Magic circle firms advise as government raises £11.8bn with Bradford & Bingley mortgage sale
Slaughters, A&O and CC among advisers as Prudential and Blackstone acquire buy-to-let mortgage portfolio
March 31, 2017 at 07:04 AM
2 minute read
Slaughter and May, Allen & Overy (A&O) and Clifford Chance (CC) are among a line-up of law firms advising on the UK government's sale of £11.8bn of buy-to-let mortgages, which belonged to failed lender Bradford & Bingley.
Together, insurance company Prudential and investment firm Blackstone will buy the portfolio of loans, which were acquired by the government when it nationalised Bradford & Bingley in 2008.
Slaughters is advising HM Treasury on the deal with a team led by City finance partner Guy O'Keefe and London corporate partner Craig Cleaver.
Cleary Gottlieb Steen & Hamilton is advising alongside Slaughters as special US counsel. The Cleary team is being led by London capital markets partner Pierre-Marie Boury.
It is understood CC is acting for Prudential with a team led by London structured debt partner Maggie Zhao alongside M&A partner Hilary Evenett, while A&O is advising Blackstone.
The A&O team advising Blackstone comprises London capital markets partner Angela Clist, London tax partner Charles Yorke and New York capital markets partner Justin Cooke.
Chancellor Philip Hammond said in a statement: "The sale of these Bradford & Bingley assets for £11.8bn marks another major milestone in our plan to get taxpayers' money back following the financial crisis."
Slaughters also advised the Treasury on the nationalisation of Bradford & Bingley in 2008, with its savings unit and branch network acquired by Santander.
Earlier that year, Cleary Gottlieb Steen & Hamilton and Linklaters advised private equity firm TPG on its acquisition of a stake in the struggling lender, with Bradford & Bingley turning to Herbert Smith.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View All
Lawyers Among Those Convicted as Hong Kong High Court Sentences 45 Activists to Prison
South Africa Regulator’s Staffing Problems Leave High-Stakes M&A Deals in Limbo
4 minute read
German Court Finds Facebook Must Pay Users for Data Breach, But Less Than Expected
Singapore Tycoon Loses Suit Against HSBC, Sentenced To Prison On Forgery Charges
Trending Stories
- 1Corporate Counsel's 2024 Award Winners Performed Legal Wizardry, Gave a Hand Up to Others
- 2Goodwin, Polsinelli, Fox Rothschild Find New Phila. Offices
- 3Helping Lawyers Move Away from ‘Grinding’ and Toward a ‘Flow’
- 4How GC-of-Year Sam Khichi Has Helped CVS Barrel Through Challenges
- 5A Website is Not a ‘Place.’ What Took So Long To Get This Right?
Who Got The Work
Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
Who Got The Work
Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
Who Got The Work
Amy O. Bruchs and Kurt F. Ellison of Michael Best & Friedrich have entered appearances for Epic Systems Corp. in a pending employment discrimination lawsuit. The suit was filed Sept. 7 in Wisconsin Western District Court by Levine Eisberner LLC and Siri & Glimstad on behalf of a project manager who claims that he was wrongfully terminated after applying for a religious exemption to the defendant's COVID-19 vaccine mandate. The case, assigned to U.S. Magistrate Judge Anita Marie Boor, is 3:24-cv-00630, Secker, Nathan v. Epic Systems Corporation.
Who Got The Work
David X. Sullivan, Thomas J. Finn and Gregory A. Hall from McCarter & English have entered appearances for Sunrun Installation Services in a pending civil rights lawsuit. The complaint was filed Sept. 4 in Connecticut District Court by attorney Robert M. Berke on behalf of former employee George Edward Steins, who was arrested and charged with employing an unregistered home improvement salesperson. The complaint alleges that had Sunrun informed the Connecticut Department of Consumer Protection that the plaintiff's employment had ended in 2017 and that he no longer held Sunrun's home improvement contractor license, he would not have been hit with charges, which were dismissed in May 2024. The case, assigned to U.S. District Judge Jeffrey A. Meyer, is 3:24-cv-01423, Steins v. Sunrun, Inc. et al.
Who Got The Work
Greenberg Traurig shareholder Joshua L. Raskin has entered an appearance for boohoo.com UK Ltd. in a pending patent infringement lawsuit. The suit, filed Sept. 3 in Texas Eastern District Court by Rozier Hardt McDonough on behalf of Alto Dynamics, asserts five patents related to an online shopping platform. The case, assigned to U.S. District Judge Rodney Gilstrap, is 2:24-cv-00719, Alto Dynamics, LLC v. boohoo.com UK Limited.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250
