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Transactions UK
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June 14, 2024
France Offers $750M For Atos' Cyber, Data Assets
Information technology firm Atos SE said Friday that it has received a nonbinding offer from the French government to buy certain big data and cybersecurity operations at an enterprise value of €700 million ($750 million).
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June 14, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen toy company Jellycat hit supermarket Aldi with an intellectual property claim, AIG start proceedings against firefighting foam company Angus International Safety Group, and the Solicitors Regulation Authority file a legal claim against the Post Office amid the ongoing Horizon IT scandal. Here, Law360 looks at these and other new claims in the U.K.
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June 14, 2024
New Entrant Expected In Pension Transfer Market, LCP Says
Lane Clark & Peacock LLP said that another new insurer will enter the pension transfer market by the end of the year, bringing the total number of companies securing the liabilities of retirement savings plans to a record high.
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June 14, 2024
Labour Eyes Flexible Financial Regulation To Spur Growth
The Labour Party prioritized financial services growth this week as it eyes Downing Street, suggesting a new era of more flexible regulation to drive technological innovation and competitiveness, regulatory lawyers say.
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June 14, 2024
UK Opens Probe Into Barratt's £2.5B Redrow Acquisition
Britain's antitrust regulator has launched a formal probe into whether Barratt Developments PLC's £2.5 billion ($3.1 billion) all-share deal for rival homebuilder Redrow PLC could harm competition in U.K. markets, according to a statement published Friday on the London Stock Exchange.
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June 14, 2024
Malaysian Oil Biz Hibiscus Buys TotalEnergies Unit For $259M
Kuala Lumpur-based oil and gas producer Hibiscus Petroleum Berhad said it has agreed to buy a Brunei subsidiary of France's TotalEnergie for $259 million, advised by Malaysian law firm Murad Yee Partnership.
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June 14, 2024
EQT Extends £2B Offer Deadline For Video Gaming Biz
Keywords Studios said Friday that Swiss private equity firm EQT has been granted extra time to make a £2 billion ($2.5 billion) offer after the Irish gaming services group indicated that it could back the deal.
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June 14, 2024
Housebuilder Crest Nicholson Rejects £650M Bellway Bid
British homebuilder Crest Nicholson said Friday that it has rejected a proposed £650 million ($826 million) offer from rival Bellway, saying that it significantly undervalued the company and its prospects.
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June 13, 2024
JP Morgan Had No Incentive To Devalue Fintech Joint Venture
J.P. Morgan had no reason to devalue a payment company it co-owned with fintech business Werealize, a London judge ruled Thursday, in a decision that ended the companies' dispute over the investment bank's option to buy out its partner's stake in their joint venture.
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June 13, 2024
Deals Rumor Mill: Paramount, Cineworld, Kraken IPO
Media executive Edgar Bronfman Jr. has expressed interest in buying the company that controls Paramount Global, British cinema giant Cineworld may sell certain U.K. operations, and cryptocurrency exchange Kraken is considering a funding round of about $100 million before a potential initial public offering. Here, Law360 breaks down these and other notable deal rumors from the past week.
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June 13, 2024
How 3 Firms Cleared 2 Ex-Autonomy Execs In HP Fraud Case
A California federal jury's rejection last week of fraud charges against the founder and former finance vice president of British software company Autonomy validated an approach by the defendants' three law firms — Steptoe, Clifford Chance and Bird Marella — to form a "seamless" collaboration throughout the trial, from jury selection to closing arguments.
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June 13, 2024
Robin AI Launches Tool To Automate M&A Due Diligence
U.K. legal tech company Robin AI said Thursday that it has launched a new tool designed to streamline due diligence in mergers and acquisitions, in a move that will save time by offering a cost-effective alternative to the multimillion-pound fees charged by top firms.
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June 13, 2024
Property Investor Palace To Return Up To £22M To Investors
Palace Capital PLC on Thursday detailed a share repurchase program worth up to £21.67 million ($27.7 million), aimed at returning capital to shareholders.
