Elite Firms Line Up On London Stock Exchange's $27B Acquisition
Freshfields and A&O are among the advisers as the LSE targets financial data provider Refinitiv.
July 30, 2019 at 05:01 AM
2 minute read
London Stock Exchange
Freshfields Bruckhaus Deringer, Allen & Overy and Simpson Thacher are among the firms advising on the London Stock Exchange's (LSE) proposed takeover of financial data provider Refinitiv for $27 billion.
The LSE confirmed on Saturday (July 27) that it is in talks with Refinitiv and its investors – which include private equity house Blackstone and Thomson Reuters – about a possible deal for the company.
Refinitiv's former parent company Thomson Reuters sold its majority stake in the business last year to Blackstone, retaining a 45% stake. If a deal was agreed with LSE, this would drop to 15%.
Freshfields is advising longstanding client LSE on the proposed takeover. The firm's financial institutions co-head Andrew Hutchings and corporate partner Stephen Hewes are leading its team.
Previously, the Magic Circle firm has advised the company on several issues, with Hutchings advising on its failed merger talks with stock exchange Deutsche Boerse in 2016.
Private equity boutique PriestleySoundy is advising LSE's management on aspects of the deal.
Magic Circle firm Allen & Overy, U.S. heavyweight Wachtell Lipton Rosen & Katz, and Canadian firm Torys are advising Thomson Reuters.
A&O is advising on U.K. aspects of the deal, fielding a cross-border team across its London and Washington D.C. offices.
A&O's London team includes finance partner Bob Penn, corporate partner Richard Evans and competition partner Alasdair Balfour. The trio are joined by Washington D.C. investigations partner Anthony Mansfield and finance partner Chris Salter.
Wachtell's team includes New York tax partner Tijana Dvornic, while Torys tax partner Jerald Wortsman is advising on Canadian law.
U.S. firm Simpson Thacher is advising investor Blackstone on the proposed deal, with a team fielded out of New York including tax partner Andrew Purcell and employment partner Greg Grogan.
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