, a Liechtenstein-based lender known as LLB, said Tuesday that it agreed to buy Austrian bank Zürcher Kantonalbank Österreich AG in an all-cash deal. The purchase price was not disclosed.
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July 02, 2024
Just Group Lands £260M Aviation Co. Pension Deal
Insurer Just Group on Tuesday announced it has taken on £260 million ($328.7 million) worth of pension liabilities from a retirement savings plan sponsored by aviation company John Menzies Ltd., in a deal guided by Brodies LLP and Gowling WLG.
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July 02, 2024
REIT Impact Healthcare Sells 5 Care Homes For £8.8M
U.K. care home investor Impact Healthcare REIT PLC said on Tuesday that it has agreed to sell five of its properties in England and Wales in two separate deals worth a total of £8.8 million ($11.1 million).
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July 01, 2024
Xavier Niel's Atlas Follows Through With $4.1B Millicom Bid
French billionaire Xavier Niel's Atlas Investissement on Monday made an official bid to buy out Luxembourgish telecommunications provider Millicom's shareholders through a tender offer at a value of approximately $4.1 billion.
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July 01, 2024
Tikehau Capital To Nab Over €200M Of Commercial Properties
French retail firm Groupe Casino said Monday that it has agreed to sell 30 of its real estate properties to investment company Tikehau Capital for at least €200 million ($215 million) to use the proceeds to reduce its debt.
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July 01, 2024
PE Co. Altor Buys Majority Stake In Tech Biz F24 For £18.4M
U.K. investment company HgCapital Trust PLC said Monday that Altor, a private equity firm, has bought most of its stake in F24, in a deal that values the cloud computing company at £18.4 million ($23.3 million).
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July 01, 2024
Energy Explorer Quits Trading In London Amid Refinancing
San Leon Energy PLC said Monday it has now ceased trading on the junior stock exchange in London because it has continually failed to publish its accounts, amid moves by the oil and gas company to seek refinancing to settle debts.
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July 01, 2024
Payment Services Business Begins £20M Share Buyback
PayPoint PLC on Monday commenced its up to £20 million ($25 million) share repurchase program, part of the payment services company's three-year scheme aimed at returning capital to investors.
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July 01, 2024
Skadden-Led BlackRock To Buy Data Group Preqin For £2.6B
Investment firm BlackRock said Monday that it has agreed to acquire private markets data provider Preqin for £2.55 billion ($3.2 billion) to boost its investment management in a deal guided by Skadden Arps Slate Meagher & Flom LLP and Macfarlanes LLP.
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July 01, 2024
Osborne Clarke Guides Aviva's School Pension Deal
Insurance giant Aviva has completed a full scheme buy-in for a pension plan sponsored by Taunton School, consultancy Broadstone said Monday, in a deal guided by Osborne Clarke LLP.
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July 01, 2024
Sullivan & Cromwell Pilots Boeing $4.7B Spirit Aero Takeover
Boeing said Monday it has agreed to acquire aircraft parts maker Spirit AeroSystems in a $4.7 billion all-share deal under which rival Airbus will also take control of the European-linked operations of Spirit in return for $559 million in compensation.
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June 28, 2024
EU Wraps Antitrust Probe Of Microsoft's OpenAI Stake
The European antitrust authorities have ended their probe into tech giant Microsoft's control of authority in artificial intelligence-powered chatbot ChatGPT's owner OpenAI, but are switching the angle of the investigation in the partnership that could lead to a formal competition probe.
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June 28, 2024
Taxation With Representation: Kirkland, Vinson, Skadden
In this week's Taxation with Representation, Aareal Bank AG and Advent International sell a property management and maintenance software company, Webtoon Entertainment Inc. and Tamboran Resources Corp. price initial public offerings, SM Energy Company acquires oil and gas assets, and Nokia sells Alcatel Submarine Networks to the French state.
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June 28, 2024
Skadden Guides Nokia On $2.3B Infinera Buy, Stock Pops
Skadden is representing Nokia on a deal to buy Silicon Valley optical-transmission equipment maker Infinera at a $2.3 billion enterprise value, as the Finnish telecommunications giant looks to upsize its North American optical markets business.
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June 28, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen Uber hit with claims from Addison Lee and the former CEO of the Kabbee app, animal by-product company Leo Group file a defamation claim against a local anti-odor campaigner, and a self-styled lord who claims to be the illegitimate son of the late Prince Phillip resume legal action against his cousins for a share in his late aunt's estate. Here, Law360 looks at these and other new claims in the U.K.
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June 28, 2024
Addleshaw Goddard Guides Acquisitions Biz In £41.5M Deal
Marwyn Acquisition Company II Ltd. on Friday said it's subsidiary MAC II UK Ltd. has agreed to buy pensions services provider InvestAcc Group Ltd., for £41.5 million ($53 million), which would be mainly financed by a fundraising program, advised by Addleshaw Goddard LLP.
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June 28, 2024
Bar Operator, Green Investment Biz To Delist From LSE
A premium bars owner and an investment company that focuses on green investments said Friday in separate statements that they are canceling their listings on the London Stock Exchange after concluding that the listings were not in their best interests anymore.
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June 28, 2024
US Door Maker Sweetens £788M Bid For UK Rival To £818M
Window and door parts maker Quanex said Friday that it has revised its approximately £788 million ($971 million) bid for rival Tyman PLC to nearly £818 million by topping it up with a special dividend of 15 pence per share.
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June 28, 2024
Freshfields-Led PE Firm To Buy Property Ad Co. In €2.9B Deal
Global private equity firm Cinven Ltd. said Friday that it has agreed to buy Idealista, in a deal valuing the Spanish real estate advertising platform at €2.9 billion ($3.1 billion).
