Freshfields and Slaughters lead on Barclays' £226m Standard Life buyout
Freshfields Bruckhaus Deringer and Slaughter and May have taken lead roles on Barclays' £226m acquisition of Standard Life. The sale of the UK mortgage and savings business of Standard Life will see 268 employees in Edinburgh move over to Barclays, with the Standard Life Bank name dropped altogether. The deal is expected to close in early 2010.
October 27, 2009 at 11:09 AM
2 minute read
Freshfields Bruckhaus Deringer and Slaughter and May have taken lead roles on Barclays' £226m acquisition of Standard Life.
The sale of the UK mortgage and savings business of Standard Life will see 268 employees in Edinburgh move over to Barclays, with the Standard Life Bank name dropped altogether. The deal is expected to close in early 2010.
Barclays in-house team, led by Matthew Dobson, was advised by Freshfields, which fielded a large team headed up by corporate partner Claire Wills. Other partners on the deal included corporate partner Philip Richards, employment partner Nicholas Squire, finance partner Chris Barratt and tax partner David Taylor.
Maclay Murray & Spens advised Barclays on Scottish law matters, with a team led by corporate partner Michael Livingston and supported by real estate partner Gillian Downie and banking partner Chris Dun.
Standard Life instructed regular adviser Slaughter and May. The magic circle firm's team was led by corporate partner Craig Cleaver and included corporate finance partner Ian Hodgson, IP/IT partner David Ives, tax partner Graham Earles, dispute resolution partner Efstathios Michael and competition partner Michael Rowe.
Standard Life also said that it plans to pursue opportunities together with Barclays in the pensions and investments sector. As of 30 June, the bank has mortgage loans of £8.8bn on its books and customer deposits of £5.5bn at. For the last financial year, ending 31 December 2008, Standard Life Bank reported underlying profit before tax of £26m.
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