Trio of magic circle firms lead on CYBG's £1.7bn Virgin Money takeover
Three top firms advise on deal to create UK's sixth-largest bank
June 18, 2018 at 06:34 AM
2 minute read
Slaughter and May, Allen & Overy (A&O) and Clifford Chance (CC) have taken key roles on Clydesdale and Yorkshire Banking Group (CYBG's) £1.7bn takeover of Virgin Money.
The deal, confirmed today (18 June), will create the UK's sixth-largest bank, with six million personal and small business customers, although it has been widely reported that about 1,500 jobs are at risk as a result of the combination.
CYBG's retail customers will move over to Virgin Money within the next three years, with CYBG set to take on the Virgin Money brand.
Slaughters is advising Virgin Money's majority shareholder Virgin Group, which has a 34.8% stake in the business, with a team headed up by M&A head Roland Turnill and corporate partner Rob Innes, intellectual property partner Cathy Connolly and financial regulation partner Jan Putnis.
A&O advised longstanding client Virgin Money on the deal, with a team led by City corporate partners David Broadley and George Knighton, alongside M&A partner Seth Jones.
Meanwhile, CC is advising CYBG with a team led by corporate partner David Pudge, and supported by corporate colleagues Gareth Camp and Katherine Moir, alongside IP partner Stephen Reese, head of CC's UK antitrust team Alex Nourry, regulatory partner Simon Crown and capital markets partners Adrian Cartwright and Christopher Walsh.
The deal comes six and a half years after Virgin Money bought the remnants of Northern Rock for £747m in 2011. A&O, Ashurst and Herbert Smith advised Virgin Money on the deal, while Freshfields Bruckhaus Deringer advised Northern Rock and its owner, UK Financial Investments.
This content has been archived.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
Can Labour's New Budget Steady the Ship? Big Moves On UK Tax Reform and Fiscal Stability
5 minute read
Greenberg Takes 7-Lawyer Project- and Structured-Finance Team From Dentons in Warsaw
3 minute read
Trending Stories
- 1$400M Case: Trustee Claims Instant Pot-Maker Defrauded Lenders
- 2NLRB Bans 'Captive Audience' Meetings, Yanking Away Platform Employers Used to Combat Unionizing Efforts
- 3The Power of Your Inner Circle: Turning Friends and Social Contacts Into Business Allies
- 4Bosworth Claims It Was Kline & Specter, Not Him, That Breached Settlement Terms
- 5K&L Gates Faces Malpractice Suit: 'An Experienced Labor Attorney Would Know'
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
