Transactions UK

September 10, 2024
White & Case Guides £100M Hedge Fund Deal For Spectator

Hedge fund manager Paul Marshall has bought The Spectator for £100 million ($130 million), the 196-year-old news magazine said on Tuesday, a move that will keep the publishing institution independent and out of foreign control.
September 10, 2024
EU Antritrust Chief Resists Softer Telecom Merger Rules

The European Union's outgoing competition chief pushed back at a pitch to loosen the bloc's competition rules Tuesday, saying that merger control rules for telecom markets must continue to look at competition at the national level rather than enlarging the examination to the entire 27-country bloc.
September 10, 2024
Vorys-Led Infrastructure Biz Buys Steel Maker For $30M

Hill & Smith PLC said Tuesday that it has bought U.S. steel manufacturer Whitlow Electric Service Co. Inc. for $30.2 million, as the infrastructure products supplier continues a spending spree to expand its global operations.
September 10, 2024
Swedish Biopharma Vicore Announces Plans To Raise $75M

Vicore said Tuesday that it aims to raise approximately 782 million Swedish kronor ($75 million) to finance projects and operations by issuing shares to investors, advised by Swedish law firm Vinge, with the joint bookrunners led by Baker McKenzie.
September 10, 2024
UK Watchdog Probes Carlsberg's £3.3B Britvic Takeover

The Competition and Markets Authority said on Tuesday that it is investigating whether the planned £3.3 billion ($4.3 billion) takeover by Danish brewer Carlsberg AS of Britvic PLC, a British soft drinks producer, could damage competition in U.K. markets.
September 10, 2024
Paul Hastings Taps Capital Markets Pro From Davis Polk

Paul Hastings LLP has hired a prominent capital markets transactions expert as a partner at its London office as it looks to boost its global practice, which it has identified as a priority.
September 17, 2024
Cooley Hires Team For Emerging Companies And VC Practice

Cooley LLP said Tuesday that it has recruited the head of Taylor Wessing LLP's emerging companies and venture capital practice, one of three partner hires as it seeks to boost its transactional ability in London, part of a broader plan for growth in the English capital.
September 09, 2024
Hostmore Nixes £177M TGI Fridays Takeover

British restaurant group Hostmore on Monday nixed its £177 million ($231.4 million per Monday's currency conversion) deal to buy the American-themed casual dining business TGI Fridays after the company lost control of many of its assets and revenue streams, which "potentially impairs the future revenue of the business."
September 09, 2024
EU Should Loosen Merger Rules To Compete, Report Says

The European Union should loosen its merger rules and reform trade policy and the energy market in order to boost EU competitiveness enough to catch up with the U.S. and China, a former European Central Bank president reported Monday.
September 09, 2024
Squarespace Gets 'Best And Final' $7.2B Offer From Permira

Squarespace Inc. said Monday that it has agreed to amend a previous take-private buyout agreement with Permira, bumping up the aggregate transaction value by $300 million to approximately $7.2 billion.
September 09, 2024
Barratt, Lloyds Bank Form £150M JV For UK Housing

Housebuilder Barratt Developments PLC said Monday that it has formed a £150 million ($195 million) joint venture with Lloyds Banking Group and the U.K.'s housing and regeneration agency to develop thousands of houses across the country.
September 09, 2024
Irish Cider Maker Launches 2nd €15M Buyback

C&C Group started its second €15 million ($17 million) share repurchase program on Monday, part of the Irish cider and beer maker's wider €150 million buyback plan aimed at lowering outstanding share capital and rewarding investors.
September 09, 2024
London Software Co. Starts £19.5M Share Buyback Program

Team Internet Group PLC said Monday that it has started a share repurchasing scheme worth up to £19.5 million ($25.5 million), as the U.K. software company looks to return surplus cash to its shareholders.
September 09, 2024
Asset Manager Alpha Seals Guernsey Insurance Biz Buyout

Alpha Growth PLC said on Monday that it has completed the purchase of 93.36% of Jeometri, an insurance management company in Guernsey, for £449,300 ($588,300) including costs, as the asset manager moves to expand its life insurance business across the U.K. and streamline its operations.
September 09, 2024
A&O Shearman Guides OCI's $2.05B Methanol Biz Sale

