Trio advise as Sainsbury's takes full control of its banking arm
Linklaters, Milbank Tweed Hadley & McCoy and Hogan Lovells have taken roles as Sainsbury's takes full control of its banking arm from Lloyds Banking Group. The deal, announced yesterday (8 May), has seen Linklaters and Milbank advise for the supermarket on its purchase of the remaining 50% of shares from the bank for £248m. Linklaters TMT partner Richard Cumbley and corporate managing associate Michael Honan took the lead for the magic circle firm, which is a long-standing adviser to Sainsbury's.
May 09, 2013 at 06:30 AM
2 minute read
Linklaters, Milbank Tweed Hadley & McCoy and Hogan Lovells have taken roles as Sainsbury's takes full control of its banking arm from Lloyds Banking Group.
The deal, announced yesterday (8 May), has seen Linklaters and Milbank advise the supermarket on its purchase of the remaining 50% of shares from the bank for £248m.
Linklaters TMT partner Richard Cumbley and corporate managing associate Michael Honan took the lead for the magic circle firm, which is a longstanding adviser to Sainsbury's.
Milbank's team was led by partner Mark Stamp, who joined the US firm last year from Linklaters, where he was a relationship partner for Sainsbury's. Milbank is not on Sainsbury's panel, although has advised it in the past.
The supermarket's in-house team was led by company secretary Tim Fallowfield and head of legal services Nick Grant.
Hogan Lovells advised Lloyds, with financial institutions group partner Jonathan Chertkow and corporate finance partner Maegen Morrison leading a team.
Sainsbury's first moved into banking in 1997 through a venture with Bank of Scotland, with the supermarket retaining the larger stake in a 55/45 joint venture.
In 2007, the arrangement was updated to a 50/50 relationship between the supermarket and Halifax, Bank of Scotland and later Lloyds Banking Group. Stamp advised on the establishment of these arrangements while at Linklaters.
Linklaters was one of 13 law firms – including legacy SNR Denton and CMS Cameron McKenna – to be appointed to the supermarket giant's panel of external legal advisers in 2011, following a competitive tender process.
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