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Transactions UK
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November 08, 2024
Apache To Pull North Sea Investments Over UK Windfall Tax
Texas-based oil giant Apache Corp. said Friday that it will wind up its North Sea oil operations by 2030 in response to the U.K.'s plan to raise the energy profits levy — known as the windfall tax — by 3 percentage points.
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November 08, 2024
Shard Capital Sues Biz Owners Over £5M Inflated Valuation
A subsidiary of a U.K. financier has sued the former owners of a group of companies it acquired, seeking £5 million ($6.5 million) in damages over claims they made material errors in their accounting that inflated the group's value.
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November 08, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen collapsed German airline Air Berlin take action against its former auditor KPMG, the associate editor at The Spectator hit with a libel claim by a mosque over the far-right riots that took place in August and British licensing authority the Performing Right Society sue Parklife Manchester and four other festival organizers. Here, Law360 looks at these and other new claims in the U.K.
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November 08, 2024
Nexans To Sell US Cables Biz To Dentons-Led Mattr For $280M
Energy transition company Nexans said Friday that it has agreed to sell its U.S.-based cable subsidiary AmerCable Inc. to Canadian infrastructure technology company Mattr Corp. for $280 million in a deal guided by Dentons.
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November 08, 2024
British Airlines Owner To Launch €350M Share Buyback
International Cons Airlines Group said Friday it will roll out a share repurchase scheme of €350 million ($378 million) aimed at lowering its outstanding share capital, as the British Airlines owner reported revenue growth.
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November 08, 2024
Squire Patton Steers Standard Life On £250M Pension Deals
Insurer Standard Life said it has penned £250 million ($324 million) worth of retirement savings deals for two pension plans linked to British safety technology group Halma PLC, in transactions steered by Squire Patton Boggs LLP.
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November 08, 2024
Gowling-Led Solar Biz To Delist In £219M Brookfield JV Deal
Solar energy company Atrato Onsite Energy PLC said Friday that it has sold all of its assets to a joint venture of Brookfield Asset Management Ltd. for £218.7 million ($283 million) in a deal guided by Gowling WLG.
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November 08, 2024
Apollo Gets Extension To Make £1B Offer For Auto-Parts Biz
Auto parts supplier TI Fluid Systems said Friday that Britain's mergers and acquisitions authority has granted a company backed by private equity giant Apollo more time to make it a firm offer worth approximately £995 million ($1.3 billion).
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November 08, 2024
Undervalued UK Retail Stocks Make Targets For Activists
The collapse of Boohoo's share price from its highs during the COVID-19 pandemic has opened the fashion chain to criticism from a minority shareholder, Frasers Group, in what lawyers say could be the start of a trend for undervalued retail stock to become a playing field for activism.
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November 07, 2024
LeBron Eyes Media Merger, AI Startup IPO, And More Rumors
Basketball star LeBron James wants to merge his TV and film production company with a British studio, while AI-focused startup CoreWeave has selected investment banks to manage an initial public offering planned for 2025, plus a women's clothing retailer and a generic-drug maker are planning a pair of listings that could revive Canada's dormant IPO market.
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November 07, 2024
One Essex Court KC Tapped To Chair Takeover Panel
The U.K.'s Takeover Panel has appointed a senior barrister at One Essex Court to serve as its chair from May 1, according to a statement to the London Stock Exchange on Thursday.
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November 07, 2024
Building Materials Biz CRH Launches Further $300M Buyback
CRH PLC on Thursday announced an additional stock repurchase tranche worth up to $300 million as the construction materials manufacturer reported higher revenues despite weather challenges.
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November 07, 2024
Hammerson Buys Remaining 50% Stake In Mall For £135M
Urban real estate developer Hammerson PLC said Thursday that it has completed the acquisition of the remaining stake in Westquay shopping center in the English port city of Southampton for £135 million ($175.4 million).
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November 07, 2024
Travers Smith Guides Investment Biz Selkirk On IPO
Selkirk Group PLC on Thursday announced the admission of its stock to London's junior investment market AIM, in which it was advised by Travers Smith LLP, after raising about £7.5 million ($9.7 million).