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June 13, 2024
Davis Polk-Guided Care Home Co. Eyes €237M Capital Raise
Clariane SE on Thursday launched a rights issue of new shares in the company worth €237 million ($255.8 million), as the troubled French nursing home provider looks to continue cutting its debt levels in the face of higher interest rates.
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June 13, 2024
Eversheds-Led Mining Co. To Buy Trident Royalties For £144M
Deterra said on Thursday that a unit has agreed to buy U.K.-based mining royalty company Trident Royalties PLC for roughly £144 million ($184 million), as the Australian iron ore mining company seeks to diversify its portfolio and geographical presence.
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June 13, 2024
Payment Services Firm Launches £20M Share Buyback
PayPoint PLC said Thursday it will start an up to £20 million ($25.6 million) share repurchase program, part of a planned three-year buyback scheme aimed at rewarding shareholders.
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June 13, 2024
Troubled Insurer Considers Liquidation To Finish Onex Sale
Struggling insurance company R&Q said on Thursday that it could fall into liquidation to allow it to complete the sale of its underwriting unit to a Canadian private equity shop, Onex Corp.
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June 12, 2024
Rimon Hires 5 Partners, Expands Global Transactions Team
A team of five partners focusing on transactional, finance and corporate matters has joined Rimon PC across several countries to represent investors, asset managers, credit funds and other clients.
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June 12, 2024
Ex-Serco Chair Says Contract Fraud 'Came Out Of The Blue'
Serco's former chair said at a London trial Wednesday that the scandal of its overbilling for government contracts left a "cloud" hanging over the outsourcing multinational, as the company clashes with investors seeking to recover their losses from the resulting plunge of its stock price.
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June 19, 2024
King & Spalding Hires 5 Finance Pros From Cadwalader In UK
King & Spalding LLP has boosted its partnership ranks in London with the hire of five finance lawyers from rival U.S. law firm Cadwalader Wickersham & Taft LLP.
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June 12, 2024
Gowling, Eversheds Steer £125M Med. Nonprofit Pension Deal
Pension insurance company Rothesay said it has completed a £125 million ($160 million) full scheme buy-in with a plan sponsored by The nonprofit Medical Protection Society Ltd., in a deal steered by Gowling WLG and Eversheds Sutherland.
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June 12, 2024
Argentina Loses Appeal Over €1.3B Payment In Bonds Dispute
Argentina cannot avoid paying out €1.3 billion ($1.4 billion) to bondholders for wrongly adjusting the way it calculates yields for government securities as a London appeals court rejected on Wednesday its construction of a contractual dispute.
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June 12, 2024
Sweden's Karnov Buys Danish Legal Info Biz For $46M
Swedish professional services provider Karnov Group AB said Wednesday it has agreed to acquire the Danish legal information unit of J.H. Schultz Information A/S for 478 million Swedish krona ($46 million) to help build its generative AI business.
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June 12, 2024
Insurer L&G Plans £200M Share Buyback To Boost Returns
Legal & General Group PLC on Wednesday said it will launch a £200 million ($255 million) share repurchase program as it unveiled plans to boost returns for investors and focus on core areas of its business.
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June 12, 2024
Makeup Biz To Buy Norwegian Logistics Co. For Up To $23M
Aqua Bio said Wednesday it has agreed to buy Jetcarrier AS, a logistics and customs clearance specialist, for up to 241 million Norwegian kroner ($22.6 million), as the skincare ingredient supplier looks to bolster its supply chain management.
Expert Analysis
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Changes To UK Competition Rules Will Extend CMA Powers
Recent amendments to U.K. competition and consumer law regimes introduce changes to merger control and antitrust investigations that will result in the speedier resolution of cases and greater autonomy for the Competition and Markets Authority, say Bill Batchelor and Aurora Luoma at Skadden.