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Transactions UK
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April 30, 2024
Morrisons, MFG Close £2.5B Petrol Station Deal
Morrisons said Tuesday it has closed the sale of its 337 petrol station forecourts and 400 electric vehicle charging points to an independent forecourt operator in a £2.5 billion ($3.18 billion) transaction advised by five law firms including Pinsent Masons LLP.
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April 30, 2024
Garrigues-Led BBVA Eyes Deal For Rival Spanish Bank
Spanish banking giant BBVA confirmed Tuesday it is eyeing a merger with Banco de Sabadell SA for an undisclosed amount.
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April 30, 2024
Backing For Concord's $1.5B Hipgnosis Bid Falls
Support for music rights company Concord Chorus' $1.5 billion bid for rival Hipgnosis Songs Fund Ltd. dropped among the latter's shareholders on Tuesday, after private equity giant Blackstone swooped in with an improved $1.6 billion offer.
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April 30, 2024
UAE-Backed Firm Walks Away From Telegraph Deal, Eyes Sale
RedBird IMI said Tuesday that it will ditch its takeover of Telegraph Media Group and sell the business as the Abu Dhabi-backed private equity firm added that its plans are "no longer feasible," citing a push to ban foreign ownership of British media groups.
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April 30, 2024
HSBC To Return Another $3B To Shareholders After Strong Q1
British banking giant HSBC said Tuesday that it plans to initiate a buyback program of up to $3 billion to reward its shareholders after having a profitable first quarter, following the $2 billion buyback it completed earlier in the year.
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April 30, 2024
UK Pension Deal Market Sees Surge In Smaller Transactions
The number of pension deals worth less than £100 million ($125 million) rose 10% in 2023, according to data released on Tuesday by Aon PLC, as doubts grow over the need for a state-backed consolidator of retirement savings plans.
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April 30, 2024
Medical Device Biz Hologic To Buy UK Rival For $310M
Hologic Inc. has agreed to buy Endomagnetics Ltd., a developer of breast cancer surgery technology, for approximately $310 million, as the U.S. medical company moves to expand its presence in the women's health sector.
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April 30, 2024
Satellites Biz SES To Buy Rival Intelsat For $3.1B
SES SA said Tuesday that it will buy rival operator Intelsat SA for $3.1 billion to create a European satellite giant to compete with Elon Musk and Jeff Bezos.
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April 29, 2024
'I Don't Want To Try That Case,' Judge Tells Mike Lynch's Atty
The California federal judge overseeing Autonomy founder Michael Lynch's fraud trial over claims he duped HP into paying an inflated $11.7 billion for his company pushed back Monday against an attempt by Lynch's lawyer to introduce evidence of events that took place after the acquisition, saying, "I don't want to try that case."
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April 29, 2024
Conglomerate Aspo To Pay $43M For Swedish Chemical Biz
Aspo PLC said on Monday a subsidiary has agreed to buy Swed Handling AB, a chemical distributor based in Sweden, for approximately 473 million Swedish kronor ($43.3 million or £34.5 million) up front, as the Finnish conglomerate seeks to expand its presence across the Nordic region.
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April 29, 2024
Bruin Capital Buys Turf Management Co. PlayGreen
Sports-focused private equity shop Bruin Capital, advised by Simpson Thacher & Bartlett LLP, announced on Monday that it is acquiring a majority stake in PlayGreen BV Inc., the Netherlands-based holding company that owns turf management company Stadium Grow Lighting.
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April 29, 2024
Tech Platform Libertine Weighs Putting Itself Up For Sale
Libertine Holdings PLC said Monday it is reviewing various ways it can maximize value for investors, including by putting itself up for sale or through conducting an equity fundraising.
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April 29, 2024
L'Occitane Chair Bids $6.4B To Take Cosmetics Brand Private
L'Occitane International SA said Monday that its billionaire executive director and chair is leading an offer to purchase all the company's shares he does not already own, in a take-private transaction that would value the company at about €6 billion ($6.4 billion) on an equity basis.
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April 29, 2024
Norton Rose-Led Aviation Biz To Delist From LSE
British business aviation services Gama Aviation said Monday that it intends to return up to £32.6 million ($41 million) to its shareholders and go private by winding up its listing from the London Stock Exchange, with guidance from Norton Rose Fulbright.
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April 29, 2024
Health Tech Biz Rejects $131M Potential Takeover Bid
Healthcare technology business Carasent ASA said Monday its directors won't back a potential proposed takeover bid from software firm EG Norge AS worth an estimated 144 billion Norwegian kroner ($131 million), as the business could be valued at more than that.
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April 29, 2024
Norway Brand Expert Jordanes To Raise $136M In Oslo Float
Scandinavian brand developer Jordanes AS said Monday that it is planning to list on the Oslo Stock Exchange, and hopes to raise 1.5 billion Norwegian kroner ($140 million) from an initial public offering of its shares.
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April 29, 2024
Hipgnosis Backs Blackstone's New $1.6B Offer In Bidding War
Blackstone said on Monday that the directors of music rights company Hipgnosis Songs will back a new $1.6 billion offer by the private equity giant after they said they would withdraw their backing for an earlier $1.5 billion bid from a U.S. competitor, Concord Chorus.