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November 07, 2024
Gowling Steers £70M Building Society Pension Deal
A building society has offloaded £70 million ($91 million) of its staff pension liabilities to insurer Canada Life, advisers said Thursday, in a deal steered by Gowling WLG.
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November 07, 2024
CMA Raises Concerns Over Amex GBT's $570M Buy Of Rival
The proposed $570 million acquisition by American Express Global Business Travel Inc., a corporate travel management company, of rival CWT Holdings LLC in the U.K. could "lead to reduced choice and quality" in Britain, the antitrust watchdog has warned.
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November 07, 2024
FCA Warns Firms On Inaccurate Transaction Reporting
The Financial Conduct Authority warned on Thursday that some regulated companies are reporting their transactions inaccurately — even after they have taken remedial measures.
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November 07, 2024
Eversheds, HSF Guide £190M Pension Deal For Insurer
Pension Insurance Corp. PLC said Thursday that it has taken on £190 million ($245 million) of retirement savings liabilities from a scheme sponsored by a trade credit insurer in a deal guided by Eversheds Sutherland and Herbert Smith Freehills LLP.
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November 06, 2024
McGuireWoods-Led Teledyne Pays $710M For Defense Assets
Led by McGuireWoods LLP, Teledyne Technologies Inc. said Wednesday it will buy certain aerospace and defense electronics businesses from Excelitas Technologies Corp., guided by Fried Frank Harris Shriver & Jacobson LLP, for $710 million in cash.
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November 06, 2024
Nutrition Firm Glanbia Announces Further €50M Buyback
Glanbia PLC said Wednesday it plans to launch a further €50 million ($53 million) share buyback program, as the nutrition and dairy products business reported revenue growth.
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November 06, 2024
Oxford Nanopore Transfers Shares To New Main Market
Britain's financial regulator has approved the transfer of Oxford Nanopore's shares to the revamped main market of its official list on the London Stock Exchange, paving its way to the FTSE UK Index Series, the medical technology company said Wednesday.
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November 06, 2024
TA Makes €1.21B Bid For German Healthcare Tech Biz
U.S. private equity firm TA Associates Management LP has offered to acquire Nexus AG in a public takeover offer, valuing the German healthcare technology company at €1.21 billion ($1.3 billion).
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November 06, 2024
Carlyle-Backed Insurance Consolidator Enters French Market
PIB Group said Wednesday that it has bought a French medical malpractice insurance business, BEA Group — the latest in a string of purchases disclosed by the acquisition vehicle as it expands across Europe.
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November 06, 2024
Frasers Criticizes Boohoo's 'Disregard For Shareholder Views'
Frasers Group on Wednesday called on fast-fashion giant Boohoo not to sell any of its online brands without consulting with shareholders, after alleging that it has not properly engaged with investors before making decisions.
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November 06, 2024
Commerzbank Applies To ECB For €400M Buyback Approval
Commerzbank AG said Wednesday that it is seeking the go-ahead from the European Central Bank to launch a share buyback of up to €400 million ($430 million), the second stage of its program to repurchase stock.
Expert Analysis
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M&A Takeaways From 1st EU Foreign Subsidies Merger Ruling
The European Commission’s recent decision on the merger between e& and PFF Telecom is the first to approve a transaction subject to commitments under the Foreign Subsidies Regulation, serving as a helpful guide by confirming that behavioral measures ring-fencing EU activities from the potential effect of third-country subsidies are acceptable, say lawyers at Cleary.
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Factors Driving EU Competition Policy For The Next 5 Years
Teresa Ribera Rodríguez’s recent nomination as the new European Union commissioner for competition prompts questions about policy and enforcement, with goals to enhance competition in business, implement stronger and faster enforcement, and promote and fund decarbonization likely in her sights during a five-year term, say lawyers at Linklaters.
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Modernizing UK Trade Settlement Standard: The Road Ahead
Andrew Tsang and Tom Bacon at BCLP consider the rationale and challenges of a potential U.K. trade settlement acceleration, part of an initiative to modernize the financial market infrastructure, and suggest that incorporating distributed ledger technology as a synchronized recording system would facilitate the move.
