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Transactions UK
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October 01, 2024
Investors Settle Wirecard Fraud Case With Transfer Provider
Two businessmen have settled claims worth €33 million ($36.5 million) brought by investors who alleged the pair duped them into selling their stake in a money transfer provider for a pittance before the company was sold on to payments giant Wirecard for many times the price.
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October 01, 2024
Financial Services Biz Tavistock To Sell Advice Units For £38M
British financial services group Tavistock Investments said Tuesday that it has agreed to sell two of its subsidiaries to wealth management firm Saltus Partnership Holdings LLP for up to £37.75 million ($50.2 million).
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October 01, 2024
Pension Insurance Deal Market To Hit £60B In 2025
The total value of pension insurance transactions could hit £60 billion ($79.6 billion) for the first time next year, according to a poll of lawyers, trustees and others in the retirement sector published on Tuesday.
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October 01, 2024
UK Packing Biz Plans Fundraising For €56M Takeover Deal
Mpac Group PLC on Tuesday proposed a fundraising program to partly back its conditional purchase of a Dutch palleting technology company for €56 million ($62 million), a move the British packaging company believes will bolster its offering.
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October 01, 2024
UK Cloud Tech Biz Iomart To Buy Rival For £57M
Cloud computing company Iomart Group PLC said Tuesday it has agreed to buy Atech, a provider of Microsoft technology to businesses, for £57 million ($76 million) to bolster the group's position in the U.K.'s workplace technology sector.
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October 01, 2024
Pfizer Sells £2.4B Of Shares In Advil Owner Haleon
Pharmaceuticals titan Pfizer Inc. said Tuesday that it has reduced its stake in Haleon PLC, a maker of oral health products, by selling its shares to investors and raising approximately £2.43 billion ($3.24 billion) in the process.
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October 01, 2024
Insurance Consolidator PIB Group Buys UK Broker
PIB Group Ltd. said it has bought RS Insurance Brokers Ltd., as the insurance acquisition vehicle seeks to boost its presence in the sector with a "burgeoning" portfolio of specialisms across the U.K. and Europe.
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October 01, 2024
4 Firms Guide Partners Group In €6.7B Sale Of German Biz
Swiss private equity shop Partners Group said Tuesday that it is selling its stake in a German digital energy metering business to Texas-based TPG and Singapore's sovereign wealth fund for approximately €6.7 billion ($7.4 billion).
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October 01, 2024
Mulberry Turns Down £83M Takeover Offer From UK's Frasers
Mulberry's board said Tuesday that it has rejected a buyout bid from retail giant Frasers, which values the handbag maker at £83 million ($111 million), because it fails to recognize its "substantial future potential value."
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October 01, 2024
Freshfields Guides Abu Dhabi Oil In €14.7B German Bid
Abu Dhabi's state-owned oil company said Tuesday that it will buy a German chemicals producer, Covestro AG, in a €14.7 billion ($16.3 billion) deal as the Gulf state seeks to lower its dependence on oil amid the transition to green energy.
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September 30, 2024
Chancery Sidelines Squarespace Merger Doc Suit For Now
A Delaware Court of Chancery action to compel stockholder access to website builder Squarespace Inc.'s corporate records remained under a stay Monday, after a court finding that the suit aimed to preserve future review rights focused on a proposed $7.2 billion company take-private deal.
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September 30, 2024
Activist Investor Urges Basic-Fit Gym Operator To Sell
Buckley Capital Management LLC made an appeal to the board of Basic-Fit NV on Monday recommending that the company undergo a strategic review with the intention of selling the business and going private.
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September 30, 2024
Addleshaw Goddard-Led Supplement Co. Signals £500M IPO
Applied Nutrition Ltd. said on Monday it is planning to make an initial public offering on the London Stock Exchange, as the U.K. sports supplements maker eyes increasing its international presence in the booming health and wellness sector.
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September 30, 2024
Royal London Enters Pension Insurance Market
The Royal London Mutual Insurance Society Ltd. said Monday that it has officially entered the bulk purchase annuity market after it completed several smaller transactions.
