Linklaters holds on to former Youle client HgCapital for Manx Telecom IPO
Linklaters has taken the lead role for HgCapital on its disposal of Manx Telecom, the magic circle firm's first deal for the private equity house since the departure of key client relationship partner Richard Youle. Youle left for White & Case with fellow private equity co-head Ian Bagshaw last year, in one of the most eye-catching lateral moves of 2013.
February 14, 2014 at 08:02 AM
2 minute read
Linklaters has taken the lead role for HgCapital on its disposal of Manx Telecom, the magic circle firm's first deal for the private equity house since the departure of key client relationship partner Richard Youle.
Youle left for White & Case with fellow private equity co-head Ian Bagshaw last year, in one of the highest-profile lateral moves of 2013.
Though Links' relationship with Hg goes back to 2001, Youle was the client relationship partner at his former firm and led on a string of deals including the buyouts of JLA, Iris Software Group, e-conomic, TeamSystem and Nair&Co.
The Manx deal – which completed this week – saw the company valued at £160m as it listed on London's Alternative Investment Market (AIM).
Linklaters also took a role for Manx, ahead of the listing, on the refinancing of the Isle of Man-based company's debt.
Private equity partner Alex Woodward led on the deal for Linklaters, alongside corporate partner Iain Wagstaff and banking partner Adam Freeman.
The firm previously advised HgCapital on the acquisition of Manx Telecom from Telefonica in 2010, a deal on which Youle also took a role.
Hg's co-investor in Manx, CPS, did not have separate legal advice, though the underwriter Liberum Capital was advised by a DLA Piper team headed by international corporate head Charles Severs.
Earlier this month, Legal Week reported Bagshaw signed his first two deals for White & Case since his move with Youle, advising Czech antivirus company Avast Software on the sale of a 40% stake to CVC Capital Partners, as well as Polish mobile phone operator Play's inaugural €870m (£722m) high yield bond and PLN130m (£26m) credit facility.
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