Slaughters and Skadden take lead roles on telecoms takeover
US fund Fidelity offers to buy out minority shareholders of data centre provider Colt and take the company private
June 22, 2015 at 05:00 AM
2 minute read
Slaughter and May and Skadden Arps Slate Meagher & Flom have secured lead roles as US fund manager Fidelity has offered to buy out the minority shareholders of London-listed telecoms provider Colt Group in an offer that values the company at £1.7bn.
Fidelity is currently Colt's major shareholder and helped to both found the fibre-optic network provider and take it public.
Colt's independent directors offered no recommendation on whether shareholders should accept the offer or not but claimed that it undervalued the business.
Colt confirmed that Slaughters is providing the company's primary representation.
The firm's team is being led by corporate partners William Underhill and Susannah Macknay.
Fidelity is being represented by Skadden. The firm is fielding a team led by corporate partner and head of its English law practice Michael Hatchard and fellow corporate partner Linda Davies.
In February Hatchard advised on the £4.3bn merger of drinks can manufacturing giants Ball Corporation and Rexam.
On that deal Skadden acted for Ball alongside Slaughters competition partners John Boyce, Claire Jeffs and Jordan Ellison, who advised on the EU competition aspects of the transaction.
This month Colt confirmed the continuation of its European 'preferred provider' relationship with Baker & McKenzie, which started in 2012. Bakers' representation is primarily focused on commercial, IT, telecoms and regulatory matters.
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