Ashurst and Linklaters act on rights issue in Informa restructuring

CMS Cameron McKenna has won a major instruction for Informa as the publishing group announces a corporate restructuring that will see it form a Swiss-taxed parent company.

Camerons' City-based corporate partner Gary Green led on the tax restructuring and a related £255m rights issue, which was announced earlier this month (1 May). He was assisted by a team which also included London-based partner Nicholas Stretch advising on share schemes.

The corporate restructuring sees the UK-based publishing group form a Jersey-incorporated parent company named New Informa, which will be tax-resident in Switzerland. The move is believed to have been sparked by tougher UK tax rules on overseas earnings, due to come into effect this year.

Meanwhile, the company also managed to raise £255m through a rights issue, which generated roles for Ashurst and Linklaters. Ashurst was instructed on US law aspects of the issue, fielding a team led by London-based US-qualified partner Daniel Bushner.

Linklaters was instructed by both underwriters, Merrill Lynch and RBS Hoare Govett, with London corporate partner John Lane leading.

Camerons' Green commented: "This is a substantial rights issue and the tax redomiciliation added considerable complexity. It is the first time that two transactions of this type have been undertaken and announced at the same time."

Green also advised Informa last year when it was circled by a number of private equity firms with interests in the group. Freshfields Bruckhaus Deringer advised a consortium of private equity houses including Providence Equity Partners, Carlyle Group and Blackstone Group in a rejected £1.9bn September bid.

Camerons also previously advised on Informa's £1.1bn merger with Taylor and Francis Group in 2004, and on its $1.4bn (£923m) acquisition of conference and exhibition business IIR in 2005.

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