Transactions UK

  • May 01, 2024

    BBVA Makes €12B Offer For TSB Parent Sabadell

    Banking giant BBVA on Wednesday said it has proposed to buy Banco de Sabadell for approximately €12 billion ($12.8 billion) in an all-share deal to create one of Europe's largest financial bodies with more than €1 trillion in assets.

  • May 01, 2024

    CMA Worries DJs Might Pay More If Equipment Makers Merge

    The antitrust regulator of the U.K. on Wednesday said that DJ equipment maker AlphaTheta's proposed acquisition of audio technology company Serato could increase costs for DJs in the country to keep partygoers entertained.

  • May 01, 2024

    Gov't To Pay £19K For Worker Status Error

    An employment tribunal has ruled that the government owes a company director £19,522 ($24,371) after the Insolvency Service rejected his redundancy payment claims and mistakenly concluded that he wasn't an employee.

  • May 01, 2024

    Norton Rose-Led Touchstone Bids £24.1M For Rival

    Touchstone Exploration said Wednesday that it has agreed to acquire a rival oil and gas company for approximately £24.1 million ($30 million) in a bid to scale its business in Trinidad and Tobago, with guidance from Norton Rose and Pinsent Masons.

  • May 01, 2024

    UK Safety Biz Halma Acquires Testing Tech Firm For £44M

    Halma PLC said on Wednesday that it has snapped up MK Test Systems Ltd., an electrical testing technology company, for £44 million ($55 million) as it continues to splurge cash on mergers and acquisitions.

  • April 30, 2024

    Ex-Autonomy VP Says CEO Lynch Told Him To Lie To Investors

    A former Autonomy business development executive testified Tuesday that CEO Mike Lynch directed him to lie to a hedge fund investor about prepaid royalty deals that boosted the company's upfront revenue numbers, saying at Lynch's criminal fraud trial that it was hard to say no to the "big boss."

  • May 07, 2024

    Kingsley Napley Hires M&A Pro From Deloitte

    Kingsley Napley LLP has hired a partner from Deloitte LLP as it seeks to expand its corporate practice and its focus on mergers and acquisitions despite the slowdown in the U.K. deals market.

  • April 30, 2024

    Oil Co. Claims Nigeria In For Windfall From $11B Win Legal Bill

    An oil and gas company urged a London appellate court on Tuesday to change the currency for Nigeria's legal costs from a battle over an $11 billion arbitration award due to bribery and fraud, arguing the West African state would profit from exchange rate fluctuations.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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."

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

Expert Analysis

  • ECJ Fiat Ruling Sets Clear Boundaries For EU State Aid Law

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    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.

  • Cos. Can Expect Intense Antitrust Enforcement This Year

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    In 2023, authorities in the U.K. and Europe are expected to push the boundaries of antitrust enforcement, merger control and foreign investment screening with the goal of achieving positive outcomes for consumers, say Nicole Kar and Tara Rudra at Linklaters.

  • Foreign Direct Investment Considerations For Buyers, Sellers

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    The rapidly developing legal and regulatory foreign direct investment landscape means the challenge for deal makers is in navigating the continuously changing rules and understanding the manner in which regulators interpret them, says Kurt Ma at BCLP.

  • Widely Forecast UK Recession Is Likely To Reshape M&As

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    Despite the economic downturn in the U.K., transactions will continue to get done in 2023, albeit with more complex terms and a greater focus on undertaking vigorous due diligence on customer relationships and contracts, say attorneys at Skadden.

  • Czech Z-Trade Ruling Shows Benefit Of Compliance Program

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    With its recent Z-Trade fine reduction decision, the Czech Office for the Protection of Competition has for the first time put into practice its compliance program consideration policy, providing a further incentive for companies to implement such programs and underlining the office's intention to pay attention to them, say Vojtech Chloupek and Martin Taimr at Bird & Bird.

  • Lessons That May Be Learned From The Demise Of Made.com

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    With Made.com going into administration, companies that may face similar challenges should take on board that the earlier adequate preemptive planning is considered, the more financial and legal options there will be to avoid last minute firefighting and to focus instead on strengthening the business, says Eleni Michaela at Faegre Drinker.

  • Link Ruling Shows FCA's Wide Change-In-Control Powers

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    The Financial Conduct Authority's recent decision regarding the proposed acquisition of Link Fund Solutions is a reminder that the regulator has significant powers to attach conditions to its approvals and the advent of the Financial Services and Markets Bill could lead to the widening of those powers, say Charlotte Hill and Daniel Hirschfield at Taylor Wessing.

  • Takeaways For Transaction Parties After UK Acquisition Block

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    The U.K. government recently used its retrospective powers under the National Security and Investment Act for the first time to block Nexperia’s acquisition of Newport Wafer Fab, highlighting the considerations that parties have to evaluate when contemplating transactions in high-risk areas, say attorneys at Arnold & Porter.

  • Understanding The EU's New Foreign Subsidies Regulation

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    The European Parliament’s newly adopted Foreign Subsidies Regulation extends already wide-ranging European Union state aid powers and adds new layers of deal conditionality, so companies will need to carefully consider how the regulation may affect their EU-bound activities, say Peter Camesasca and Sophie Bertin at Covington.

  • A Look At The Increase In Employee Ownership Trusts

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    The rise in employee ownership trusts has brought certain challenges, but with tax advantages and a proven positive impact on individuals, businesses and regional economies, employee buyouts are set to become more popular and could outstrip mainstream deal activity, says ​​​​​​​Lisa Hayward at Birketts.

  • EU Basel III Bank Reforms May Weaken Securities Market

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    Recent proposals from the Council of the European Union's review of Basel III bank capital regulatory reforms did not adopt substantive changes urged by the market for the securitization framework, and may have a dampening effect on the competitiveness of European securitizations, say attorneys at Hogan Lovells.

  • 5 Factors Driving Longer Prenotifications In EU Mergers

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    Attorneys at Linklaters discuss reasons, including transaction complexity and a higher standard of proof, why the duration of the prenotification process in European Commission merger control cases has generally increased over the last 10 years, say attorneys at Linklaters.

  • Series

    My Favorite Law Prof: How I Learned To Argue Open-Mindedly

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    Queens College President Frank Wu reflects on how Yale Kamisar’s teaching and guidance at the University of Michigan Law School emphasized a capacity to engage with alternative worldviews and the importance of the ability to argue for both sides of a debate.

  • New Clarity On Directors' Creditor Duty In Insolvency Context

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    The recent case of BTI 2014 v. Sequana, the first to consider the creditor duty at U.K. Supreme Court level, provides directors and insolvency practitioners with significant guidance on how close to insolvency the company needs to be for the creditor duty to be engaged, say attorneys at Shearman.

  • German Draft Bill Reflects Trend Toward New Antitrust Tools

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    A recently proposed amendment to the German Act against Restraints on Competition continues the trend in Europe to equip authorities with greater powers, shifting from a more traditional approach to a more extensive market protection tool, say attorneys at Gibson Dunn.

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