Transactions UK

  • May 14, 2024

    Anglo American To Offload Vital Assets As BHP Lays Siege

    Anglo American PLC said Tuesday that it plans to sell or spin off its diamond, platinum and coal assets in a corporate restructuring aimed at boosting value for shareholders, as the British mining giant fends off a £34 billion ($43 billion) takeover bid from Australian rival BHP Group Ltd.

  • May 13, 2024

    Irked Autonomy Judge Vents On HP Fraud Trial's Slow Pace

    U.S. District Judge Charles Breyer on Monday blasted lawyers for the government and two former Autonomy Corp. PLC executives in a criminal fraud case over the trial's slow progress, saying he's "annoyed," but also "complicit" because he "did not take more of a controlling posture."

  • May 13, 2024

    Online Slot Machine Co. Games Global Scraps $254M US IPO

    Games Global, a developer of online betting and casino games, pulled its plans for an initial public offering Monday, citing market conditions, just one day before the U.K.-based company expected to raise about $254 million in a U.S. listing.

  • May 13, 2024

    JP Morgan Battles Viva Wallet Founder Over Buyout Value

    J.P. Morgan International Finance Ltd. urged a London judge Monday to reject a payment company's "nonsensical" case over the investment bank's option to buy out its partner's stake in a joint venture fintech business.

  • May 13, 2024

    Anglo American Rebuffs Improved £34B BHP Takeover Offer

    British miner Anglo American PLC said Monday that it has rejected a revised £34 billion ($42.7 billion) takeover bid by Australian heavyweight rival BHP Group Ltd., saying that the increased offer "significantly undervalues" the company.

  • May 13, 2024

    Real Estate Giant Buys 6 Student Housing Blocks For £184M

    PGIM Real Estate said Monday that it has bought six college student property blocks in the U.K. from the developer, Unite, for £184 million ($230 million), as the U.S. property investor looks to profit from growing housing demand from universities.

  • May 13, 2024

    Simpson Thacher-Led EQT Bids $1.5B For Wind Energy Biz

    European private equity giant EQT said Monday that it has offered to acquire wind energy developer OX2 for approximately 16.35 million Swedish krona ($1.5 billion) in a deal guided by Simpson Thacher & Bartlett LLP, Gernandt & Danielsson and Vinge KB.

  • May 13, 2024

    Skadden Guides Squarespace On $6.9B Go-Private Deal

    Squarespace Inc. said Monday it has agreed to a $6.9 billion buyout by private equity firm Permira, with Skadden Arps Slate Meagher & Flom LLP serving as lead counsel to the website building company and at least six additional firms guiding the various parties.

  • May 13, 2024

    Biz Adviser FRP Buys UK Risk Manager For £8.4M

    FRP Advisory said on Monday that it has bought commercial finance and risk manager Hilton-Baird for approximately £8.4 million ($10.5 million) in a cash and shares transaction, as the U.K. business consultancy eyes greater European expansion.

  • May 13, 2024

    French Retailer Casino Sells 10.15% Stake In Renewables Biz

    French retail chain Casino said on Monday that it has sold its 10.15% remaining stake in renewables company GreenYellow SAS for €46 million ($50 million) to Ardian, a private equity company, and state-backed investment bank Bpifrance.

  • May 13, 2024

    BetCity Says €850M Buyout Was Good Value Despite Inquiries

    The former owners of online sports betting operator BetCity admit that they breached some of the terms from Entain's €850 million ($920 million) buyout, but have argued that the gambling giant knew of the investigations and failed to seek a better deal.

  • May 13, 2024

    Advertising Agency Group Snubs £26.8M Offer From Rival

    The Mission Group PLC said Monday that its board has rejected an "opportunistic" offer of £26.8 million ($33.6 million) from an advertising rival, Brave Bison Group PLC, because it "significantly undervalues the group and its prospects."

  • May 10, 2024

    UK Litigation Roundup: Here's What You Missed In London

    The past week in London has seen Playtech file an intellectual property claim against online casino company OnAir Entertainment amid allegations of corporate spying, a broadcast equipment company sue its former owner amid allegations he conspired to inflate a customer’s finances, and aerospace company Vertical Aerospace hit a manufacturer with a claim following a test flight crash. Here, Law360 looks at these and other new claims in the U.K.

