Top Firms Construct £1B Deal as Bovis Acquires Rival Housebuilder
The deal will see Bovis Homes acquire rival Galliford Try for over £1 billion.
November 08, 2019 at 05:15 AM
2 minute read
Linklaters, Clifford Chance, CMS and Davis Polk have all won mandates on Bovis Homes Group's £1.1 billion acquisition of housing rival Galliford Try.
The deal sees U.K. housebuilding giant Bovis purchase all of rival housebuilder Galliford Try's sub-divisions, including Linden Homes and Partnerships.
Magic Circle firm Linklaters is advising longtime client Bovis Homes, with a team led by corporate partners Iain Fenn and Aisling Zarraga, according to a person with knowledge of the acquisition.
Bovis Homes has operated for more than 130 years and employs about 1,200 people across seven offices in the U.K. It is a FTSE 250-listed company that built nearly 4,000 homes in 2018.
On the other side, CMS is leading for its client of 30 years, Galliford Try, fielding a team led by corporate partners Gary Green and James Parkes, according to a second person.
Davis Polk, meanwhile, is advising both Lazard & Co. as joint financial adviser and sponsor, and Numis Securities, which is acting as financial adviser and sole bookrunner to Bovis Homes. London-based corporate partners Will Pearce and Reuven Young, and tax partner Jonathan Cooklin, are leading for the U.S. white-shoe firm.
Meanwhile, Clifford Chance is advising HSBC and Peel Hunt as sponsors to Galliford Try. The team is being led by capital markets partner Simon Thomas, according to a third person involved in the deal.
Earlier this summer, CMS's Green advised pub outfit EI Group (EIG) on its sale to the owner of pub chains Yates and Slug & Lettuce, Stonegate Pub Company.
Linklaters' Fenn led a team advising food delivery giant Just Eat on its £9 billion merger proposal with takeaway.com.
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