CC and Norton Rose win lead roles on T-Mobile/Orange UK tie-up talks
Clifford Chance (CC) and Norton Rose have picked up lead advisory roles in the battle over T-Mobile after Deutsche Telekom confirmed that it was in talks to merge its UK T-Mobile operations with Orange. CC is advising Deutsche Telekom, which had previously been considering a sale of the business, on the exclusive discussions to combine T-Mobile UK and Orange UK.
September 08, 2009 at 07:13 AM
2 minute read
Clifford Chance (CC) and Norton Rose have picked up lead advisory roles in the battle over T-Mobile after Deutsche Telekom confirmed that it was in talks to merge its UK T-Mobile operations with Orange.
CC is advising Deutsche Telekom, which had previously been considering a sale of the business, on the exclusive discussions to combine T-Mobile UK and Orange UK.
In a statement issued earlier today (8 September) the companies said the 50:50 joint venture would create the UK's leading mobile operator, with a customer base of around 28.4 million – equivalent to around 37% of the UK mobile market.
CC is fielding a team led by corporate partner Joachim Fleury, who works between London and Amsterdam, alongside London corporate partner Spencer Baylin. Competition advice is being provided by partner Jenine Hulsmann in London and Duesseldorf managing partner Joachim Schutze.
Norton Rose is advising Orange parent company France Telecom, with the firm's team headed by London corporate finance partners Chris Pearson and Oliver Stacey.
Confirmation of the plans came after both Telefonica – parent company of O2 – and Vodafone tabled bids of approximately £3.5bn for T-Mobile – below Deutsche Telekom's expectations.
It is thought that Linklaters has been instructed for Vodafone, with relationship partner Iain Fenn leading. It is unclear who is advising Telefonica or O2 on the bid.
In a separate deal this week CC took the lead for Telefonica as it announced a strategic alliance with China Unicom yesterday (7 September).
That deal will see the two companies buy stakes in one another worth $1bn (£609m) each and marks the first-ever equity stake investment by a Chinese operator in a European telecoms company.
CC advised Telefonica on the alliance as well as the investment, led by Hong Kong-based corporate partner Cherry Chan. Freshfields Bruckhaus Deringer took the lead role for China Unicom.
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