Linklaters lands Government role on £16bn asset sell-off
Linklaters has been drafted in by the Government to advise on the potential sale of £16bn worth of assets over the next two years in a bid to reduce the UK's budget deficit. The magic circle firm is understood to be one of a number of top law firms in line to benefit from the UK Government's plans to sell a portfolio of assets including the student loan book and the Dartford Crossing.
October 12, 2009 at 10:24 AM
2 minute read
Linklaters has been drafted in by the Government to advise on the potential sale of £16bn worth of assets over the next two years in a bid to reduce the UK's budget deficit.
The magic circle firm is understood to be one of a number of top law firms in line to benefit from the UK Government's plans to sell a portfolio of assets including the student loan book and the Dartford Crossing.
Prime Minister Gordon Brown said in a speech that the Government could raise £3bn by selling off its 32% stake in uranium processing company Urenco and the Channel Tunnel rail link.
Also up for sale would be a proportion of the Government's £220bn real estate portfolio. The funds raised will be used to help finance new capital investment and pay down debt.
It is not known which other law firms have been instructed, but Slaughter and May has taken a number of key roles for HM Treasury throughout the financial crisis. The firm declined to comment.
In 2003 the Government launched its L-Cat legal panel in a bid to cut legal spending and centralise costs. L-Cat was suceedeed in 2007 by the Office of Government Commerce's Legal Services Catalist Framework Agreement, which saw a roster of 48 firms selected to advise government departments.
The panel includes most major UK law firms including Slaughters, Linklaters, Freshfields Bruckhaus Deringer and Allen & Overy.
Linklaters was unavailable for comment.
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