Eversheds, Bird & Bird and Clifford Chance (CC) have taken lead roles on UK telecoms services provider Daisy's takeover of AIM-listed rival Alternative Networks.

Lancashire-based Daisy is set to take AIM-listed rival Alternative Networks private in a deal that values the latter at £165m.

Eversheds is advising longstanding client Daisy with a team led by head of corporate commercial Keith Froud and London corporate partner Stephen Nash, with partner Danny Blum advising on employee incentives matters.

CC is advising Daisy on subordinated financing matters with a team led by banking partner Richard Sharples and high yield partner Michael Dakin.

Froud said: "We have acted for Daisy for over 10 years, and they have been very fast growing and acquisitive over that time."

Previous deals Eversheds has advised Daisy on include its 2014 buyout by a consortium led by chief executive Matthew Riley, alongside asset manager Toscafund and private equity firm Penta Capital.

Froud said the M&A market has remained positive despite tremors caused by the Brexit vote and the US elections: "In overall terms, we have not seen any kind of material dip and the pipeline looks pretty healthy – although we are not complacent in any way, shape or form," he said.

Nash added that the firm is currently acting on four out of 19 deals listed on the Takeover Panel's disclosure table, including Malaysian oil palm and rubber plantations company KLK's £415m bid for AIM-listed M.P. Evans Group.

Meanwhile, Bird & Bird is advising Alternative Networks on the Daisy deal with a team led by corporate head and client partner Neil Blundell, and corporate partner Simon Allport.

IT and telecoms services provider Alternative Networks has struggled in 2016, with its share price falling from 507p in January to a low of 255p in July.

Allport said: "It is a very challenging market for telecoms service providers at the moment," adding that the deal "is a good opportunity for shareholders to be given an exit at a reasonable premium."