Forsters and Slaughters advise on Tata steel works sale to Greybull Capital
Indian steel giant has struck a deal to sell its long product business to private equity company Greybull Capital
April 11, 2016 at 07:21 AM
2 minute read
Forsters and Slaughter and May have landed the lead adviser roles as Indian steel giant Tata sells its European long products business to investment company Greybull Capital.
The Scunthorpe plant has been up for sale for over a year.
The sale of Long Products Europe, part of Tata's UK steel business, is expected to save around 4,400 UK jobs.
Greybull reportedly plans to invest £400m in the business.
Slaughter and May is advising Tata on the sale alongside financial adviser KPMG.
The Slaughters team on the deal is being led by corporate partner Gary Eaborn. The team also includes finance partners Ian Johnson and Andrew McClean, real estate partner John Nevin, tax partner Gareth Miles, IP partner Cathy Connolly and environment senior counsel Samantha Brady.
Forsters is advising Greybull Capital on all aspects of the deal. Its team is being led by corporate partner Craig Thompson.
Thompson trained at legacy SJ Berwin before qualifying in 1994 and has previously been a partner at Olswang and Howard Kennedy.
Slaughters previously advised Corus on Tata's £4bn purchase of the company a decade ago, which handed the Mumbai-based group a major foothold in Europe.
Beleaguered Tata Steel announced in March it would be selling all of its UK operations.
The loss-making works, which include Port Talbot, were bought by the Indian conglomerate in 2007. Over the past decade its business has been hit hard by cheap Chinese steel imports and falling commodity prices.
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