Legal advisers on Comcast's £26bn Sky bid to share up to £45m in fees
Fees for firms including Freshfields, Davis Polk and HSF revealed in Comcast offer document
July 20, 2018 at 07:19 AM
2 minute read
Freshfield Bruckhaus Deringer, Herbert Smith Freehills (HSF) and Davis Polk & Wardwell are set to share as much as £45m in legal fees for their work on the bidding war for Sky between Comcast and 21st Century Fox.
The figures were revealed in a formal offer document published by Comcast, which this week announced that it was abandoning its pursuit of 21st Century Fox's film and television assets to focus on its bid for Sky, which values the company at £25.9bn.
Freshfields and Davis Polk have been advising Comcast, which expects to spend between £20m and £24.1m in legal fees on the Sky bid, which trumped an earlier offer from 21st Century Fox.
Meanwhile, HSF is understood to be advising Sky, which is expecting to pay out between £15.2m and £20m for legal advice on the takeover offer.
The Davis Polk team advising longstanding client Comcast is being led by managing partner Tom Reid, while Freshfields lawyers on the deal include London M&A partners Julian Long and Alison Smith, City competition partners John Davies and Michelle Davis and London employment partner Alice Greenwell.
Comcast expects to pay its full roster of advisers between £203m and £243m in total for their work on the bid. Advisers to the US cable operator include Bank of America, Wells Fargo, Morgan Stanley and Barclays. Sky has projected that it will pay its advisers between £88.6m and £95.9m.
Allen & Overy (A&O), Skadden Arps Slate Meagher & Flom and Simpson Thacher & Bartlett have been advising 21st Century Fox on its rival bid, with A&O leading for 21st Century Fox on corporate, regulatory and competition matters. Skadden also taking a corporate role and Simpson Thatcher providing financing advice.
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