Ashurst has bagged a major role opposite Slaughter and May acting for longstanding client Countrywide on the £1bn takeover approach from US private equity group Apollo Management.

Ashurst is advising Countrywide – the UK's largest estate agent – on a bid that values the group at 590p per share. The City giant is fielding a team headed by corporate chief Adrian Clark and which also includes corporate partner Robert Ogilvy-Watson, employee benefits partner Barbara Allen, pensions partner Steven Hull and competition partner Nigel Parr.

Slaughters is advising Apollo takeover vehicle Castle Bidco, with corporate partners Charles Randell and Gavin Brown leading the team for the magic circle firm.

The offer comes just two months after Ashurst advised Countrywide on a failed management buy-out of the company backed by private equity group 3i. Travers Smith acted for 3i on that bid, which valued the company at 569p per share, while Clifford Chance advised on financing.

Countrywide is one of the largest residential estate agents and property service companies in the UK, with annual revenues of £528m and a legal team of six.

The company, which operates nationally under brands such as Bairstow Eves, is also advised by a number of other UK firms, including national giant Pinsent Masons and northeast firm Watson Burton.