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June 28, 2024
Onepoint Seeks To Exit Atos After Failed Restructure Talks
Onepoint is looking to exit its 11.4% holding in French IT consultancy Atos after the anchor investor pulled out of plans to help restructure the company's €4.8 billion ($5.1 billion) debt burden.
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June 28, 2024
Keywords 'Minded To Recommend' PE Biz's Lower £1.96B Bid
The board of Keywords Studios PLC said Friday it is willing to back a reduced £1.96 billion ($2.5 billion) proposed offer from EQT AB after the Swedish private equity firm reviewed the books of the Irish video game services company.
Expert Analysis
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Growing EU Scrutiny Increases Hurdles For Foreign Investors
The application of the EU Foreign Subsidies Regulation from July will bring further oversight to many large deals, and together with bolt-on strategies, foreign investment regulation and antitrust enforcement, financial sponsors will need to start planning for compliance to avoid potential delays, say Anna Mitchell and Neil Hoolihan at Linklaters.
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How The New UK Digital Markets Bill Will Affect CMA's Powers
The highly anticipated U.K. Digital Markets, Competition and Consumers Bill sets out far-reaching changes in terms of merger control and conduct requirements, but some are skeptical of the Competition and Markets Authority’s enhanced powers and potential for divergence in treatment between firms, say Ben Chivers, Stephen Whitfield and Nigel Seay at Travers Smith.
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M&A Considerations For European Cos. Acquiring US Entities
As investment banks forecast a resurgence of mergers and acquisitions later this year, European companies seeking to acquire U.S. businesses should be aware of key procedural differences and federal regulatory requirements that will affect the process, timing and terms of the transaction, say attorneys at Mintz.
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A Review Of The EU FDI Screening Regulation And Its Scope
The EU advocate general’s recent broad interpretation of the EU Foreign Direct Investment Screening Regulation takes account of some of the geopolitical challenges faced by the bloc, and may foreshadow a revision of the regulation and widen the scope of investments screened, say Vassilis Akritidis and Jean-Baptiste Blancardi at Crowell & Moring.
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Key Takeaways From EU Proposal For Greenwashing Rules
If the proposal for a Green Claims Directive, with its enhanced rules on claims about a product or trader's environmental impact, is adopted, it will affect all businesses selling their products in the EU and bring major changes to the way those products are packaged and advertised, say attorneys at Shearman.
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UK Investment Screening Inches Closer To US Regime
The recent agreement between the U.K. Cabinet Office and House of Commons concerning parliamentary scrutiny of the Investment Security Unit represents a step toward greater transparency of intervention in investments that may raise national security concerns, and underscores increasing alignment with the U.S. regime, say attorneys at Hogan Lovells.
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UK Ruling Offers Useful Guidance To Insolvency Practitioners
The recent U.K. High Court ruling in a matter involving Sova Capital represents the first unsecured credit bid to be approved by an English court, demonstrating a pragmatic approach to complex sanctions-related administrations and identifying a novel solution for insolvency practitioners to maximize value for the benefit of creditors, say attorneys at Katten.
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Opinion
Thomas Report Is Final Straw — High Court Needs Ethics Code
As a recent report on Justice Clarence Thomas' ongoing conflicts of interest makes evident, Supreme Court justices should be subject to an enforceable and binding code of ethics — like all other federal judges — to maintain the credibility of the institution, says Erica Salmon Byrne at Ethisphere.
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Ofwat's New Guidance For Water Projects: Key Takeaways
While increased competition is a laudable aim, the U.K. Water Services Regulation Authority's introduction of direct procurement for customers by default for projects above a size threshold could have ramifications for the financial stability of the companies delivering major water infrastructure, say Jennifer Charles and Marianne Anton at Watson Farley.
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Court Ruling Strengthens EU Stance On Non-Notifiable M&A
The recent European Union Court of Justice's decision in Towercast can be seen as part of a pattern of increasingly rigorous scrutiny of M&A, and provides scope for greater intervention by national competition authorities on acquisitions by dominant companies that do not meet the EU or national merger control thresholds for notification, say attorneys at Herbert Smith.
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How Changes To 'Acting In Concert' Will Affect UK Takeovers
The recent changes made to the rules by the U.K. Takeover Panel on who is presumed to be acting in concert will be of most interest to parties proposing to make a bid for a U.K. listed company, and give welcome clarity as to how the U.K. takeover regime operates, say attorneys at Herbert Smith.
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Key Points In Draft EU Foreign Subsidies Regulation
The draft implementing regulation on EU foreign subsidy control provides eagerly awaited guidance on the submission of mandatory notifications, but there are still many open questions, say Paul van den Berg and Merit Olthoff at Freshfields.
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ClientEarth Claim May Expand Scope Of Directors' Duties
In using litigation to hold Shell’s board of directors to account for failing to properly prepare for the net-zero transition, ClientEarth’s actions represent a shift in climate change activism strategy and an unprecedented application of directors’ duties as a mechanism to drive change, say Marlene Henderson and Danielle De Val at Browne Jacobson.
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Volatile Energy Prices Complicate Int'l Arbitration Damages
In the turbulent global energy market, international arbitration is a crucial tool for resolving cross-border disputes — but determining how, if at all, to account for recent energy price spikes when quantifying damages presents many challenges for tribunals, say attorneys at White & Case.
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A Breakdown Of The SRA's Proposed New Fining Powers
Thanks to the Solicitors Regulation Authority's pending new fining framework, which includes guidance on unsuitable fines and a fixed penalties scheme for low-level breaches, firms can expect to see more disciplinary findings leading to an SRA fine rather than referral to the Solicitors Disciplinary Tribunal, say Graham Reid and Shanice Holder at RPC.