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International Edition

Capitalism's next frontier - outside investment in law

A little before 10:30am on 3 June 2020, Derek Boone took a deep breath and swung open the glass doors of his law firm's 49th floor conference room. As the managing partner of Chicago-based Trale Blaser & Stern, Boone had conducted hundreds of meetings in this room, but today was different. Private equity firm SilverKnight Partners had made an unprecedented $200m (£124m) investment in Trale Blaser the day before, transforming the law firm from a traditional partnership into a privately-held corporation with an equity value of $600m (£373m). Boone had just become the chief executive and in a few minutes would lead the inaugural board meeting.
18 minute read

International Edition

Skadden and Linklaters win roles on Russian company's London listing

Linklaters and Skadden Arps Slate Meagher & Flom have lined up on the $420m (£260m) initial public offering (IPO) of Russian food retailer O'Key, in one of the first listings by a Russian company in London since the financial crisis. Skadden advised O'Key, fielding a team including corporate finance partner Pranav Trivedi, who splits his time between London and Moscow, and Moscow-based M&A partner Dmitri Kovalenko.
2 minute read

International Edition

Freshfields acts for Russian metals giant on $3bn finance package

Freshfields Bruckhaus Deringer has taken the lead role advising on a $3bn (£2bn) loan participation programme on the London Stock Exchange (LSE). The magic circle firm has advised Russian metals giant OAO Severstal on the financing, which saw the company issue a $1bn (£626m) eurobond under the programme with a seven-year maturity.
2 minute read

International Edition

Linklaters partners set for five-figure windfall from Betfair IPO

A number of Linklaters partners could be in line for a five-figure windfall if they choose to cash in shares they received in lieu of fees during the dotcom boom. Roughly 25% of the existing partnership, as well as a number of ex-partners, still hold a stake in online betting company Betfair, which listed on the London Stock Exchange late last month (22 October). The firm gained the shares through an equity-for-fees arrangement agreed more than a decade ago.
2 minute read

International Edition

Dealmaker: Alex Bafi

Herbert Smith's corporate veteran on duff DIY skills and why ECM deals still get the heart pumping...
4 minute read

International Edition

Raft of firms win roles on $8.3bn tie-up of Singapore and Australian stock exchanges

A line-up of leading Asia-Pacific firms have won roles on the $8.3bn (£5.2bn) merger of the Singapore and Australian stock exchanges, reports The Am Law Daily. The proposed takeover by Singapore Exchange Limited (SGX) of ASX, Australia's main stock exchange, is set to create Asia's second largest exchange after Hong Kong. The cash-and-shares deal will add weight to Singapore's growing status as a leading financial hub.
2 minute read

International Edition

CC and A&O take lead roles on £1.9bn Singapore IPO

Clifford Chance (CC), Allen & Overy (A&O) and Allen & Gledhill have lined up on Singapore's largest initial public offering (IPO) in 17 years, worth S$3.9bn (£1.9bn). Logistics company Global Logistic Properties (GLP) launched on the Singapore stock exchange earlier this month, with the flotation marking the largest IPO in the region since telecommunications company SingTel went public in 1993 for a reported S$4bn (£2bn).
2 minute read

International Edition

Ashurst hires ex-Linklaters partner in capital markets practice boost

Ashurst has boosted its debt capital markets practice with the appointment of former Linklaters partner Stephen Edlmann. Edlmann, who will join the top 10 City firm's London office next Monday (1 November) as a consultant, held several senior management roles at Linklaters, including head of international finance and co-head of equity capital markets.
2 minute read

International Edition

US duo take top roles on Danish jewellery retailer's €1.5bn listing

Latham & Watkins and Davis Polk & Wardwell have taken lead roles on the €1.5bn (£1.3bn) initial public offering (IPO) of Danish jewellery maker Pandora. Davis Polk advised the jewellery company on its listing, fielding a team led by London corporate partner John Meade. Latham, meanwhile, advised the financial sponsors on the deal, which completed earlier this month on Copenhagen's NASDAQ OMX exchange.
2 minute read

International Edition

Primary concerns - in-house lawyers lobby against shake-up of share offering regulation

The decision to split the Financial Services Authority (FSA) between the Bank of England and a new Consumer Protection and Markets Authority (CPMA) was greeted unenthusiastically by lawyers, many of whom questioned the need for such upheaval given the FSA's improved performance over the last couple of years. Now a further plan to extract the UK Listing Authority (UKLA) from the FSA and relocate it within the Financial Reporting Council (FRC) is generating another wave of discontent.
6 minute read

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