Transactions UK

  • June 09, 2023

    WANdisco Investors Approve $30M Fundraising Amid Probe

    Software company WANdisco — which was under investigation by the Financial Conduct Authority for potential significant financial misrepresentations — said Friday that its shareholders have given it a green light to raise $30 million by the end of June.

  • June 09, 2023

    EU Clears Publisher Vivendi's Lagardere Deal With Fixes

    Europe's competition enforcer has conditionally approved media conglomerate Vivendi's proposed acquisition of Lagardere, months after opening a probe into competition concerns about the deal's impact on celebrity magazines and French-language book publishing.

  • June 09, 2023

    EU Says It Has Issues With Booking.com's €1.6B ETraveli Deal

    More than six months after launching an in-depth probe into Booking.com's €1.63 billion ($1.69 billion) acquisition of online travel agent eTraveli, Europe's competition enforcer has gone on the record saying it thinks the deal could be bad for competition.

  • June 09, 2023

    AstraZeneca, Quell Make Collaboration Deal Worth Up To $2B

    Biopharmaceutical giant AstraZeneca PLC on Friday announced that it has entered into an agreement with London-based Quell Therapeutics Ltd. to develop cell therapies for diabetes and inflammatory bowel disease in a deal that could be worth more than $2 billion.

  • June 09, 2023

    Italgas Buys French Co. Veolia's Water Assets For €115M

    Italgas, Italy's largest gas distributor, said Friday that it would buy French utility Veolia's stake in water companies active in the Lazio, Campania and Sicily regions of Italy, in a deal worth roughly €115 million ($123.7 million).

  • June 09, 2023

    Russian Banker Denies 'Baseless' $25M Conspiracy Claim

    The deputy chairman of a subsidiary of Russia's state-owned Gazprombank has denied claims that he conspired with other executives at the bank to bring down Swiss oil trader Integral Petroleum SA, in the ongoing dispute between the ailing trader and its key lender.

  • June 09, 2023

    UK Litigation Roundup: Here's What You Missed In London

    The past week in London has seen Ras Al Khaimah Investment Authority face a fresh lawsuit from a Georgian lawyer and businessman, law firm Jones Day sued again for its involvement in surveillance carried out by German payments company Wirecard, and financially troubled budget airline Go First hit with a breach of contract claim from one of its plane lessors. Here, Law360 looks at these and other new claims in the U.K.

  • June 09, 2023

    Clyde & Co. Hires 13 Corporate Lawyers In Dubai From PwC

    Clyde & Co. LLP has continued to upscale its corporate practice in the Middle East and Africa with the hiring of a 13-lawyer team from PwC Legal Middle East to its office in Dubai, United Arab Emirates.

  • June 09, 2023

    Software Biz Alfa Financial Receives £615M Offer From EQT

    Software company Alfa Financial said Friday that it has received a £614.6 million ($773 million) cash offer from EQT, the latest in a string of unsolicited bids from the Swedish private equity firm.

  • June 09, 2023

    Rare Metals Biz Floats On London Exchange After £2M IPO

    Rare metals mining company Altona said Friday that it had listed its shares on the London Stock Exchange after completing a successful £2 million ($2.5 million) initial public offering, following a failed first attempt in 2022.

  • June 09, 2023

    Payments Biz Network Receives £2.2B Linklater-Led Offer

    Middle Eastern payments company Network International Holdings said on Friday that it has accepted a £2.2 billion ($2.75 billion) cash bid from Brookfield Asset Management Ltd, with the Canadian investor hoping to increase its offerings to clients.

  • June 09, 2023

    UK Clears Education Firm's £16M Takeover Of Tech Cos.

    Britain's antitrust authority said Friday that it has waved through the completed £16 million ($20 million) acquisition by education intelligence business The Key Support Services of two businesses from information technology services provider RM PLC.

  • June 09, 2023

    UBS Inks $10B Deal With Gov't Over Credit Suisse Losses

    The Swiss government will cover up to 9 billion Swiss francs ($10 billion) in losses related to the takeover by UBS of its stricken rival Credit Suisse Group, under an agreement announced Friday.

  • June 08, 2023

    Group Backs Illumina Attack On FTC Structure At 5th Circ.

    A public interest group urged the Fifth Circuit on Thursday to declare the Federal Trade Commission's structure unconstitutional in a filing supporting Illumina Inc.'s appeal of the commission's order unwinding the DNA sequencing company's repurchase of cancer testing outfit Grail.

