A&O and CC take top roles on Barclays fundraising
Allen & Overy (A&O) and Clifford Chance (CC) are among a raft of firms that have won roles on Barclays' high-profile capital raising. A&O is advising Sumitomo Mitsui Banking Corporation (SMBC) on its £500m investment into Barclays, while CC has taken the lead role for Barclays.
June 25, 2008 at 10:02 AM
2 minute read
Allen & Overy (A&O) and Clifford Chance (CC) are among a raft of firms that have won roles on Barclays' high-profile capital raising.
A&O is advising Sumitomo Mitsui Banking Corporation (SMBC) on its £500m investment into Barclays, while CC has taken the lead role for Barclays.
Corporate managing partner Andrew Ballheimer is leading the A&O team advising the Japanese bank on all UK and Japanese regulatory and corporate aspects of the deal. He is working alongside London corporate partner Louise Wolfson and banking partner Paul Phillips as well as Tokyo M&A partners Hidehero Utsumi and Stephen Mathews.
CC is fielding a team under London corporate finance partner Guy Norman.
The UK banking giant announced details of a plan to raise around £4.5bn through a share issue earlier today (25 June).
Sumitomo's investment – which represents around 11% of the new shares being issued – makes it the third biggest investor after the Qatar Investment Authority and Challenger, which have agreed to invest up to £1.76bn and £533m respectively.
In addition to the investment SMBC and Barclays have agreed to look at opportunities for working together.
Linklaters, Norton Rose and Latham & Watkins have also won roles on the deal. Latham is acting for QIA with London corporate partners Nick Cline and Graeme Sloan leading. Linklaters is advising Temasek which is to invest up to £200m in Barclays with London corporate partner William Buckley leading the team. Norton Rose corporate partner Martin Scott is advising another investor, China Development Bank.
Ballheimer said: "This is a key strategic investment by SMBC and we are very pleased to be involved in this groundbreaking transaction. This is a viable alternative to the traditional rights issue."
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