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Transactions UK
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February 29, 2024
Mayer Brown, Fieldfisher Steer Vaalco's $66.5M Buy Of Oil Biz
Vaalco Energy Inc. said Thursday that it has agreed to acquire Swedish oil exploration and production company Svenska Petroleum Exploration AB for $66.5 million in a deal guided by Mayer Brown LLP and Fieldfisher LLP.
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February 29, 2024
HSF Guides Australia's South32 On $1.65B Coal Mine Sale
Australian mining and metals company South32 Ltd. said on Thursday that it will sell its coal mines in New South Wales to a Singaporean and Australian consortium for $1.65 billion as it seeks to distance itself from carbon-intensive operations.
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February 29, 2024
IGT Units Merging With Everi To Create $6.2B Gaming Co.
International Game Technology said Thursday it has agreed to spin off its Global Gaming and PlayDigital businesses and merge them with gaming machine maker Everi Holdings, a deal that will create a global gaming and fintech valued at $6.2 billion, including debt.
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February 29, 2024
Freshfields-Led GXO Bids £762M For Wincanton
GXO Logistics Inc. on Thursday made an offer to buy all the shares of its British peer Wincanton PLC for £762 million ($964 million) in a deal guided by Freshfields Bruckhaus Deringer LLP and Wachtell Lipton Rosen & Katz.
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February 29, 2024
Insurer Direct Line Rejects £3B Linklaters-Backed Ageas Bid
British insurer Direct Line has rejected a £3.1 billion ($3.9 billion) offer from Ageas, a Belgian-French rival, finding that it was "uncertain, unattractive, and that it significantly undervalued" the group.
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February 28, 2024
Squire Patton, Taylor Wessing Advise On £24.9M Pet Biz Sale
Animalcare Group PLC said on Wednesday it has sold its majority shareholding in pet microchipping company Identicare Ltd. for £24.9 million ($31.5 million) cash, a transaction advised by Squire Patton Boggs LLP and Taylor Wessing LLP.
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February 28, 2024
DLA Piper Hires Trio Of Energy And Infrastructure Partners
DLA Piper announced Wednesday that it has recruited the former head of energy, natural resources and infrastructure at Paul Hastings and two other partners to boost its corporate and finance offerings in London.
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February 28, 2024
Infrastructure Investor To Sell Stake In US Project For $232M
Infrastructure investment company HICL Infrastructure PLC said Wednesday that it has agreed to sell its entire interest in a highway in the U.S. to road operations company VINCI Highways SAS for $232 million.
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February 28, 2024
Property Biz Nets £907M In Equity To Fuel Data Center Growth
Industrial property company Segro PLC said Wednesday that it now expects to raise approximately £907 million ($1.1 billion) after it increased the size of Tuesday's £800 million equity offering because of strong demand from investors.
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February 28, 2024
Nutrition Products Biz Glanbia Launches €50M Share Buyback
Glanbia PLC rolled out on Wednesday a share buyback program worth up to €50 million ($54 million), the first phase of its new €100 million repurchase plan, advised by Irish law firm Arthur Cox.
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February 28, 2024
Linklaters Advises French Glass Maker On €230M Buy Of Rival
French glass manufacturer Verallia SA said on Wednesday that it will buy the Italian business division of Spanish rival Vidrala for €230 million ($250 million) as it aims to expand its operations in Italy.
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February 28, 2024
Swisscom In Advanced Talks To Buy Vodafone Italy For €8B
Swisscom AG said Wednesday that it is in advanced exclusive talks with Vodafone Group PLC to buy its Italian business for €8 billion ($8.6 billion) in cash after the British multinational rejected a competing bid from France's Iliad SA.
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February 27, 2024
Guernsey OKs CEVA-Wincanton Deal After GXO Approach
Shipping giant CMA CGM SA said Tuesday that the Channel Island of Guernsey has given a green light to its subsidiary CEVA Logistics UK Rose Ltd. for its proposed approximately £803 million ($1 billion) acquisition of British logistics company Wincanton PLC.
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February 27, 2024
Simpson Thacher-Led EQT Nets Record $24B For PE Fund
Private equity giant EQT said Tuesday that it has raised €22 billion ($23.8 billion) for its latest flagship fund EQT X from global investors, exceeding a €20 billion target.
