Herbert Smith acted for Sears, which accepted a £549m takeover offer this week from January Investments, a bid vehicle headed by retail entrepreneur Philip Green. Edward Walker-Arnott, Richard Lewis and Austin Sweeney led the team. January Investments was represented by Lovell White Durrant. Marco Compagnoni headed its team.

Denton Hall and Denton International advised consumer, commercial finance and related services providers The Associates, on its acquisition of Avco for $3.9bn (£2.44bn). Simon Brown led the Denton Hall team. Leon Barriola from Denton Lupicinio R Spain, and Alexandre Marque at French firm Sales Vincent – both part of Denton Alliance – advised on Spanish and French law. Brendan Heneghan from William Fry, Anouscka van der Kuyp from Trenite van Doorne and Gunner Blomberg from Wistrand Advokatbyra Stockholm advised on other European matters. Allen and Overy's Alistair Lindsay represented Avco.

Clifford Chance (CC) led by Daniel Sandleson acted for broadcasting contractors Carlton Communications, in its purchase of PolyGram Filmed Entertainment's ITC library assets. Carlton will pay $150m (£93.8m) in cash. The deal is set to complete in March 1999. O'Melveny and Myers' Jo Calabrese provided US law assistance to CC. Theodore Goddard's Paddy Grafton Green and William James advised PolyGram. Simpson Thacher Bartlett's Dan Clivner advised on US law.

Simmons & Simmons' Peter Kennerley advised US based Global TeleSystems on a recommended offer for UK listed Esprit Telecom. Sherman & Sterling's Mark Koppel advised GTS on US law. Andrew Sharples and Stephanie Bates of Rowe & Maw advised Esprit. Allen & Overy's Andrew Ballheimer advised Bear Sterns, financial advisers to GTS. Freshfields' Phillip Richards, Herbert Smith's Ben Ward and SJ Berwin's Tim Drake advised Esprit's shareholders. The new company's combined market capitalisation will be about $4.1bn (£2.5bn). It is the first ever public offer for an Easdaq listed company.

Slaughter and May acted for packaging maker, Field Group, which was sold to US napkin and paper-towel producer, Chesapeake for £194m. Nigel Boardman and Andy Ryde led the team assisted by Tim Reid. Travers Smith Braithwaite's Simon Jay advised Chesapeake.

Fox Williams acted for Flexible Management on its acquisition of German software company, BSP-Banking. The team was led by Mark Tasker who was assisted on German law by Westpfahl & Spilker's Dr Bernsau. Jeffrey Fouts in the Paris office of Willkie Farr & Gallagher represented BSP's shareholders. Peter Cox of Lee Crowder represented 3i Group and Lloyds Development Capital, which provided finance, and Andrew Crawford of Cameron McKenna represented Lloyds Bank, which provided the debt facility. The deal was valued at £14m.

Edge Ellison acted for WT Foods, which acquired Noon Group, a chilled foods company, on 14 January for £50m. Simon Gordon led the team. Gordon Dadds acted for Noon Group's shareholders led by Michael Jepson. Norton Rose's Steven Rigby acted for the stockbrokers Hoare Govett.