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September 30, 2024
Cineworld Wins Court Approval For UK Restructuring Plan
Cineworld was granted approval for a U.K. restructuring plan on Monday as a judge concluded it was a better option than allowing the struggling cinema chain to fall into administration.
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September 30, 2024
Vodafone-Three Deal No Longer Requires Shareholder Nod
British telecom giant Vodafone said Monday that it no longer requires its shareholders to approve its proposed £16.5 billion ($21.7 billion) merger with Three UK, following the enforcing of the new listing rules in the U.K.
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September 30, 2024
Frasers Group Makes £83M Offer For Luxury Brand Mulberry
Mike Ashley's Frasers Group said Monday that it is making an £83 million ($111 million) proposed cash offer for Mulberry Group PLC, after the struggling British lifestyle brand blindsided it with plans to sell more shares to its majority shareholder.
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September 30, 2024
Home REIT Sells 200 Properties For £37M Amid Wind Down
Home Reit PLC said Monday it has sold 200 properties for a total of £36.9 million ($49.4 million), as the troubled real estate investor continues to clear its debts before it closes.
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September 30, 2024
Electrics Retailer Luceco Buys UK Rival For £30M
Luceco PLC said Monday it has bought workplace wiring appliance maker CMD Ltd. for £30 million ($49.4 million), as the U.K. trade and retail supplier of lights and electrical products looks to bolster its portfolio and boost profits.
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September 30, 2024
REA Pulls £6.2B Rightmove Bid After Board's Rejection
Rupert Murdoch's REA Group withdrew its £6.2 billion ($8.3 billion) potential bid for Rightmove PLC on Monday, hours before a deadline for making a firm offer, after the board of the British property business continued to reject its advances.
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September 29, 2024
Law Firm Mergers Stay High As Consolidators Press On
Merger activity in the British legal sector continued to recover in 2023 from the low levels seen two years earlier, partly driven by consolidator firms acquiring other practices, Hazlewoods LLP said on Monday.
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October 04, 2024
Clifford Chance Hires Ex-Sidley Restructuring Pro
Clifford Chance LLP has recruited a former restructuring partner at Sidley Austin LLP in Germany, amid high demand from clients for specialist advice in the face of challenging macroeconomic conditions.
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September 27, 2024
Advil Owner Haleon Paying $637M To Up Stake In China JV
British consumer healthcare giant Haleon plc said Friday that it has agreed to pay the equivalent of roughly $637 million to increase its stake in a Chinese joint venture, Tianjin TSKF Pharmaceutical Co., from 55% to 88%.
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September 27, 2024
Infrastructure Investor Sells Stake In US Assets For £30M
Infrastructure investment company International Public Partnerships said Friday that it has partially sold its investment in a public-private partnership housing scheme in the U.S., raising £30 million ($40 million) in the process.
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September 27, 2024
Real Estate Debt Investor To Launch £10M Share Buyback
Real Estate Credit Investments Ltd. said Friday it plans to roll out a share buyback of up to £10 million ($13.4 million) in a move expected to lower its outstanding share capital.
Expert Analysis
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Complying With EU Commission's Joint Purchasing Rules
One year after the European Commission released its revised guidelines on horizontal cooperation agreements, attorneys at Crowell & Moring reflect on the various forms such agreements can take, and how parties can avoid structuring arrangements that run afoul of competition law.
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Tips For Implementing EU Sustainability Reporting Guidance
Lawyers at Sullivan & Cromwell discuss the European Financial Reporting Advisory Group’s recently published guidance on double materiality assessments and offer takeaways on achieving a sustainability directive-compliant process that could enhance clarity and consistency among multinational stakeholders.
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What UK Digital Markets Act Will Mean For Competition Law
The new Digital Markets Act’s reforms will strengthen the Competition and Markets Authority's investigatory and enforcement powers across its full remit of merger control and antitrust investigations, representing a seismic shift in the U.K. competition and consumer law landscape, say lawyers at Travers Smith.
