Ashurst makes debut for new client opposite Linklaters on $800m TPG buyout
Linklaters and Ashurst have taken lead roles on TPG Capital's $800m (£508m) acquisition of hedge fund services company GlobeOp. Linklaters won the lead role for the buyout house, fielding a team led by corporate partner Charlie Jacobs and private equity partner Carlton Evans.
February 05, 2012 at 07:03 PM
2 minute read
Linklaters and Ashurst have taken lead roles on TPG Capital's $800m (£508m) acquisition of hedge fund services company GlobeOp.
Linklaters won the lead role for the buyout house, fielding a team led by corporate partner Charlie Jacobs (pictured) and private equity partner Carlton Evans.
Ashurst, meanwhile, advised the target with a team under London-based corporate partners Stephen Lloyd and Jonathan Earle.
Advice on antitrust issues was provided by Ashurst's chief economist Matt Hughes, with partner Rob Moulton handling regulatory aspects of the deal. Corporate partner and recent recruit Isabelle Lentz provided Luxembourg advice.
The role for Ashurst marks a first-time instruction for the firm, which won the client after a tender process in 2010. Previously, GlobeOp had used US firm Weil Gotshal & Manges as its preferred law firm.
Cleary Gottlieb Steen & Hamilton also took a smaller role for TPG, advising on finance and regulatory aspects. New York finance partner Duane McLaughlin, London finance partner David Billington and Brussels competition partner James Modrall led the US firm's team. The US firm also advised TPG on its £300m acquisition of UK retailer Republic in 2010.
Travers Smith picked up the lead role for GlobeOp's management on the latest deal, with the firm's team headed up by corporate partner Paul Dolman alongside corporate partners Neal Watson and Chris Hale and tax partner Russell Warren.
One partner commented: "TPG has been looking to boost its presence in the hedge funds industry – it is one of the fastest-growing markets at the moment and the firm wants to capitalise on that."
Other law firms to have worked with TPG include Ropes & Gray, which acted for the buyout house on its 2010 acquisition of manufacturing company Ontex for €1.2bn (£1bn).
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