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What EU Antitrust Guidelines Will Mean For Dominant Cos.
The European Commission’s recent draft antitrust guidelines will steer courts' enforcement powers, increasing the risk for dominant firms engaging in exclusive dealing without any apparent basis to shift the burden of proof to those companies, say lawyers at Latham.
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Draft Merger Control Guidance Allows CMA To Cast Wide Net
The Competition and Markets Authority's recent draft merger control guidance, reflecting the regulator's strengthened powers under the Digital Markets, Competition and Consumer Act, introduces extensive change and potential procedural improvements, specifically concerning reviews of private equity firms, say lawyers at Travers Smith.
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Reflecting On 12 Months Of The EU Foreign Subsidy Regime
New European Commission guidance, addressing procedural questions and finally providing clarity on “distortion” in merger control and public procurement, offers an opportunity to reflect on the year since foreign subsidy notification obligations were introduced, say lawyers at Fried Frank.
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Review Of EU Cross-Border Merger Regs' Impact On Irish Cos.
Looking back on the year since the European Union Mobility Directive was transposed into Irish law, enabling Irish and European Economic Area limited liability companies to participate in cross-border deals, it is clear that restructuring options available to Irish companies with EU operations have significantly expanded, say lawyers at Matheson.
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A Look At UK, EU And US Cartel Enforcement Trends
The European Union, U.K. and U.S. competition agencies' recently issued joint statement on competition risks in generative artificial intelligence demonstrates increased cross-border collaboration on cartel investigations, meaning companies facing investigations in one jurisdiction should anticipate related investigations in other jurisdictions, say lawyers at Latham & Watkins.
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Testing The Limits Of English Courts' Pro-Arbitration Stance
Although the Court of Appeal recently upheld a $64 million arbitration award in Eternity Sky v. Zhang, the judgment offers rare insight into when the English courts’ general inclination to enforce arbitral awards may be outweighed by competing policy interests such as consumer rights, say Declan Gallivan and Peter Morton at K&L Gates.
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EU Merger Control Concerns Remain After ECJ Illumina Ruling
The recent European Court of Justice judgment in Illumina-Grail is a welcome check on the commission's power to review low-threshold transactions, but with uncertainty persisting under existing laws and discretion left to national regulators, many pitfalls in European Union merger control remain, says Matthew Hall at McGuireWoods.
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Examining The EU's New Payments Services Package
Following recent European Parliament elections, the spotlight is turning to the highly anticipated payments services package expected in September, marking a pivotal moment in the legislative process that will reshape the payment services ecosystem in the European Union, says Kristýna Tupá and Karolína Hlavinková at Schoenherr.
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EU Reports Signal Greenwashing Focus For Financial Sector
Reports from the European Supervisory Authorities on enforcement of sustainability information, plus related guidance issued by the European Securities and Markets Authority, represent a fundamental change in how businesses must operate to maintain integrity and public trust, say Amilcare Sada and Matteo Fanton at A&O Shearman.
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What M&A Uptick Will Mean For Legal Hiring
Thomson Reuters research reveals an improving macroeconomic picture of incoming interest rate cuts, and with market confidence in the new U.K. government, there is a higher corporate demand for transactional advice, leading law firms to increase their hiring in preparation for this heavier workload, says James Lavan at Buchanan Law.
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Takeaways From First EU Foreign Subsidy M&A Investigation
The European Commission's recent investigation into Emirates Telecommunications' proposed acquisition of PPF Telecom is the first in-depth investigation of an M&A deal under the Foreign Subsidies Regulation, demonstrating that the regulation can have real consequences in practice that companies must consider at the outset of large transactions, says Matthew Hall at McGuireWoods.
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Disclosure Takeaways From Superdry Restructuring Plan
Superdry’s recently approved restructuring plan is said to be the first of its kind accompanied by a capital raise, with the High Court of England and Wales’ interim judgment providing helpful guidance on disclosure requirements, say lawyers at King & Spalding.