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Transactions UK
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April 04, 2024
Standard Life Bags Insurer's Pension Plan In £95M Deal
Standard Life has completed a £95 million ($120 million) buy-in of a pension scheme sponsored by Brit Insurance in a deal guided by Burges Salmon LLP.
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April 04, 2024
Mondi £5.1B Offer Deadline For DS Smith Extended
Packaging business DS Smith said Thursday that its rival Mondi PLC has been granted extra time to make a £5.1 billion ($6.5 billion) all-share offer as a bidding war for DS with International Paper Co. continues.
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April 04, 2024
UK Deepens Probe Into Vodafone-Three Telecoms Merger
Britain's antitrust authority said Thursday that it has launched an in-depth probe into plans by Vodafone and Three to merge their U.K. telecommunications networks to create a £16.5 billion ($21 billion) mobile operator after the companies failed to alleviate competition concerns.
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April 03, 2024
Genmab Builds Oncology Portfolio With $1.8B Deal
Danish biotechnology company Genmab announced Wednesday that it would acquire private cancer drugmaker ProfoundBio for $1.8 billion in cash, a move set to beef up Genmab's oncology portfolio and position the company as a competitor to other biotech companies that have made similar deals in the antibody drug conjugate space in recent months.
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April 03, 2024
Swiss Solar Power Co. Raises $227.5M With Rights Issue
Meyer Burger Technology AG said Wednesday it has successfully raised 206.75 million Swiss francs ($227.5 million) via a capital increase, as the solar panel maker looks to secure new funding and expand production in the U.S.
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April 03, 2024
Fintech Alpha Pushes Plan To List On London's Main Market
Alpha Group International PLC on Wednesday confirmed its plan to shift its shares to the London Stock Exchange's main market to boost its reputation and its business prospects.
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April 03, 2024
Kirkland-Led Goldman Sachs Unit Buys Stake In Credit Fund
Goldman Sach's private equity unit has acquired Italian asset manager Azimut's 20% stake in private credit fund Kennedy Lewis for $225 million, the companies said Wednesday.
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April 03, 2024
Insurer Lands Battery Brand Pension Scheme In £44M Deal
Insurer Just Group said Wednesday it has completed a £44 million ($55.3 million) buy-in of a pension scheme sponsored by battery and lighting brand Energizer Group Ltd.
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April 03, 2024
UK Vehicle Testing Co. Buys US Rival For Up To $30M
AB Dynamics PLC, a specialist in testing transportation products and services, said on Wednesday it has bought Venshure Test Services LLC for up to $30 million, as it seeks to expand its electric vehicle battery expertise.
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April 03, 2024
Shipping Giant Buys 10% In Volvo-Renault Electric Van JV
French container shipping giant CMA CGM Group has joined Renault and Volvo's electric van joint venture to help energy transition in the sector for light commercial vehicles, Renault said on Wednesday.
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April 02, 2024
UK Makes 2027 Commitment To 1-Day Securities Settlement
HM Treasury has said that Britain will start a one-day cycle for securities trade settlement by December 2027, bringing the country into harmony with other markets to reduce the risk that those involved will fail to meet their obligations.
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April 02, 2024
Ashurst-Guided Winemaker Bids £46M For UK Spirits Group
The English sparkling wine maker Nyetimber said on Tuesday that it has agreed to buy The Lakes Distillery Company PLC, a liquor producer, for approximately £46.1 million ($57.9 million), as it looks to capture a slice of the growing international spirits market.
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April 02, 2024
Biotech Firm Redx Eyes Delisting From London Market
Redx Pharma PLC proposed on Tuesday that it would cancel trading in its shares on the London Stock Exchange and re-register as a private business, citing constraints on market liquidity and the regulatory burdens that come with being a public firm.
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April 02, 2024
A&O-Led Furnace Co. To Buy Alumina Producer For $430M
RHI Magnesita NV, an Austria-based manufacturer of industrial furnace components, has agreed to buy Resco Group, a U.S. business that produces heat-resistant materials, for up to $430 million, the companies said.
