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Transactions UK
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March 18, 2024
Paul Hastings-Led Francisco Partners To Pay $1.2B For Jama
Tech-focused private equity investor Francisco Partners has agreed to buy Portland, Oregon-based Jama Software from shareholders including Insight Partners and Madrona Ventures for $1.2 billion, the companies said Monday.
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March 18, 2024
Proskauer Guides $58M Sale Of Seattle Reign NWSL Team
The National Women's Soccer League's Seattle Reign FC will fall under new ownership as a group including men's soccer franchise Seattle Sounders FC and private equity giant Carlyle announced plans to buy the women's team in a deal that values it at $58 million.
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March 18, 2024
PE Biz Oakley Capital To Invest £9M In Optical Tech Biz
Private equity investor Oakley Capital said Monday an associated fund has agreed to buy Horizons Optical for an undisclosed sum, a deal expected to pool in £9 million ($11.5 million) investment for the medical software business.
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March 18, 2024
Aviva Completes £937M Exit From Singapore Insurer
Aviva PLC said Monday that it has sold its entire stake in Singapore Life Holdings Pte Ltd., or Singlife, for £937 million ($1.2 billion), giving Sumitomo Life Insurance Co. complete control of the company.
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March 18, 2024
Swiss Solar Energy Biz To Raise $226M For US Expansion
Solar panels maker Meyer Burger said Monday that it is planning to raise approximately 200 million Swiss francs ($226 million) in equity Tuesday to benefit from "the highly attractive U.S. market" and to "stop sustained losses in Europe."
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March 18, 2024
Tobacco Giant BAT Begins First Phase Of £1.6B Buyback
British American Tobacco PLC launched on Monday the initial part of a £1.6 billion ($2 billion) share buyback aimed at lowering its outstanding share capital, following the sale of a partial stake in its Indian business.
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March 18, 2024
Pfizer To Reduce Stake In Haleon To 24% Through Share Sale
Haleon PLC said Monday that U.S. pharmaceutical titan Pfizer Inc. will reduce its stake in the British consumer healthcare company to 24%.
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March 18, 2024
China's JD.com Pulls Offer For UK Retailer Currys
Currys PLC said Monday that Chinese online retailer JD.com will not make a takeover offer, days after a U.S. investment firm, Elliott Advisors, pulled its £760 million ($968 million) bid for the British electrical retailer.
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March 15, 2024
Ex-Autonomy CEO To Face Jury As HP Fraud Trial Boots Up
Former Autonomy CEO Michael Lynch's 2011 sale of the tech company he founded to HP for about $11.7 billion earned him around $804 million and acclaim in tech circles, but the British executive now faces up to 20 years in prison on federal fraud charges that he inflated revenue figures in a monthslong criminal trial slated to kick off Monday in San Francisco.
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March 15, 2024
Investment Funds Fight For Disclosure In $1.2B Mining Row
Two Brazilian investment funds lost their bid Friday to force a mining company to hand over board documents ahead of a trial over a $1.2 billion deal that went south, with the judge agreeing with the mining firm that the documents are privileged.
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March 15, 2024
UK Litigation Roundup: Here's What You Missed In London
The past week in London has seen Howard Kennedy face legal action by a London hotel chain, former racing boss Bernie Ecclestone and Formula One hit with a breach of contract claim by a Brazilian racecar driver, and a libel row between broadcaster Jeremy Vine and ex-footballer Joey Barton. Here, Law360 looks at these and other new claims in the U.K.
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March 15, 2024
French Shipper Boosts Media Division With €1.6B Altice Deal
French shipping giant CMA CGM on Friday announced that it has agreed to buy Altice Media, France's third-largest private-sector media group, for a total enterprise value of €1.55 billion ($1.69 billion) in an effort to beef up its media division.
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March 15, 2024
Swiss Builder Holcim Launches $1B Buyback Program
Swiss building company Holcim said Friday that it is launching a 1 billion francs ($1.13 billion) share buyback program Monday to cut the number of its shares in the market.
