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Transactions UK
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December 02, 2024
PE Firms Swap Calisen Stake At Reported $5B Value
A majority stake in Calisen Group is changing hands in a private equity-backed deal that is said to value the British smart metering company at more than $5 billion, according to disclosures made Monday.
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December 02, 2024
Metals Exploration Biz In Talks To Acquire Condor Gold
Gold producer Metals Exploration PLC said Monday that it is in advanced-stage discussions to acquire financially troubled Condor Gold PLC, which is in the process of selling its gold mining assets in Central America.
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December 02, 2024
Eversheds Aids Canada Life On £250M Pension Deal For Kion
German industrial supplier Kion Group AG has offloaded £250 million ($316 million) of its U.K. pension liabilities to Canada Life, the insurer said Monday, in a deal steered by Pinsent Masons LLP and Eversheds Sutherland.
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December 02, 2024
A&O Shearman-Led EQT To Buy Satellite Assets In €790M Deal
French satellite operator Eutelsat said Monday that it has agreed to spin off its "passive" infrastructure assets into a new company with an enterprise value of €790 million ($829 million) and sell 80% of the new entity to Swedish investment giant EQT.
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December 02, 2024
Broadband Biz To Sell Unit To PE Firm Salter For Up To $33M
U.K. internet provider Bigblu Broadband PLC said Monday it has agreed to sell its SkyMesh subsidiary indirectly to investment manager Salter Brothers, in a cash-and-share deal worth up to $50.2 million Australian dollars ($32.6 million).
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December 02, 2024
Vape Maker Brews Up Typhoo Tea Exit From Administration
Vape manufacturer Supreme PLC said Monday that it has bought Typhoo Tea, the 120-year-old drinks business, out of administration for £10.2 million ($13 million), a move the consumer goods business said will broaden its range of products.
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December 02, 2024
Software Biz K3 To Sell Unit To PE-Backed Co. For £36M
U.K. business software group K3 said Monday that it has agreed to sell subsidiary NexSys to Syspro for £36 million ($46 million) as the private equity-backed company aims to expand in the U.K. and Europe.
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November 29, 2024
US Firm Gathers Support For £351M Bid For Loungers
U.S. investment firm Fortress Investment Group LLC said Friday that its takeover bid of approximately £350.50 million ($447 million) for British hospitality chain Loungers has won support from another shareholder.
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November 29, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen the National Crime Agency file a civil recovery order against a Chinese couple suspected of £29 billion ($37 billion) banking fraud, Norwich City FC of the second tier of English football hit two drinks companies with IP claims, and Owen Jones of the Guardian newspaper sue Telegraph columnist Allison Pearson for libel.
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November 29, 2024
Kirkland-Led Apollo Biz Makes £1B Offer For Auto Parts Maker
TI Fluid Systems said Friday that it has agreed to accept a takeover offer of just over £1 billion ($1.27 billion) from a Canadian rival, ABC Technologies, in a transaction guided by three law firms — Kirkland, Paul Weiss and Latham.
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November 29, 2024
Oz Biopharma Biz Argent To Exit London, Mulls US Listing
Argent Biopharma said on Friday it will become the latest company to leave the London Stock Exchange, as the drugmaker pointed to the financial and administrative costs associated with having a listing in the U.K.
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November 29, 2024
Apollo Accused Of Confidential Info Misuse In Wagamama Bid
Apollo Global Management is facing allegations in a London court that it misused an investment company's confidential information to mount an acquisition in 2023 of The Restaurant Group, the owner of Wagamama Asian food restaurants.
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November 29, 2024
Investment Firm Baker Steel To Sell Stake In Copper Mine
Natural resources investor Baker Steel said Friday that it has joined three other shareholders and agreed to sell 70.8% of their holdings in copper miner Nussir to Blue Moon Metals, a Canadian mineral explorer.
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November 29, 2024
Fund Vehicle Sells $173M Shares In UK Investment Platform
A vehicle controlled by investment firms Centerbridge and Gallatin has said it has sold its final stake in Phoenix Financial Ltd., a financial services and investment firm for consumers in the U.K., raising approximately $173 million.
