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Transactions UK
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May 31, 2024
BBVA To Tap Shareholders To Fund €12B Hostile Takeover
Spanish banking giant BBVA said Friday that it has called a shareholders' meeting to approve the sale of new shares in a package to finance the €12 billion ($13 billion) hostile takeover of its smaller rival, Banco de Sabadell SA.
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May 31, 2024
Nationwide's Planned £2.9B Virgin Money Deal Gets UK Probe
The Competition and Markets Authority said Friday it has opened a formal probe into Nationwide Building Society's plans to buy Virgin Money for £2.9 billion ($3.7 billion), which they say would create a combined group with assets of approximately £366 billion.
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May 30, 2024
Autonomy VP Declines To Take Stand As Fraud Trial Nears End
Testimony wrapped Thursday in a California federal criminal trial over claims that former Autonomy CEO Michael Lynch and finance vice president Stephen Chamberlain duped HP into overpaying billions for the British tech company, as Chamberlain opted not to testify in his own defense after Lynch stepped off the witness stand.
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May 30, 2024
Nightcap Backs Away From Bid For Rival Revolution Bars
Nightcap PLC said Thursday it has formally ended its interest in a potential merger with U.K. peer Revolution Bars Group PLC, after its proposal was rejected for being too risky.
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May 30, 2024
John Wood Evaluates Latest £1.6B Potential Takeover Bid
Oil and gas engineering consultancy John Wood Group has confirmed that it has received a "fourth and final" preliminary proposal from Sidara for a takeover cash offer worth approximately £1.59 billion ($2 billion), advised by Slaughter and May.
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May 30, 2024
Swiss Media Biz Buys Stake In Billboard Maker For €90M
NZZ said on Thursday that it has bought a stake in a Swiss outdoor advertising company from French operator JCDecaux SE for €90.3 million ($97.8 million) as the Zurich-based media organization moves to pay for its growth through advertising.
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May 30, 2024
Royal Mail Bidder Backs 'Third Way' Pension Overhaul
The conglomerate controlled by Czech billionaire Daniel Křetínský that bid £3.57 billion ($4.54 billion) for Britain's national postal service has promised to push ahead with a pioneering new retirement savings plan for workers.
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May 30, 2024
Clifford Chance Steers Brookfield's €6B Energy Biz Purchase
Brookfield Corp. said on Thursday that it plans to buy French green energy company Neoen SA for €6.1 billion ($6.6 billion) as the Canadian asset manager moves to diversify its business in the global renewables market.
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May 29, 2024
Autonomy Founder Pushed Sales Team Hard, Jury Hears
A federal prosecutor cross-examining ex-Autonomy CEO Michael Lynch on Wednesday in a criminal fraud trial over claims the British tech tycoon conned HP into overpaying billions for his software company sought to portray Lynch as an overbearing leader who put intense pressure on his team to generate "revenue revenue revenue."
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May 29, 2024
Microsoft's Post-Merger Layoffs Cited In I-Told-You-So Appeal
A private group of gamers is pointing to Microsoft's recent layoffs of 1,900 Activision and XBox employees as evidence of market harms stemming from Microsoft Corp.'s acquisition of Activision Blizzard Inc., as the group seeks to revive a private antitrust suit challenging the merger in the Ninth Circuit.
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May 29, 2024
Gibson Dunn, Skadden Guide $3B Merck-EyeBio Deal
Gibson Dunn-led Merck said Wednesday it has agreed to purchase ophthalmology-focused biotech company Eyebiotech Ltd., or EyeBio, which is represented by Skadden, for up to $3 billion.
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May 29, 2024
Goldman Sachs Raises Over $20B For Direct Lending Strategy
Goldman Sachs Alternatives, advised by Fried Frank Harris Shriver & Jacobson LLP, revealed Wednesday that it clinched its latest senior direct lending fund after securing $13.1 billion from investors, and that together with other money raised for associated vehicles it has over $20 billion in fresh capital to put toward its direct lending strategy.
