Magic circle duo land roles on £780m New Look sale
Pair of firms advise as South African investment house Brait makes another significant purchase in the UK
May 15, 2015 at 06:13 AM
2 minute read
Clifford Chance (CC) and Linklaters have picked up lead mandates on South African investment house Brait's purchase of a controlling stake in fashion retailer New Look.
Brait will pay £780m for a 90% stake in New Look. The transaction places an enterprise value of £1.9bn on the fashion retailer.
CC is advising both New Look and its private equity group owners, Apax and Permira.
Corporate partner Amy Mahon is leading the firm's team, supported by fellow corporate partner David Pearson.
CC also scored a role in 2012 when New Look refinanced after piling up total net debt of more than £1bn. Fellow magic circle firm Allen & Overy joined CC on that deal.
Fried Frank Harris Shriver & Jacobson is representing New Look's management, fielding a team led by corporate partner Dan Oates and London managing partner Graham White.
Macfarlanes is advising the family trusts of New Look founder Tom Singh, with a team led by corporate M&A partner Harry Coghill and private client consultant Robin Vos.
Eversheds employee incentives partner Danny Blum is leading a team advising New Look on the employee share plans aspects of the sale.
Brait has turned to Linklaters for UK advice on the acquisition, just one month after the firm also acted for the investment house on its £682m purchase of Virgin Atlantic.
Linklaters' team on the New Look deal is being led by private equity partners Alex Woodward and Stuart Boyd, with London head of corporate Stuart Bedford also acting.
In South Africa Brait has instructed DLA Cliffe Dekker Hofmeyr.
Brait is also taking advice from independent Luxembourg firm M Partners.
In a statement today, New Look chief executive Anders Kristiansen said the deal with Brait will give the retailer "the perfect platform to continue its strategy of growing the New Look brand in the UK, Europe and China".
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