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March 15, 2024
Ad Tech Biz Nexxen Seeks Green Light For $50M Buyback
Nexxen International Ltd. said Friday that it is seeking permission from creditors to start a new share repurchase program worth up to $50 million, in line with Israeli government requirements, as the firm is based in Israel.
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March 15, 2024
Fintech Co. R8 Capital Extends £50M Redwood Bank Deal
Struggling fintech company R8 Capital said Friday that it now is likely to complete the approximately £50 million ($63.7 million) acquisition of the parent company of specialist business lender Redwood Bank in August to "accommodate certain aspects of the transaction."
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March 15, 2024
Scottish Mortgage Plans £1B In Buybacks Over 2 Years
Scottish Mortgage Investment Trust said Friday it is planning to spend at least £1 billion ($1.3 billion) over the next two years to reward shareholders after a sharp rise in cash flow from its portfolio companies.
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March 15, 2024
Kirkland-Led Co. Sells Data Center Biz To PE Firm For $575M
Real estate investment company Digital 9 Infrastructure said Friday that it has sold its entire stake in data center company Verne Global for up to $575 million to private equity firm Ardian France SA in a move to strengthen its financial position.
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March 15, 2024
UK Watchdog Probes Barratt's £2.5B Redrow Deal
The antitrust regulator said Friday that it is looking into whether Barratt Developments PLC's £2.5 billion ($3.2 billion) all-share deal for rival homebuilder Redrow PLC could harm competition in U.K. markets.
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March 15, 2024
Vodafone To Sell Italy Operation To Swisscom For €8B
Vodafone Group PLC said Friday that it will sell its Italian business to rival Swisscom AG for €8 billion ($8.7 billion) in cash to streamline its European business operations.
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March 14, 2024
KKR Lobs €2.8B Takeover Bid At German Energy Biz
Private equity giant KKR on Thursday lobbed a €2.8 billion ($3.05 billion) takeover bid at German renewable energy platform and independent power producer Encavis AG in a deal built by at least five firms that is aimed at strengthening Germany's energy future and supports the renewable energy transition in Europe.
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March 14, 2024
Weil, Memery Crystal Lead £28M Offer For SmartSpace
British software company SmartSpace said Thursday that visitor management systems maker Sign In Solutions Inc. has offered to buy it for approximately £28.4 million ($36.2 million) in a deal guided by Weil Gotshal & Manges LLP and Memery Crystal.
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March 14, 2024
WJM, Thrings Guide £3.25M Allpack Acquisition
Glasgow-based business Macfarlane Group PLC said its subsidiary has purchased Allpack Packaging Supplies Ltd. in a deal worth up to £3.25 million ($4.16 million) that was advised by law firms Wright Johnston and Mackenzie LLP and Thrings LLP.
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March 14, 2024
Insurer Completes Full Construction Co. Pension Scheme Deal
Insurer Just Group said on Thursday that it has completed a £37 million ($47.3 million) buy-out of a pension scheme sponsored by a leading engineering and construction company, finishing the process that it started in 2013.
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March 14, 2024
Jones Day, Cooley Steer AstraZeneca's $1B Bid For Amolyt
AstraZeneca said Thursday that it has agreed to acquire Amolyt Pharma, a clinical stage biotechnology company, in a deal worth up to $1.05 billion to expand its late-stage rare disease pipeline in an acquisition guided by Jones Day and Cooley LLP.
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March 14, 2024
CMS Leads Rothesay £6B Buy Of Scottish Widows Portfolio
Pension insurer Rothesay Life said Thursday that it will buy Scottish Widows' £6 billion ($7.7 billion) portfolio of bulk annuities from Lloyds Banking Group PLC, in a transaction guided by CMS Cameron McKenna Nabarro Olswang LLP.
Expert Analysis
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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.
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Vodafone Decision Highlights Wide Scope Of UK's FDI Rules
The U.K. government’s recently imposed conditions required for its approval of Vodafone and Etisalat’s strategic relationship agreement under its National Security and Investment Act jurisdiction, illustrating the significance of the act as an important factor for transactions with a U.K. link, says Matthew Hall at McGuireWoods.