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May 29, 2024
Italian Airline's Chair Hits Back At €50M 'Revenge' Claim
The chair of Aeroitalia has urged a London court to throw out a €50 million ($54 million) claim over the Italian airline, arguing he had not agreed to transfer most of his stake in the business to a company claiming to have links with aviation magnate German Efromovich.
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May 29, 2024
HSF Guides £204M Pension Deal For Telcoms Biz Arqiva
Pension Insurance Corporation PLC said Wednesday it has completed a £204 million ($259.8 million) full buy-in of a retirement savings plan sponsored by telecommunications company Arqiva Ltd., in a deal guided by Herbert Smith Freehills LLP.
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May 29, 2024
Clifford Chance Guides L&G's £20M Nortel Pension Buyout
The U.K. pension liabilities of defunct Canadian telecom company Nortel Networks Corp., worth £2.5 billion ($3.2 billion), have now been offloaded fully to Legal & General Assurance Society Ltd., the insurer said Tuesday, after a final transaction steered by Travers Smith LLP, Pinsent Masons LLP, Hogan Lovells and Clifford Chance LLP.
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May 29, 2024
Hughes Hubbard Steers Publisher On $83M Acquisition Deal
Bloomsbury Publishing PLC said on Wednesday that it has purchased academic publishing business of Rowman & Littlefield, which is based in the U.S., for up to $83 million, advised by Hughes Hubbard & Reed LLP.
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May 29, 2024
Dickson Minto-Led Averon To Pay £167M For Forestry Investor
Averon Park Ltd. said Wednesday that its subsidiary has agreed to buy Foresight Sustainable Forestry, a U.K. investment company, for £167 million ($213 million), as the infrastructure owner looks to further diversify its portfolio.
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May 29, 2024
Revolution Bar Chain Schedules Vote For Restructuring Plans
Troubled nightlife chain Revolution Bars said on Wednesday that it has scheduled a general meeting for June to allow shareholders to vote on raising £12.5 million ($16 million) in funds so it can move forward with its restructuring plans.
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May 29, 2024
McDermott Hires Senior Restructuring Pro For London Office
McDermott Will & Emery LLP has added a senior consultant to its transactions practice as the firm looks to bolster its ability to advise on cross-border companies in financial distress.
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May 29, 2024
Royal Mail Owner Accepts £3.6B Bid From Czech Tycoon
The owner of Royal Mail, the British national postal service, said on Wednesday that it has agreed to a £3.57 billion ($4.52 billion) cash buyout offer by a conglomerate controlled by Czech billionaire Daniel Křetínský.
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May 29, 2024
Anglo American Rejects Extension To £38.6B BHP Offer
British miner Anglo American PLC rejected a last-minute request from BHP Group to extend takeover talks on Wednesday, even though the Australian rival has offered concessions to help sweeten its latest offer of £38.6 billion ($49.3 billion).
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May 28, 2024
Autonomy Founder Says HP 'Panicked,' Tried To Unwind Deal
Autonomy founder Michael Lynch testified Tuesday in a California federal criminal trial over claims he conned HP into overpaying for his company that HP's board "panicked" after news of the acquisition leaked and HP's stock dropped 20%, that HP fired its CEO and that it attempted to back out of the deal.
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May 28, 2024
Energy Capital Raises $6.7B, Inks $2.6B Atlantica Acquisition
Energy Capital Partners has amassed $6.7 billion for its latest fund and co-investment vehicle and has also struck an agreement to buy Atlantica Sustainable Infrastructure for $2.6 billion, according to statements Tuesday.
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May 28, 2024
Cleary-Led Chemical Co. Offers $1B For Swedish Drugmaker
Asahi Kasei Corp. said on Tuesday it had offered to buy out Stockholm-based drugmaker Calliditas Therapeutics AB for 11.1 billion Swedish krona ($1.06 billion), as the Japanese chemical company aims to increase its presence in the global pharmaceutical sector.
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May 28, 2024
Paul Hastings Steers Oakley Capital In ProductLife Investment
Oakley Capital Investments, a listed investment trust that invests in the funds of private equity investor Oakley Capital, said it will indirectly invest an anticipated approximately £41 million ($52.4 million) into compliance services provider ProductLife Group.