Transactions UK

June 24, 2024
CMS-Led Aareal Bank To Sell Unit To TPG For €3.9B

German lender Aareal Bank AG and investment company Advent International said Monday that they have agreed to sell a property management and maintenance software company to U.S. private equity firm TPG and Canada's CDPQ for approximately €3.9 billion ($4.2 billion).
June 24, 2024
UK WWII Tourist Biz Tunnels Its Way To Amsterdam For IPO

The London Tunnels PLC said Monday that it plans to raise £30 million ($38 million) and list in Amsterdam, in the latest snub to the London Stock Exchange.
June 24, 2024
Insurer Files For Liquidation, To Sell Unit To Rival For £11.3M

Troubled insurer R&Q said Monday that it has agreed to sell Inceptum Insurance for £11.25 million ($14.25 million) to Marco Capital Holdings Ltd., a Malta-based legacy acquisition group, after filing for liquidation.
June 24, 2024
PepsiCo Green Lights Carlsberg's £3.1B Britvic Takeover Bid

Danish brewer Carlsberg AS said Monday that PepsiCo Inc. has effectively backed its £3.1 billion ($3.9 billion) takeover bid for Britvic PLC by agreeing not to end a bottling agreement with the British soft drinks maker if the deal progresses.
June 21, 2024
Taxation With Representation: Travers Smith, Potamitis Vekris

In this week's Taxation With Representation, RSK Group Ltd. gets a £500 million ($632 million) investment, Boston Scientific Corp. acquires Silk Road Medical Inc., Masdar takes a part of Terna Energy SA, and Tate & Lyle PLC buys CP Kelco from JM Huber Corp.
June 21, 2024
UK Litigation Roundup: Here's What You Missed In London

This past week in London has seen JD Wetherspoon sue a Welsh pub over its name in the Intellectual Property Court, ex-professional boxer Amir Khan and his wife file libel action against an influencer, the Performing Right Society hit with a competition claim over music licensing, and Manolete Partners bring action against the directors of a bust investment firm. Here, Law360 looks at these and other new claims in the U.K.
June 21, 2024
European Funds Want Laxer Rules On Derivatives Calls

A European investment fund industry trade body has called for a reduction in proposed global rules to manage calls for extra money supporting derivatives positions intended to reduce the risk of a market crisis.
June 21, 2024
Caterer Compass Kicks Off Second $250M Share Buyback

Compass Group PLC on Friday commenced an up to $250 million share repurchase program, the second and final part of a wider $500 million buyback scheme aimed at lowering the catering giant's outstanding share capital.
June 21, 2024
Swiss-Dutch Pharma Biz Raises €80M For Cancer Drug Work

iOnctura BV has raised €80 million ($85.5 million) in a new round of financing, which the Swiss-Dutch biopharmaceutical company will use to continue developing two anti-cancer drugs.
June 21, 2024
Linklaters-Led Britvic Snubs Improved £3.1B Carlsberg Offer

Britvic PLC said Friday that it has rejected a sweetened £3.1 billion ($3.9 billion) takeover offer from Danish brewer Carlsberg AS, claiming the proposal undervalues the current and future prospects of the British soft drinks maker.
June 20, 2024
Energy Co. To Sell Egypt, Italy & Croatia Portfolios For $945M

Mediterranean-focused oil and gas producer Energean PLC said Thursday it has agreed to sell its assets in Egypt, Italy and Croatia to private equity fund Carlyle International Energy Partners for up to $945 million.
June 20, 2024
Law Firm Disputes Pension Deal Capacity Concerns

Most small retirement savings plans have little trouble carrying out an insurance transaction, a law firm has found, despite fears of a capacity crunch in the pensions deals market.
June 20, 2024
Tate & Lyle Launches £215M Share Buyback Program

Tate & Lyle PLC on Thursday rolled out a share repurchase program worth up to £215 million ($273 million) aimed at lowering the size of its outstanding share capital.
June 20, 2024
Linklaters Guides Tate & Lyle On $1.8B CP Kelco Deal

Food producer Tate & Lyle PLC said Thursday that it will buy U.S. nature-based ingredients maker CP Kelco from industrial products producer JM Huber Corp. in a cash and share deal worth $1.8 billion, to tap into the trend toward plant-based and clean ingredients.
June 20, 2024
A&O Shearman-Led Bridgepoint Makes £626M Offer For Rival

Alpha Financial Markets Consulting Ltd. said Thursday that a company controlled by asset fund manager Bridgepoint Advisers is weighing a £578 million ($734 million) takeover and that it would recommend that to shareholders if it makes a formal bid.
June 20, 2024
Sainsbury's To Pay NatWest £125M To Exit Bank Unit

Sainsbury's will pay NatWest approximately £125 million ($159 million) to take on most of the personal banking assets of the U.K. retail giant, the companies said Thursday, as grocers look to exit the consumer banking market.
June 19, 2024
Trade Body Sets Up Committee For M&A Insurance Market

A trade body for underwriters said Wednesday that it has launched a committee on specialist insurance to cover risk associated with mergers and acquisitions, amid a surge in such policies being written from London.
June 19, 2024
GE Aerospace To Quit 3 European Stock Exchanges

General Electric Co. said Wednesday that it plans to end its listing on the London, Paris and Zurich stock exchanges following an internal review after it launched after it became a standalone company.
June 19, 2024
Investors Sell £43M Worth Of Helios Telecoms Shares

Helios Towers PLC said Wednesday that two stakeholders, private equity firm Newlight Partners LP and investment trust RIT Capital Partners PLC, have sold a total of £43.2 million ($55 million) of stock in the telecommunications company, which operates in Africa and the Middle East.
June 19, 2024
DLA Piper, Florent Steer €30M Capital Raise For Pipeline Biz

Investor HydrogenOne Capital Growth PLC said on Wednesday that hydrogen pipeline maker Strohm Holding BV, has raised €30 million ($32 million) in new funds, in a deal advised by DLA Piper and Dutch law firm Florent.
June 19, 2024
Vodafone Sells 18% Stake In Indian Cell Tower Biz For $1.8B

Vodafone Group PLC said on Wednesday that it has sold an 18% stake in Indus Towers Ltd. of India for 153 billion rupees ($1.83 billion) as the U.K. telecommunications giant looks to finance its debt repayments.
June 19, 2024
Swiss Watchdog Ends UBS-Credit Suisse Merger Controls

Switzerland's financial watchdog said Wednesday that it has cleared the takeover by UBS of stricken rival Credit Suisse AG after finding that the rescue deal would not harm competition in any domestic market.
June 19, 2024
Fieldfisher Steers £165M Mineral Biz Pension Deal

Insurance giant Aviva said on Wednesday that it has completed a full retirement savings plan buy-in worth £165 million ($210 million) sponsored by mineral miner and processor Sibelco UK Ltd., in a deal guided by Fieldfisher LLP.
June 19, 2024
Zurich Buys 70% Stake In Indian Insurer For $670M

Swiss insurance giant Zurich said Wednesday that it has bought a 70% stake in Kotak Mahindra General Insurance for $488 million, the largest foreign investment in India's general insurance market since 2021.
June 18, 2024
Microsoft Says Starbucks Ruling Hurts FTC's Activision Case

Microsoft told the Ninth Circuit on Monday that the U.S. Supreme Court's recent ruling requiring labor regulators to meet a four-factor test in order to win a preliminary injunction undercuts the Federal Trade Commission's bid to halt the company's $68.7 billion acquisition of Activision Blizzard Inc.

Expert Analysis

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.