Dutch hydrogen producer OCI Global said Monday that it plans to sell an 85% holding in its global methanol business to Methanex Corp., a Canadian giant, for $2.05 billion, in a move to cut its debt and return cash to shareholders.
September 09, 2024
UK Crypto-Marketing Rules Risk Regulatory Overreach

Legal advisers for crypto-asset companies are concerned by how strenuously the financial watchdog will enforce new guidelines for promoting complex digital financial products for consumers, and have warned that overinterpreting the rules could handicap development of the market.
September 06, 2024
EU Antitrust Chief Charts Path Forward After Illumina Setback

The European Union's top antitrust official said a recent ruling that found enforcers lacked authority to probe Illumina's $8 billion acquisition of Grail put an end to an important merger review tool and suggested legislation may be needed to plug the gap.
September 06, 2024
UK Litigation Roundup: Here's What You Missed In London

This past week in London has seen Rockfire Capital sue its former director, Liam Kavanagh, after he was accused of cheating cash-strapped Thurrock Council out of £150 million ($197 million), FedEx launch a claim against an Israeli supply chain business, and a legal dispute between steel magnate Sanjeev Gupta and a former colleague. Here, Law360 looks at these and other new claims in the U.K.
September 06, 2024
Magnate Can't Stop Sale Of Airline Shares In €50M Dispute

A company with links to aviation magnate German Efromovich on Friday failed to get an order restraining the chairman of Aeroitalia SRL from selling the assets of the budget carrier pending the determination of a €50 million ($55 million) dispute.
September 06, 2024
EU Gears Up For New Commission With A Plea: More Women

European Commission President Ursula von der Leyen is gearing up to distribute the top jobs in foreign trade, economics and antitrust among the new commissioners for their five-year mandate, but she is pressing countries in the bloc to nominate more female candidates.
September 06, 2024
CMA To Probe GXO's £762M Bid For Logistics Biz

The antitrust authority of the U.K. on Friday launched the first phase of inquiry into the U.S.-based GXO Logistics Inc.'s £762 million ($950 million) takeover of British supply-chain group Wincanton PLC.
September 06, 2024
UK Regulators Back Nationwide's £2.9B Deal For Virgin Money

Two U.K. financial regulators have given their consent for Nationwide Building Society's £2.9 billion ($3.8 billion) acquisition of Virgin Money UK PLC, the lenders said Friday.
September 06, 2024
Infrastructure Investor INPP To Extend Buyback To £60M

International Public Partnerships Ltd. has unveiled plans to boost its original £30 million ($39.5 million) ongoing share repurchase program, which was co-advised by Hogan Lovells, to £60 million in anticipation of a funding injection from asset divestment.
September 06, 2024
City Task Force Calls For Shake-Up Of UK Capital Markets

The U.K. must encourage risk-taking in its capital markets in order to remain competitive in the global stage and help fund £1 trillion ($1.32 trillion) of fresh investment needed to hit economic targets, a task force of City heavyweights said on Friday.
September 06, 2024
Hill Dickinson-Led Building Biz Raises £11M With Share Sale

Construction-labor supplier Hercules said Friday that it has raised £11 million ($14.5 million) through a share sale program as it seeks to raise money to fund mergers and acquisitions amid signs of recovery in the building sector.

Expert Analysis

What EU Changes To Dual Distribution Mean For Franchises

Following the European Commission’s adoption of the Vertical Block Exemption Regulation and accompanying vertical guidelines regarding dual distribution, which took effect this month, franchisors should examine their flow of information to and from franchisees to determine whether it must be restricted, say attorneys at Baker McKenzie.
How ESG Matters Are Influencing M&A Due Diligence Trends

With a proliferation of environmental, social and governance-related regulatory developments and a desire to comply with best practice, ESG matters have become an increasingly important area of focus for both clients and advisers in M&A transactions, say attorneys at Sullivan & Cromwell.
Changes To UK Competition Rules Will Extend CMA Powers

Recent amendments to U.K. competition and consumer law regimes introduce changes to merger control and antitrust investigations that will result in the speedier resolution of cases and greater autonomy for the Competition and Markets Authority, say Bill Batchelor and Aurora Luoma at Skadden.