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November 28, 2024
Jones Day-Led Loungers Backs £351M Fortress Takeover Bid
British hospitality chain Loungers said Thursday that it has agreed to accept a takeover offer of approximately £350.5 million ($444.5 million) from U.S. investment firm Fortress Investment Group LLC, which will remove the company from the London Stock Exchange.
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November 28, 2024
Miner Hummingbird Swaps $30M Loan For Equity, Quits LSE
Troubled gold miner Hummingbird said Thursday that it has agreed to transfer most of its equity to its lender and largest shareholder in exchange for a loan of $30 million, in a deal guided by Gowling WLG and Norton Rose Fulbright.
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November 28, 2024
Vacation Co. Denies Avoiding Wyndham Hotels' TM Royalties
A vacation group has denied that it is avoiding paying hotel chain operator Wyndham at least approximately $6.5 million a year in royalties and administration fees, claiming Wyndham knew that the group had no interest in using its trademarks.
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November 28, 2024
Former Finance Execs Must Pay £45M For Takeover Violations
The financial troubles of three former executives of MWB Group, an investment firm that has collapsed, does not preclude them from owing £44.8 million ($56.8 million) in compensation for violating the U.K. takeover rules by deceiving shareholders, a court ruled on Thursday.
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November 28, 2024
Asset Manager Liontrust Launches £5M Share Buyback
Liontrust Asset Management PLC launched a share buyback program Thursday worth up to £5 million ($6.3 million) aimed at lowering its outstanding share capital.
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November 28, 2024
Coventry's £780M Co-op Bank Deal Wins Regulatory Approval
Coventry Building Society said on Thursday that its £780 million ($990 million) buy-out of the Co-operative Bank will be finalized at the start of January after U.K. finance regulators approved the all-cash transaction.
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November 28, 2024
Slaughter And May-Led Direct Line Rejects £3.3B Aviva Bid
Direct Line has rebuffed rival Aviva's £3.3 billion ($4.2 billion) takeover offer, saying that it considers the "highly opportunistic" approach "substantially undervalued" the U.K. insurance company, which this year returned to profitability.
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November 28, 2024
FCA Reworks Plans To Name Firms Under Investigation
The Financial Conduct Authority issued "significant" revisions to controversial proposals for publicizing investigations of wrongdoing on Thursday, including a move to give businesses more time to make justifications to the watchdog before being named.
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November 27, 2024
Weil-Led Apse Capital Secures €350M For Continuation Fund
British private equity firm Apse Capital Ltd., led by Weil Gotshal & Manges LLP, on Wednesday announced that it closed a €350 million ($370.1 million) continuation fund, which will be used to acquire three portfolio companies from one of the firm's other funds.
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November 27, 2024
Just Eat To Take Away Its Listing From The LSE
Online food delivery service Just Eat said Wednesday that it will exit from the main market of the London Stock Exchange, citing the "complexity" and costs associated with being on the bourse.
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November 27, 2024
Miner Sells Further $529M Of Shares In Platinum Unit
British multinational mining giant Anglo American PLC said Wednesday that it has raised 9.6 billion South African rand ($529 million) by selling approximately an additional 6% of its platinum producing subsidiary as part of a separation process.
Expert Analysis
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What The Future Of AI In Financial Services Looks Like
Artificial intelligence is rapidly transforming the global financial services industry, with a hybrid model likely to evolve where AI handles routine tasks and humans focus on strategy and decision-making, so financial institutions should work with regulators to establish ethical standards and meet regulatory expectations without stifling innovation, say lawyers at Womble Bond.
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What UK Security Act Report Indicates For Future Gov't Policy
Following the recent publication of the National Security and Investment Act report on the scrutiny of proposed investments, it will be interesting to see how the act’s powers fit into a government policy that plans to cut regulatory obstacles, while maintaining a hard line on national security, say lawyers at Katten Muchin.
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What UK Takeover Code's Narrowed Focus Will Mean For Cos.
In narrowing its scope of application, the U.K. Takeover Panel's forthcoming amended code will have practical implications for U.K.-registered companies and ultimately provide greater market clarity and certainty, say lawyers at Davis Polk.