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April 02, 2024
CMS Guides Pensions Insurer On £870M De Beers Deal
Pension Insurance Corp. PLC said Tuesday that it has covered £870 million ($1.1 billion) of pension liabilities for diamond company De Beers in the U.K. as part of a long-term strategy.
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April 02, 2024
UBS To Launch $2B Buyback After Credit Suisse Deal Closes
UBS said Tuesday that it will launch a share buyback program to return up to $2 billion to shareholders as the Swiss lender prepares to kickstart its capital returns after its takeover of Credit Suisse AG is finalized in June.
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April 01, 2024
Global Tensions Stall Cross-Border Deals As Gov'ts Regroup
Global cross-border mergers and acquisitions activity has fallen steadily from its 2021 peak, in part due to geopolitical issues that attorneys say are causing governments across the globe to bolster foreign investment policies and could lead investors to shift their geographic focus.
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March 28, 2024
Dole Drops $293M Sale Of Vegetable Biz Under DOJ Pressure
Dole PLC said Thursday it agreed to drop the planned $293 million sale of its fresh vegetable division to Chiquita Holdings Ltd. after the U.S. Department of Justice raised concerns about the deal's effect on packaged salad prices.
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March 28, 2024
Investment Firm RECI To Launch £10M Share Buyback
Real Estate Credit Investments Ltd. on Thursday said it aims to launch a new share repurchase program worth up to £10 million ($12.6 million) as its initial buyback scheme draws to a close.
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March 28, 2024
UK Watchdog Clears Aviva's £460M Takeover Of AIG Life
The U.K. government on Thursday gave a green light to insurance giant Aviva for its proposed £460 million ($562 million) acquisition of a British subsidiary of AIG Life Ltd. at the end of its first phase of inquiry into the transaction.
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March 28, 2024
Fieldfisher-Led Molecular To Delist Shares, Pull Unit's IPO
U.K. energy developer Molecular Energies PLC dealt a double blow to the London Stock Exchange's junior market on Thursday by announcing plans to remove its shares from trading and scrap a proposed IPO of its carbon removal subsidiary.
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March 28, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen investors target fraudsters who ran a fake film tax scheme, Barclays Bank sue privately owned Russian bank PJSC Sovcombank, easyGroup bring a trademark infringement claim against online casino TGI Entertainment for its "easybet" word sign, and a bioethanol fuel company hit high-profile individuals connected to the collapsed Elysian Fuels scheme. Here, Law360 looks at these and other new claims in the U.K.
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March 28, 2024
Disinfectant Biz Byotrol Plans To Pull London Listing
Byotrol PLC proposed pulling its shares from the London Stock Exchange on Friday because of the expense of being a publicly listed firm and said it plans to raise up to £500,000 ($631,000) outside the exchange.
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March 28, 2024
Freshfields, WilmerHale-Led Keysight Bids £1.2B For UK Biz
Telecoms-testing specialist Spirent said Thursday that it has agreed to accept a bid of approximately £1.16 billion from U.S. technology company Keysight and has rejected a previously agreed £1 billion offer from a maker of network-testing equipment.
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March 28, 2024
Struggling Lender Amigo Raises Cash, Eyes Reverse Takeover
Amigo Holdings PLC said on Thursday that it has raised cash and is looking for a reverse takeover target so that it can continue operating as a listed company, amid the planned liquidation of its troubled subprime lending arm.
Expert Analysis
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Foreign Direct Investment Considerations For Buyers, Sellers
The rapidly developing legal and regulatory foreign direct investment landscape means the challenge for deal makers is in navigating the continuously changing rules and understanding the manner in which regulators interpret them, says Kurt Ma at BCLP.
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Widely Forecast UK Recession Is Likely To Reshape M&As
Despite the economic downturn in the U.K., transactions will continue to get done in 2023, albeit with more complex terms and a greater focus on undertaking vigorous due diligence on customer relationships and contracts, say attorneys at Skadden.
