How A&O Completed a £31 Billion Merger During Lockdown
The partners who led the massive Liberty Global deal discuss virtual late night signings, and top tips for staying focused during the crisis.
May 19, 2020 at 06:28 AM
5 minute read
Allen & Overy recently advised Liberty Global on its landmark £31 billion deal to merge its U.K. operations with Telefónica, bringing together Virgin Media and O2 in a 50-50 joint venture.
Here the duo who led the team—global co-head of antitrust Antonio Bavasso and London corporate partner Jeremy Parr—talk about completing the deal during the U.K. lockdown and share their tips for working during the crisis.
Did you face competition to get the role? Why do you think won you the mandate?
Antonio: Liberty Global has relationships with a number of firms. For big-ticket corporate work, they tend to work with either A&O in the Netherlands or Freshfields Bruckhaus Deringer elsewhere. We are delighted that we have won this first large corporate and antitrust mandate in London.
What was the day of signing the deal like while working from home?
Antonio: It was as usual, in the early hours of the morning. We had been on video calls throughout the night. Not sure many in our team made use of the proximity to their bedrooms!
How did you co-ordinate the lawyers on your team while working remotely?
Antonio: We had virtual meeting rooms for people to join at various points and virtual meetings room with all parties for negotiation. The majority of our workday today involves large, multinational, multidisciplinary teams so we have good experience of remote working with on large deals. This was a step up from that, with us all in different locations, but we managed well.
Jeremy: We had really regular home team calls. A lot of texts during long conference calls – some comments not publishable!
Describe working on the deal, in three words.
Intense, exciting, transformational.
What was the biggest challenge while working on this project in the current climate?
Jeremy: It was very tough not being able to walk the floors at the office to speak to our team and make sure people were OK.
Antonio: Lack of proximity and interaction at crunch times was a big challenge but we have been able to overcome that successfully.
How do you think your clients feel about you advising them remotely?
Jeremy: It is easier if you've worked with them before and know what they will want.
Antonio: Clients have adapted well—on big international deals we often advise them remotely anyway, so hopefully they haven't seen a big difference.
How do you like to stay in touch with your colleagues?
Antonio: Regular team and one-to-one video calls.
Jeremy: I have gossiped a lot over the phone—actually just like normal.
What's the most embarrassing thing that's happened to you on a video call?
Jeremy: It's actually quite fun seeing people on their home turf. Most of the funny moments were provided by barking dogs and insistent children.
What do you miss most about the office?
Antonio: Interacting with people without planning to.
What's the first thing you'll do when the lockdown is lifted?
Antonio: Go to a restaurant with friends.
Jeremy: Make a family trip to London. We are really missing it.
What would be your three top tips for others working from home?
Antonio: Try to structure your day. Take breaks and exercise.
Jeremy: Try not to talk about work to your family—they will find it very boring.
How are you spending your weekends? Is there a Netflix recommendation you'd share?
Antonio: Spending time with family, running, walking with the dog, reading, watching TV. Last Dance (gripping story of Michael Jordan's last season and career), Crip Camp (documentary on the movement that led to disability and human rights revolution in 70/80s) and Normal People (BBC iPlayer/Hulu).
Jeremy: Living in remote countryside we are really lucky to be able to get out a lot. Our dog Toby is bemused because we are all here the whole time and he now gets 2+ walks a day. He loves lockdown. Netflix—for football fans a drama called The English Game (actually set in the nineteenth century, so tactics were basic!); I really enjoyed the Two Popes.
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