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M&A Takeaways From 1st EU Foreign Subsidies Merger Ruling
The European Commission’s recent decision on the merger between e& and PFF Telecom is the first to approve a transaction subject to commitments under the Foreign Subsidies Regulation, serving as a helpful guide by confirming that behavioral measures ring-fencing EU activities from the potential effect of third-country subsidies are acceptable, say lawyers at Cleary.
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Factors Driving EU Competition Policy For The Next 5 Years
Teresa Ribera Rodríguez’s recent nomination as the new European Union commissioner for competition prompts questions about policy and enforcement, with goals to enhance competition in business, implement stronger and faster enforcement, and promote and fund decarbonization likely in her sights during a five-year term, say lawyers at Linklaters.
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Modernizing UK Trade Settlement Standard: The Road Ahead
Andrew Tsang and Tom Bacon at BCLP consider the rationale and challenges of a potential U.K. trade settlement acceleration, part of an initiative to modernize the financial market infrastructure, and suggest that incorporating distributed ledger technology as a synchronized recording system would facilitate the move.
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What EU Antitrust Guidelines Will Mean For Dominant Cos.
The European Commission’s recent draft antitrust guidelines will steer courts' enforcement powers, increasing the risk for dominant firms engaging in exclusive dealing without any apparent basis to shift the burden of proof to those companies, say lawyers at Latham.
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Draft Merger Control Guidance Allows CMA To Cast Wide Net
The Competition and Markets Authority's recent draft merger control guidance, reflecting the regulator's strengthened powers under the Digital Markets, Competition and Consumer Act, introduces extensive change and potential procedural improvements, specifically concerning reviews of private equity firms, say lawyers at Travers Smith.
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Reflecting On 12 Months Of The EU Foreign Subsidy Regime
New European Commission guidance, addressing procedural questions and finally providing clarity on “distortion” in merger control and public procurement, offers an opportunity to reflect on the year since foreign subsidy notification obligations were introduced, say lawyers at Fried Frank.
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Review Of EU Cross-Border Merger Regs' Impact On Irish Cos.
Looking back on the year since the European Union Mobility Directive was transposed into Irish law, enabling Irish and European Economic Area limited liability companies to participate in cross-border deals, it is clear that restructuring options available to Irish companies with EU operations have significantly expanded, say lawyers at Matheson.
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A Look At UK, EU And US Cartel Enforcement Trends
The European Union, U.K. and U.S. competition agencies' recently issued joint statement on competition risks in generative artificial intelligence demonstrates increased cross-border collaboration on cartel investigations, meaning companies facing investigations in one jurisdiction should anticipate related investigations in other jurisdictions, say lawyers at Latham & Watkins.
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Testing The Limits Of English Courts' Pro-Arbitration Stance
Although the Court of Appeal recently upheld a $64 million arbitration award in Eternity Sky v. Zhang, the judgment offers rare insight into when the English courts’ general inclination to enforce arbitral awards may be outweighed by competing policy interests such as consumer rights, say Declan Gallivan and Peter Morton at K&L Gates.
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EU Merger Control Concerns Remain After ECJ Illumina Ruling
The recent European Court of Justice judgment in Illumina-Grail is a welcome check on the commission's power to review low-threshold transactions, but with uncertainty persisting under existing laws and discretion left to national regulators, many pitfalls in European Union merger control remain, says Matthew Hall at McGuireWoods.
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Examining The EU's New Payments Services Package
Following recent European Parliament elections, the spotlight is turning to the highly anticipated payments services package expected in September, marking a pivotal moment in the legislative process that will reshape the payment services ecosystem in the European Union, says Kristýna Tupá and Karolína Hlavinková at Schoenherr.
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EU Reports Signal Greenwashing Focus For Financial Sector
Reports from the European Supervisory Authorities on enforcement of sustainability information, plus related guidance issued by the European Securities and Markets Authority, represent a fundamental change in how businesses must operate to maintain integrity and public trust, say Amilcare Sada and Matteo Fanton at A&O Shearman.