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April 29, 2024
Simmons-Led REIT Buys Carrefour Stores For €75M
Supermarket Income REIT PLC said on Monday that it has bought a portfolio of Carrefour supermarkets for €75.3 million ($80.6 million) in a sale and leaseback transaction, as the property investor eyes entry into the French real estate market.
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April 26, 2024
L Catterton Buys Majority Stake In KIKO Milano At $1.5B Value
Private equity firm L Catterton said Friday it has agreed to buy a majority stake in the Percassi family's beauty brand KIKO Milano, in a deal steered by Italian law firms Bonelli Erede Lombardi Pappalardo and Gatti Pavesi Bianchi Ludovici, respectively, along with several additional consultants and financial advisers.
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April 29, 2024
Lawyer's Death Puts Spotlight On Industry's All-Hours Culture
Law firms are churning out mental health policies and well-being initiatives, but an inquest into the death of Vanessa Ford, a transactions partner at Pinsent Masons LLP, has shone an uncomfortable light on the sector's long-hours culture.
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April 26, 2024
Freshfields Guides PE Giant CVC Capital's Upsized $2.1B IPO
European private equity giant CVC Capital Partners PLC rose in debut trading Friday after the firm priced an upsized €2 billion ($2.1 billion) initial public offering, marking the latest high-profile listing in Europe, represented by Freshfields Bruckhaus Deringer LLP.
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April 26, 2024
Austrian Property Biz Buys Czech Assets For €176M
Austrian real estate company S Immo has agreed to acquire a commercial property portfolio in the Czech Republic for a net consideration of approximately €176 million ($188 million) from a unit of European property company CPI Property Group SA.
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April 26, 2024
BoE To Include Funded Re In Life Insurance Stress Test
The Bank of England has said it will consider the risks posed by offshore reinsurance contracts when it carries out a stress test on life insurers in 2025.
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April 26, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen budget airline Ryanair file a claim against NATS PLC after the air traffic controller's system collapsed, Mastercard and Visa Europe face group claims from Christian Dior and dozens of other beauty retailers, an intellectual property clash between the publisher of The Sun and ITV, and ISC Europe sue a former director for alleged money laundering. Here, Law360 looks at these and other new claims in the U.K.
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April 26, 2024
Law Firm Racine Advises On €26M Sale Of Healthcare Unit
Wilmington PLC said Friday it has offloaded its healthcare business APM for €26 million ($28 million) to Philia Medical Editions SAS, which was advised by French law firm Racine.
Expert Analysis
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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.
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Merger Ruling Shows Risk Of Not Seeking Prior CMA Approval
The recent decision by the U.K. Competition and Markets Authority to unwind the acquisition by Cerelia Group of Jus-Rol demonstrates that despite the voluntary nature of the U.K. reporting regime, parties may wish to consider the potential for wider scrutiny when deciding whether to seek merger control clearance, say attorneys at Hogan Lovells.
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Warranty & Indemnity Insurance Considerations For M&A
With increased competition and greater capacity leading to lower premiums and deal costs, warranty and indemnity insurance is now available to the wider M&A market, and may help to limit risk and help parties focus on other key elements of the transaction, says Alice Wooler at Birketts.
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What The Dignity Takeover Deal Says About M&A Trends
While some public companies may prefer to go private to maximize company growth and shareholder returns, there are potential pitfalls and in the current uncertain economic climate pairing up between private equity and public entities is likely to increase, as evidenced by the recent Dignity takeover deal, says James Lyons at Lawrence Stephens.
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How Geopolitical Change Is Affecting M&A Activity In Europe
Several factors are leading businesses to divest from Russia and invest in central and Eastern European EU member states, with particular sectors attractive to U.K. companies and certain trends in M&A transactional activity emerging, says Oksana Howard at Colman Coyle.
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Discovery Blocking Reform Better Protects French Companies
The 2022 reforms to France's 1968 blocking statute gives French companies more tools to resist abusive discovery requests from foreign competitors and public agencies, but France should do more to defend confidential information and assert its sovereignty, says Raphael Gauvain at Betto Perben.
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A Look At New Vertical Laws, Their Opportunities And Pitfalls
Looking at trends that have gained the most traction under the new vertical laws in the EU and U.K., it is clear that brands should use the transition period wisely, ensuring that lessons have been learned on what to avoid and that go-to-market strategies are future-proof, say attorneys at K&L Gates.
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Why 2023 Could Be The Year Of The Restructuring Plan
As U.K. businesses face a challenging economic environment going into 2023, the stage may be set for a rise in restructuring plans, with early signs such as an increasing body of case law, the pragmatic approach taken by the judiciary to date and the cross-class cramdown mechanism, say Rachael Markham and Charlotte Møller at Squire Patton.
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How Mur Ruling May Affect Force Majeure Considerations
The recent U.K. Court of Appeal decision in Mur Shipping v. RTI demonstrates that exercising reasonable endeavors can include payment in an alternative currency to overcome a force majeure event, and is topical for contracting parties in light of Russia-related sanctions, say attorneys at Debevoise.
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ECJ Fiat Ruling Sets Clear Boundaries For EU State Aid Law
The European Court of Justice's recent landmark decision in Fiat v. Commission limiting the commission’s attempts to circumvent the lack of EU powers in the area of tax law has important implications in EU state aid law and beyond, say Andreas Reindl and Pietro Stella at Van Bael.