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What French Watchdog Ruling Means For M&A Landscape
Although ultimately dismissed due to lack of evidence, the French competition authority’s recent post-closing review of several nonreportable mergers is a landmark case that highlights the increased complexity of such transactions, and is further testament to the European competition authorities’ willingness to expand their toolkit to address below-threshold M&As, say lawyers at Cleary.
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Exploring The EU's Draft Standards On Crypto Authorization
The European Securities and Markets Authority’s recently published draft standards aim to promote fair competition and a safer environment for crypto providers and investors, detailing precisely the information to be provided to national authorities in charge of screening the acquisitions of a qualifying holding, says Mathieu de Korvin at Norton Rose.
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What The New Digital Markets Bill Will Mean For Companies
The recently passed Digital Markets, Competition and Consumer Bill will bring significant reform to U.K. merger control and antitrust rules for all businesses, but the introduction of a strategic market status regime and its reporting obligations means large tech organizations in particular need to think carefully about the forthcoming changes, say lawyers at Linklaters.
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Insurance Ruling Stresses High Hurdle To Fix Policy Wording
In Project Angel v. Axis, the Court of Appeal recently refused to rewrite the exclusion clause of an insurance policy, reminding parties in the warranty and indemnity market to carefully word clauses, as there is a high threshold before courts will intervene to amend policies, say Joseph Moore and Laura McCann at Travers Smith.
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CMA Reports Signal Tighter Scrutiny Of AI Model Markets
The Competition and Markets Authority’s recent reports on artificial intelligence foundation models suggest that competition in AI is not working as it should, so large digital firms can expect the regulator to use its full toolbox as it continues to monitor and investigate the sector, say lawyers at Cooley.
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How Gov't Response Addresses Investment Act Concerns
The government’s recently published response to a call for evidence on the National Security and Investment Act is largely appropriate to stakeholder concerns raised and demonstrates in its five areas of focus that it is willing to respond to live issues, say lawyers at Watson Farley.
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Pharma Remains A Key Focus Of EU Antitrust Enforcement
The recently published European Commission report on pharmaceutical sector competition law illustrates that effective enforcement of EU rules remains a matter of high priority for EU and national authorities, say lawyers at Dechert.
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The Dangers Of Providing Misleading Info In A Merger Review
Although Kingspan's recent proposed acquisition of Trimo, brought before the European Commission, was abandoned following investigation for an alleged breach of EU Merger Regulation requirements, it has brought to light the importance of submitting accurate and complete information in merger reviews to avoid incurring a substantial fine, say lawyers at Steptoe.
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Cum-Ex Prosecutions Storm Shows No Sign Of Abating
The ongoing trial of Sanjay Shah in Denmark is a clear indicator that efforts remain focused on holding to account the alleged architects and beneficiaries of cum-ex trading, and with these prosecutions making their way across Europe, it is a more turbulent time now than ever, says Niall Hearty at Rahman Ravelli.
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Spartan Arbitration Tactics Against Well-Funded Opponents
Like the ancient Spartans who held off a numerically superior Persian army at the Battle of Thermopylae, trial attorneys and clients faced with arbitration against an opponent with a bigger war chest can take a strategic approach to create a pass to victory, say Kostas Katsiris and Benjamin Argyle at Venable.
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EU Inquiry Offers First Insight Into Foreign Subsidy Law
The European Commission's first in-depth investigation under the Foreign Subsidies Regulation into a public procurement process, and subsequent brief on regulatory trends, sheds light on the commission's approach to such cases, as well as jurisdictional, procedural and substantive issues under the regulation, says Matthew Hall at McGuireWoods.
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Key Points From EC Economic Security Screening Initiatives
Lawyers at Herbert Smith analyze the European Commission's five recently announced initiatives aimed at de-risking the EU's trade and investment links with third countries, including the implementation of mandatory screening mechanisms and extending coverage to investments made by EU companies that are controlled subsidiaries of non-EU investors.