Slaughters joins Linklaters for £575m Egg sale
Slaughter and May has landed a lead advisory role opposite Linklaters on Prudential's £575m sale of internet banking business Egg to Citigroup. Slaughters is advising Prudential on the sale, while magic circle rival Linklaters is acting on behalf of US financial services giant Citigroup.
January 30, 2007 at 09:38 AM
1 minute read
Slaughter and May has landed a lead advisory role opposite Linklaters on Prudential's £575m sale of internet banking business Egg to Citigroup.
Slaughters is advising Prudential on the sale, while magic circle rival Linklaters is acting on behalf of US financial services giant Citigroup.
Corporate and commercial partner William Underhill led a 17-lawyer team for Slaughters that also included corporate partner Robert Chaplin.
Underhill previously led a Slaughters team two years ago advising Prudential on its £217m acquisition of the remaining 22% stake in Egg that the company did not already own.
City-based corporate partners Nick Rees and Carlton Evans led the Linklaters deal team.
As part of the sale – which is expected to close in April – Prudential will provide additional life assurance and pensions products to Egg's three million customers over an initial five-year period. Prudential will use cash generated by the sale towards paying off its own existing debts.
Egg is known to have also instructed Lovells in the past, with the top 10 City firm landing a major advisory role on the online bank's launch in 1998.
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