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February 27, 2024
Bank Of Ireland Kicks Off €520M Buyback After Profit Gains
Bank of Ireland Group PLC started a share buyback program on Tuesday worth up to €520 million ($564 million) as it looks to downsize the amount of its outstanding capital and bolster returns to investors after reporting strong earnings.
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February 27, 2024
Peugeot Invest Sells Its 4% Stake In Tefal Owner For €236M
France's Peugeot Invest said Tuesday that it has sold its 4.02% holding in Tefal producer Groupe SEB for €236 million ($256 million), as part of its strategy to swap its asset holdings.
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February 27, 2024
French Court OK's Billionaire's Rescue Of Casino Grocer
A Paris court has approved a €1.2 billion ($1.3 billion) rescue package for the Casino grocery chain from a consortium led by Czech tycoon Daniel Křetínský, which is due to be completed by the end of March after a months-long restructuring process.
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February 26, 2024
Simmons & Simmons Hires PE Real Estate Pro From MoFo
Simmons & Simmons LLP has strengthened its corporate practice with the addition of a private equity real estate partner to its London office from Morrison Foerster LLP — and the firm says more private equity hires are on the way.
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February 26, 2024
Pandox To Sell Doubletree By Hilton Montreal For $59M
Pandox AB said on Monday it has agreed to sell the DoubleTree by Hilton Montreal hotel and its operations for around 80 million Canadian dollars ($59 million) to an unnamed buyer.
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February 26, 2024
Packaging Co. Bunzl To Acquire Foodservice Biz For £339M
Packaging materials company Bunzl PLC said Monday that it has agreed to acquire 80% of foodservice distributor Nisbets for an initial consideration of £339 million ($430 million) from British investment company Key West Holdings to complement its catering equipment distribution business.
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February 26, 2024
Insurance M&A Hits 10-Year Low Amid Political Uncertainty
The number of global mergers and acquisitions among insurers was at its lowest level for a decade in 2023, according to research published on Monday by Clyde & Co. that shows companies are reacting cautiously to heightened geopolitical risks.
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February 26, 2024
Wincanton Considering Alternative Offer, CEVA Ups Bid
Wincanton said Monday that shipping giant CMA CGM has increased its takeover offer for the British logistics company to approximately £803 million ($1 billion), and that it has also received a "possible competing offer" from another bidder that it did not name.
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February 26, 2024
Real Estate Biz Sells Scottish Site In £111M Deal
Hammerson PLC, the owner of malls including the Brent Cross center in London, said Monday that it has sold a shopping center in the Scottish city of Aberdeen for £111 million ($141 million) in cash to an affiliate of Lone Star Real Estate Fund VI LP.
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February 26, 2024
Skadden Leads Iliad's Buy Of 20% Stake In Tele2 For $1.3B
French telecommunications group Iliad SA said on Monday that it will take a 19.8% stake in Swedish mobile network provider Tele2 AB for 13 billion Swedish kronor ($1.3 billion), a move it said will help boost "innovation" at both firms in next-generation networks.
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February 26, 2024
Addleshaw Goddard Hires Macfarlanes Pro For Wealth Team
Addleshaw Goddard LLP has appointed former Macfarlanes LLP lawyer Laura Uberoi as partner and head of its newly created private wealth team in London.
Expert Analysis
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A Look At UK's 1st Report On Security Regime For Deals
The U.K. government’s recent report on the National Security and Investment Act, covering its first three months since it came into force in January, suggests that the regime may not be leading to a surge in benign notifications and that the government is responding quickly, which is good news for businesses, say attorneys at Cooley.
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What EU Changes To Dual Distribution Mean For Franchises
Following the European Commission’s adoption of the Vertical Block Exemption Regulation and accompanying vertical guidelines regarding dual distribution, which took effect this month, franchisors should examine their flow of information to and from franchisees to determine whether it must be restricted, say attorneys at Baker McKenzie.
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How ESG Matters Are Influencing M&A Due Diligence Trends
With a proliferation of environmental, social and governance-related regulatory developments and a desire to comply with best practice, ESG matters have become an increasingly important area of focus for both clients and advisers in M&A transactions, say attorneys at Sullivan & Cromwell.
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Changes To UK Competition Rules Will Extend CMA Powers
Recent amendments to U.K. competition and consumer law regimes introduce changes to merger control and antitrust investigations that will result in the speedier resolution of cases and greater autonomy for the Competition and Markets Authority, say Bill Batchelor and Aurora Luoma at Skadden.