  • May 10, 2024

    UK Opens Probe Into Thermo Fisher's $3.1B Olink Buy

    Britain's competition watchdog said it is opening an inquiry into Thermo Fisher's $3.1 billion bid to buy Swedish biotech firm Olink Holding AB over competition concerns, according to an official notice issued Friday.

  • May 10, 2024

    Medical Tech Biz To Raise £6M In Equity

    Medical technology company Genedrive said Friday it is looking to raise a total of approximately £6 million ($7.5 million) in equity through different offerings by selling its shares at a big discount.

  • May 10, 2024

    Digital Platform Xtribe To Go Public Via $141M SPAC Merger

    Technology-driven marketplace company Xtribe PLC, advised by Cozen O'Connor PC, has announced plans to go public via a merger with Haynes and Boone LLP-led special-purpose acquisition company WinVest Acquisition Corp. in a deal that values Xtribe at an implied equity value of $141 million.

  • May 10, 2024

    Climate Control Co. Favors Apollo-Backed €392M Buyout Bid

    European climate control specialist Purmo said on Friday its board intends to recommend its purchase by a special purpose vehicle indirectly owned by U.S. private equity giant Apollo Global Management and Rettig, a Finnish investment company, for approximately €392 million ($422 million or £337.5 million).

  • May 10, 2024

    Burges Salmon Steers £100M Pension Deal For Rathbones

    Insurer Canada Life said it has completed a £100 million ($125.1 million) buy-in with the pension schemes of investment and wealth management company Rathbones Group PLC, in a deal steered by Burges Salmon LLP.

  • May 10, 2024

    Building Materials Biz To Return Further $300M To Investors

    CRH PLC on Friday rolled out a new chunk worth up to $300 million of its ongoing share repurchase program as the construction materials manufacturer seeks to reduce its outstanding share capital and to reward investors.

  • May 10, 2024

    London SPAC To Buy AI Biz Cykel In £19M Deal

    London-based blank-check company Mustang Energy PLC said Friday that it has agreed to acquire artificial intelligence software developer Cykel AI PLC for approximately £19.2 million ($24 million) in an all-share deal after months of negotiations.

  • May 10, 2024

    Sanofi, Novavax Sign $1.2B Deal For One-Shot COVID, Flu Jab

    Sanofi and U.S. vaccine developer Novavax Inc. said on Friday that the French pharmaceutical company has bought a co-exclusive licensing agreement worth up to $1.2 billion, part of a collaboration to create a combined global COVID-19 and influenza shot.

  • May 09, 2024

    Explorer Echo Energy Eyes Latin America Gold Project

    Echo Energy PLC on Thursday said it is considering acquiring a gold project in Latin America, as the exploration company eyes "a number of potentially transformational" enterprises to fit into its revised business plan.

  • May 09, 2024

    Sony Film Co. Sues Media Group For $49M Over Share Deal

    Sony Group's Columbia Pictures has brought a $49 million claim in London against a media company that allegedly failed to pay for any shares in an entertainment business it had agreed to buy.

  • May 09, 2024

    PE Firm Sells Another £60.2M Of Shares Of Ads Biz

    An investment company backed by private equity firm Apax Partners said Thursday that it has sold part of its stake in online classifieds group Baltic Classifieds Group PLC for £60.2 million ($75 million).

  • May 09, 2024

    UK Luxury Watch Retailer Buys Italian Jewelry Biz For $130M

    Watches of Switzerland Group PLC said Thursday that it has acquired Italian jewelry company Roberto Coin Inc. for $130 million to expand its luxury branded jewelry strategy, building on their existing partnership.

Expert Analysis

  • EU Antitrust Rules Set To Pose Challenges To US Businesses

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    With stark differences between U.S. and European Union antitrust regimes, and potential for the forthcoming EU guidelines to turbocharge the commission's appetite for intervention, it is important that U.S. businesses with activities in the region take note of the reforms, say Andrea Pomana and Sarah Wilks at Mayer Brown.

  • German Competition Law May Herald New Enforcement Trend

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    The recent amendment to the German Act against Restraints of Competition is expected to significantly expand the powers of the German Federal Cartel Office, and could signal a global trend toward greater direct intervention by national competition authorities and political interference in competition law, say lawyers at Simmons & Simmons.