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Czech Z-Trade Ruling Shows Benefit Of Compliance Program
With its recent Z-Trade fine reduction decision, the Czech Office for the Protection of Competition has for the first time put into practice its compliance program consideration policy, providing a further incentive for companies to implement such programs and underlining the office's intention to pay attention to them, say Vojtech Chloupek and Martin Taimr at Bird & Bird.
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Lessons That May Be Learned From The Demise Of Made.com
With Made.com going into administration, companies that may face similar challenges should take on board that the earlier adequate preemptive planning is considered, the more financial and legal options there will be to avoid last minute firefighting and to focus instead on strengthening the business, says Eleni Michaela at Faegre Drinker.
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Link Ruling Shows FCA's Wide Change-In-Control Powers
The Financial Conduct Authority's recent decision regarding the proposed acquisition of Link Fund Solutions is a reminder that the regulator has significant powers to attach conditions to its approvals and the advent of the Financial Services and Markets Bill could lead to the widening of those powers, say Charlotte Hill and Daniel Hirschfield at Taylor Wessing.
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Takeaways For Transaction Parties After UK Acquisition Block
The U.K. government recently used its retrospective powers under the National Security and Investment Act for the first time to block Nexperia’s acquisition of Newport Wafer Fab, highlighting the considerations that parties have to evaluate when contemplating transactions in high-risk areas, say attorneys at Arnold & Porter.
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Understanding The EU's New Foreign Subsidies Regulation
The European Parliament’s newly adopted Foreign Subsidies Regulation extends already wide-ranging European Union state aid powers and adds new layers of deal conditionality, so companies will need to carefully consider how the regulation may affect their EU-bound activities, say Peter Camesasca and Sophie Bertin at Covington.
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A Look At The Increase In Employee Ownership Trusts
The rise in employee ownership trusts has brought certain challenges, but with tax advantages and a proven positive impact on individuals, businesses and regional economies, employee buyouts are set to become more popular and could outstrip mainstream deal activity, says Lisa Hayward at Birketts.
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EU Basel III Bank Reforms May Weaken Securities Market
Recent proposals from the Council of the European Union's review of Basel III bank capital regulatory reforms did not adopt substantive changes urged by the market for the securitization framework, and may have a dampening effect on the competitiveness of European securitizations, say attorneys at Hogan Lovells.
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5 Factors Driving Longer Prenotifications In EU Mergers
Attorneys at Linklaters discuss reasons, including transaction complexity and a higher standard of proof, why the duration of the prenotification process in European Commission merger control cases has generally increased over the last 10 years, say attorneys at Linklaters.
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Series
My Favorite Law Prof: How I Learned To Argue Open-Mindedly
Queens College President Frank Wu reflects on how Yale Kamisar’s teaching and guidance at the University of Michigan Law School emphasized a capacity to engage with alternative worldviews and the importance of the ability to argue for both sides of a debate.
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New Clarity On Directors' Creditor Duty In Insolvency Context
The recent case of BTI 2014 v. Sequana, the first to consider the creditor duty at U.K. Supreme Court level, provides directors and insolvency practitioners with significant guidance on how close to insolvency the company needs to be for the creditor duty to be engaged, say attorneys at Shearman.
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German Draft Bill Reflects Trend Toward New Antitrust Tools
A recently proposed amendment to the German Act against Restraints on Competition continues the trend in Europe to equip authorities with greater powers, shifting from a more traditional approach to a more extensive market protection tool, say attorneys at Gibson Dunn.
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How COVID, Supply Chain Woes Are Fueling Air Cargo M&A
The pandemic has triggered a shift in the air cargo market, with supply chain issues and demand for expedited service attracting new investment — and M&A interest will likely continue, even as inflation and other factors damp enthusiasm, say Solange Leandro and Alison Weal at Watson Farley.
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What To Expect From A Simplified EU Merger Control System
The European Commission’s draft amendments to the EU merger control system, expected to be formally adopted shortly, reduce its administrative burden and expand the scope of the simplified procedure to additional categories of transactions, providing a welcome development for companies and their advisers, say Axel Gutermuth and Lukas Šimas at Arnold & Porter.