  • June 08, 2023

    Climate Investor Announces Close Of $1.5B Inaugural Fund

    Investment business Just Climate, guided by Weil Gotshal, announced Thursday that it closed its $1.5 billion inaugural fund, which the company said will be used to invest in "high-impact solutions" to radically reduce or remove greenhouse gas emissions "while generating attractive risk-adjusted financial returns."

  • June 08, 2023

    Freshfields Hires High-Yield Debt Pro From Baker McKenzie

    Freshfields Bruckhaus Deringer LLP has recruited a high-yield bond and leveraged finance lawyer from Baker McKenzie to its office in London, one of a number of moves it has made to strengthen its finance capabilities on both sides of the Atlantic.

  • June 08, 2023

    Audio-Visual Dealer Midwich Raises £50M Through Placing

    Midwich Group PLC said on Thursday the specialist audiovisual trader has now raised approximately £50 million ($62.8 million) via a placing and retail offer, to fund its move into Canada.

  • June 08, 2023

    4 Firms Guide Power Cable Maker NKT In $396M Share Sale

    Power cables maker NKT A/S said Thursday that it is issuing more than 10.7 million shares in an offering guided by four law firms to raise 2.74 billion Danish krone ($396 million) that will be used to meet an order backlog.

  • June 08, 2023

    Investment Biz Pershing Square Announces $100M Buyback

    Pershing Square Holdings Ltd. has launched a share buyback program to repurchase stock worth up to $100 million from the market in a move lower its capital.

  • June 08, 2023

    Noel Edmonds' Ex-Business Partner Sues Over Conspiracy

    An ex-business partner of TV personality Noel Edmonds has sued a man for £8 million ($10 million) who he alleges co-conspired with convicted HBOS fraudster Mark Dobson to acquire one of the companies in his portfolio by undervaluing it.

  • June 08, 2023

    Capita To Sell Software Cos. For £44M To Vin Murria's Biz

    Professional services company Capita PLC, guided by Eversheds, said Thursday that it has agreed to sell five of its software businesses to AdvancedAdvT Ltd. for about £44 million ($54.8 million), including debt and cash, as part of its strategy to offload non-core assets.

  • June 08, 2023

    Beachcroft Guides GRP In Buy Of Broker Amicus

    Insurance giant Global Risk Partners said Thursday it has bought commercial broker Amicus Solutions Holdings Ltd., in a deal steered by DAC Beachcroft and Brachers LLP.

  • June 08, 2023

    Irish Energy Co. Scraps €20M Share Sale After Project Blocked

    Barryroe Offshore Energy said on Thursday that it has scrapped plans to raise €20 million ($21 million) in capital after the Irish government refused to approve an offshore license for its principal asset.

  • June 08, 2023

    Payments Biz CAB Eyes Premium LSE Listing

    CAB Payments Holdings Ltd. said on Thursday that it is seeking a London Stock Exchange float to broaden the cross-border payments company's ownership and accelerate growth.

  • June 08, 2023

    UK Raises Antitrust Concerns Over €1.7B Hitachi-Thales Deal

    The U.K.'s antitrust authority said Thursday that Hitachi's €1.7 billion ($1.8 billion) bid for the rail signaling unit of Thales Group could reduce choice for rail operators, leading to higher costs and worse service for passengers.

Expert Analysis

  • The Potential Benefits Of New EU Merger Control Rules

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    The core objective of a newly adopted EU Commission package is to simplify merger review procedures, which is an evolution that is more than welcome, especially in light of the very recent regulation on foreign subsidies that imposes additional burdens on M&A transactions, say lawyers at McDermott.

  • Growing EU Scrutiny Increases Hurdles For Foreign Investors

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    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.

  • How The New UK Digital Markets Bill Will Affect CMA's Powers

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    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.

  • M&A Considerations For European Cos. Acquiring US Entities

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    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.

  • A Review Of The EU FDI Screening Regulation And Its Scope

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    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.

  • Key Takeaways From EU Proposal For Greenwashing Rules

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    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.

  • UK Investment Screening Inches Closer To US Regime

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    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.

  • UK Ruling Offers Useful Guidance To Insolvency Practitioners

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    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.

  • Opinion

    Thomas Report Is Final Straw — High Court Needs Ethics Code

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    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.

  • Ofwat's New Guidance For Water Projects: Key Takeaways

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    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.

  • Court Ruling Strengthens EU Stance On Non-Notifiable M&A

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    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.

  • How Changes To 'Acting In Concert' Will Affect UK Takeovers

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    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.

  • Key Points In Draft EU Foreign Subsidies Regulation

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    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.

  • ClientEarth Claim May Expand Scope Of Directors' Duties

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    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.

  • Volatile Energy Prices Complicate Int'l Arbitration Damages

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    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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