  • How The OECD Global Tax Proposal Could Affect M&A

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    Following agreement on the Organization for Economic Cooperation and Development’s Pillar Two proposal to introduce a global minimum tax, domestic implementation is expected to have a significant impact on international M&A transactions, with financial modeling, deal structuring, risk allocation and joint venture arrangements likely to be affected, say lawyers at Freshfields.

  • A Look At German And French Merger Control Trends In 2023

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    Merger control statistics from the first half of 2023 in Germany and France — key merger control jurisdictions with strict enforcement and sophisticated analysis tools — highlight trends on the length and number of investigations by the respective authorities, say Laurence Bary and Clemens Graf York von Wartenburg at Dechert.

  • UK Shares-Tax Proposals Offer Long-Awaited Modernization

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    The U.K. government's recent consultation on the introduction of a new tax on transactions in securities raises detailed legal and practical issues, but the prospect of a single digital stamp tax offering both streamlined legislation and administration will be welcomed, say Zoë Arnautov and Mark Sheiham at Simmons & Simmons.

  • EU Illumina-Grail Fine Cools Cos.' Merger Control Approach

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    The European Commission's recent record-breaking fine on Illumina for acquiring Grail without approval underscores its tough stance on merger control enforcement, showing that companies in Europe need to be vigilant in complying with regulatory requirements, say Salomé Cisnal de Ugarte and Raphaël Fleischer at King & Spalding.

  • EU Case Shows Wide Approach To Blocking Telecom Mergers

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    The EU court's recent judgment in Commission v. CK Telecoms may make it more challenging to secure clearance for telecom and other companies pursuing mergers, illustrating its broad approach to mergers that risk harming competition without creating a dominant position, say Dominic Long and Christopher Best at Allen & Overy.

  • PR Perspectives: Getting Merger Communications Right

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    As the recent Allen & Overy and Shearman Sterling deal announcement demonstrates, controlling the narrative is the priority when merger discussions begin, so law firms need to consider their stakeholder base and the best communication channels for each segment, ready to adapt to the audience group's needs, say Ben Girdlestone and Bethany Durkin at Byfield.

  • Trustees Should Take Caution After UK Pension Tap Plan

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    The U.K. government's recent plan to boost technology startups by tapping into pension sector funds may risk the hard-earned savings of members, so trustees need to be mindful of the proposals in light of their fiduciary duties, say Beth Brown and Riccardo Bruno at Arc Pensions.

  • Report On UK Investment Act Offers Welcome Insights

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    The U.K. government's recent report on the National Security and Investment Act's first full year of operation is to be applauded for disclosing more information on the act's notification system than was required, enabling a better understanding of what has taken place and what the next year may hold, say Andrea Hamilton and Ajal Notowicz at Milbank.

  • Preparing For M&A Under The Foreign Subsidies Regulation

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    The EU Foreign Subsidies Regulation introduces requirements that companies operating in the region must consider in M&A transactions, and any foreign financial contributions received by a target should be checked during the due diligence stage, with specific provisions for commission approval if a notification requirement is triggered, say Hendrik Viaene and Stéphane Dionnet at McDermott.

  • Important Generative AI Considerations In M&A

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    The recent surge of interest in generative artificial intelligence and its use of machine learning algorithms means there are novel concerns as well as inherent risks for those engaging in M&A activity, and acquirers should pay careful attention to a target’s scope of ownership and licensing rights, say attorneys at Davis Polk.

  • Pension Trustee Case Could Lead To Fossil Fuels Divestment

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    While the recent Court of Appeal case McGaughey v. Universities Superannuation Scheme attempts to link fossil fuel investment by trustees to significant risk of financial detriment, it is concerning that two out of 470,000 scheme members could be permitted to bring a claim without ensuring that other members are represented, says Anna Metadjer at Kingsley Napley.

  • Green Loans May Be Hungary's Path To Sustainable Financing

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    Fueled by a rising trend in the use of green loans, Hungary is making impressive progress in its journey toward achieving a net-zero future, although the development of social and sustainability-linked loans is still a work in progress, say Gergely Szalóki and Bálint Bodó at Schönherr.

  • Tackling Global Inflation Is A Challenge For Antitrust Agencies

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    Recent events have put pressure on antitrust agencies to address the global cost-of-living crisis, but the relationship between competition and inflation is complex, and with competition agencies’ reluctance to act as price regulators, enforcement is unlikely to have a meaningful impact, say lawyers at Linklaters.

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