Slaughters and Norton Rose Fulbright lead as esure purchases remaining half in Gocompare
Slaughter and May and Norton Rose Fulbright have landed the leading roles as esure Group prepares to buy the outstanding 50% stake of price comparison website Gocompare.
December 08, 2014 at 07:32 AM
2 minute read
Slaughter and May and Norton Rose Fulbright have landed the leading roles as esure Group prepares to buy the outstanding 50% stake in price comparison website Gocompare.
The deal, worth £95m, will hand insurance provider Esure full control of the Newport-based start-up, which is now valued at £190m.
Gocompare founder Hayley Parsons will leave the company upon completion of the deal, which is still pending regulatory approval.
Slaughters is representing esure, with corporate partner John Papanichola advising on M&A and partner Matthew Tobin on finance.
Papanichola also led the team advising the insurer on its London listing last year, with Davis Polk & Wardwell mandated on US aspects and Ashurst acting for the banks on the float.
Norton Rose Fulbright is acting for Gocompare's shareholders, which include Parsons, with a team comprising corporate partners Richard Bull and David Whear.
Esure also owns car insurance brand Sheila's Wheels. It initially bought a 50% holding in Gocompare in 2007 for £2.7m, a year after the company was set up. The latest buyout will be funded by an issuance of up to £125m of subordinated notes.
Earlier this year esure formed an alternative business structure joint venture with Irwin Mitchell. The IMe Law Limited initiative involves a dedicated Irwin Mitchell team in Sheffield, which provides legal representation for esure customers.
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