Magic circle duo to net £9m in fees on Virgin Money takeover
Allen & Overy, Clifford Chance and Slaughter and May to share fees on deal that will create the UK's sixth-largest bank
August 06, 2018 at 11:17 AM
2 minute read
Allen & Overy (A&O) and Clifford Chance (CC) will share £9m in fees following Clydesdale and Yorkshire Banking Group (CYBG's) £1.7bn takeover of Virgin Money.
The magic circle duo were drafted in to advise on the acquisition when the deal was confirmed in June.
The deal will create the UK's sixth-largest bank, with six million personal and small business customers. 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.
According to documents published this week, CYBG will incur £4.3m in legal costs, while Virgin Money will spend £4.7m. Financial and corporate broking advice is the largest expense for both companies, with CYBG clocking in with fees of £17.3m and Virgin Money £24m for financial advisers.
A&O is advising 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.
Slaughter and May is acting for Virgin Money's majority shareholder Virgin Group, which has a 34.8% stake in the business, with a team headed by M&A head Roland Turnill and corporate partner Rob Innes, intellectual property partner Cathy Connolly and financial regulation partner Jan Putnis. Virgin Money's fees have not been made public.
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.
Image credit: MoneyBright.com
This content has been archived.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
Linklaters Sees Latest Partner Exit as UK Leveraged Finance Partner Walks To Simpson Thacher
2 minute read
Ex-Dewey & LeBoeuf Banking Lawyer on Trial in Germany’s Cum-Ex Tax Scandal
DLA Piper & Hogan Lovells Expand German Construction and Property Practices
2 minute read
White & Case, Cleary Among Firms Gearing Up for Biggest London IPO Since 2022
3 minute readTrending Stories
- 1Litigators of the Week: A Trade Secret Win at the ITC for Viking Over Promising Potential Liver Drug
- 2Litigator of the Week Runners-Up and Shout-Outs
- 3'The Show Must Go On': Solo-GC-of-Year Kevin Colby Pulls Off Perpetual Juggling Act
- 4Legal Speak at General Counsel Conference East 2024: Match Group's Katie Dugan & Herrick's Carol Goodman
- 5Legal Speak at General Counsel Conference East 2024: Eric Wall, Executive VP, Syllo
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