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What Extension Of French FDI Control Means For Investors
The recently published French order on foreign investment control expands the regime's application to more sectors and at a lower threshold of share ownership, illustrating France's determination to maintain sovereignty over its supply chains in sensitive sectors, and adding new considerations for potential investors in these areas, say lawyers at Linklaters.
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What To Expect For Private Capital Investment Funds In 2024
As 2024 gets underway, market sentiment in the private fundraising sphere seems more optimistic, with a greater focus on deal sourcing and operational optimizations, and an increased emphasis on impact and sustainability strategies, say lawyers at Ropes & Gray.
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Cayman Islands Off AML Risk Lists, Signaling Robust Controls
As a world-leading jurisdiction for securitization special purpose entities, the removal of the Cayman Islands from increased anti-money laundering monitoring lists is a significant milestone that will benefit new and existing financial services customers conducting business in the territory, say lawyers at Walkers Global.
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Acquisition Of AI Tech Poses Challenges For Media Industry
The artificial intelligence regulatory landscape is changing quickly, and media and entertainment companies planning to acquire AI technology through a merger, acquisition or licensing deal should be mindful of potential new compliance requirements and AI-specific insurance products, say lawyers at Covington.
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Due Diligence Pointers After Entain Deferred Prosecution Deal
The Crown Prosecution Service's £615 million settlement with Entain last month signifies that the CPS is a serious enforcer of corporate crime, and illustrates the importance of carrying out a tailored risk assessment in preparation for and following an acquisition, say Matthew Cowie and Aziz Rahman at Rahman Ravelli.
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What Can Be Learned From Adobe-Figma Merger Termination
The Competition and Markets Authority’s role in the recent termination of the proposed Adobe-Figma merger deal indicates the regulator's intention to be seen as a strong enforcer in the technology sphere, and serves as a warning for companies to address antitrust risks early on in the merger process, say Deirdre Taylor and Molly Heslop at Gibson Dunn.
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How FCA Listing Regime Reform Proposals Are Developing
The Financial Conduct Authority’s recently proposed U.K. equity listings reforms maintain increased flexibility with a disclosure-based approach, but much of the new regime’s success will depend on the eligibility criteria used and whether additional governance will be required for inclusion, say lawyers at Debevoise.
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US And UK Law Firms Continue Trend Of EU Expansion
A broad spectrum of U.S. and U.K. law firms are now seeking fresh opportunities in Europe's fastest growing and constantly evolving sectors by opening offices in strategic locations across the continent, says James Lavan at Buchanan Law.
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A Look At 2023's Landmark Insolvency Developments
The insolvency landscape in 2023 witnessed pivotal court decisions that will continue to shape the industry in 2024, with a focus on refining director and administrator duties and obligations, and addressing emerging challenges, says Kerri Wilson at Ontier.
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Regulating Digital Platforms: What's Changing In EU And UK
Lawyers at Mayer Brown assess the status of recently enacted EU and U.K. antitrust regulation governing gatekeeper platforms, noting that the effects are already being felt, and that companies will need to avoid anti-competitive self-preferencing and ensure a higher degree of interoperability than has been required to date.
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An Overview Of European Private Investments in Public Equity
Although still fairly rare, private investments in public equity may continue to be an attractive option for some European issuers seeking to secure equity financing, and advisers planning such an investment should consider the various local options, requirements and norms, say lawyers at Sullivan & Cromwell.
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UK Takeover Code Changes: Key Points For Bidders, Targets
Newly effective amendments to Rule 21 of the U.K. Takeover Code, which remove legal and administrative constraints on a target operating its business in the ordinary way during an offer, will add clarity for targets and bidders, and are likely to be welcomed by both, say lawyers at Davis Polk.
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EU Rejection Of Booking.com Deal Veers From Past Practice
The European Commission's recent prohibition of Booking's purchase of Etraveli based on ecosystem theories of harm reveals a lower bar for prohibiting nonhorizontal mergers, and may mean increased merger scrutiny for companies with entrenched market positions in digital markets, say lawyers at Linklaters.