A&O advises BSkyB on £940m slice of ITV
Legal Week reports
November 29, 2006 at 07:03 PM
2 minute read
Allen & Overy (A&O) has announced its second high-profile corporate mandate this month after advising BSkyB on its acquisition of a £940m stake in ITV.
Corporate partner Richard Hough led the A&O team advising regular client BSkyB on its purchase of a 17.9% stake in the broadcasting company. The magic circle firm's head of antitrust, John Wotton, and partner Antonio Bavasso advised BSkyB on competition matters.
BSkyB bought its stake in ITV last week (17 November), but media ownership rules forbid it from making a full bid for the company.
Its stake is thought to be an attempt to block rival bidder NTL's attempt to buy ITV, amid growing interest in the terrestrial broadcasting company.
The A&O mandate marks its second major City transaction last week, with the magic circle firm announcing it has secured a role on Nasdaq's £2.7bn bid for the London Stock Exchange.
Earlier this month Ashurst and Fried Frank Harris Shriver & Jacobson teamed up to advise NTL on its £4.7bn approach, which was rejected by ITV earlier this month.
Lovells is thought to be advising longstanding client ITV, which is also rumoured to be facing a potential bid from German broadcaster RTL.
Reported on legalweek.com (22 November).
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