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Transactions UK
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July 02, 2024
Gambling Biz Settles €273M Buyout Dispute With Financier
Gambling hall operator MaxBet has settled a host of international legal disputes with Luxembourg-based financial holdings company Maximus stemming from a deal for Maximus to purchase various MaxBet-owned businesses that went south, lawyers for MaxBet told Law360 on Tuesday.
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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 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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Exploring The EU's Draft Standards On Crypto Authorization
The European Securities and Markets Authority’s recently published draft standards aim to promote fair competition and a safer environment for crypto providers and investors, detailing precisely the information to be provided to national authorities in charge of screening the acquisitions of a qualifying holding, says Mathieu de Korvin at Norton Rose.
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What The New Digital Markets Bill Will Mean For Companies
The recently passed Digital Markets, Competition and Consumer Bill will bring significant reform to U.K. merger control and antitrust rules for all businesses, but the introduction of a strategic market status regime and its reporting obligations means large tech organizations in particular need to think carefully about the forthcoming changes, say lawyers at Linklaters.
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Insurance Ruling Stresses High Hurdle To Fix Policy Wording
In Project Angel v. Axis, the Court of Appeal recently refused to rewrite the exclusion clause of an insurance policy, reminding parties in the warranty and indemnity market to carefully word clauses, as there is a high threshold before courts will intervene to amend policies, say Joseph Moore and Laura McCann at Travers Smith.
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CMA Reports Signal Tighter Scrutiny Of AI Model Markets
The Competition and Markets Authority’s recent reports on artificial intelligence foundation models suggest that competition in AI is not working as it should, so large digital firms can expect the regulator to use its full toolbox as it continues to monitor and investigate the sector, say lawyers at Cooley.
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How Gov't Response Addresses Investment Act Concerns
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.
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Pharma Remains A Key Focus Of EU Antitrust Enforcement
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.
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The Dangers Of Providing Misleading Info In A Merger Review
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.
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Cum-Ex Prosecutions Storm Shows No Sign Of Abating
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.
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Spartan Arbitration Tactics Against Well-Funded Opponents
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.
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EU Inquiry Offers First Insight Into Foreign Subsidy Law
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.
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Key Points From EC Economic Security Screening Initiatives
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.
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Vodafone Decision Highlights Wide Scope Of UK's FDI Rules
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.
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What Extension Of French FDI Control Means For Investors
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.
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What To Expect For Private Capital Investment Funds In 2024
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.
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Cayman Islands Off AML Risk Lists, Signaling Robust Controls
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.