Freshfields and Linklaters lead on Barclays takeover of ING Direct UK
Freshfields Bruckhaus Deringer and Linklaters have won lead roles on Barclays' takeover of ING Direct UK, the British online banking arm of Dutch company ING.
October 11, 2012 at 07:03 PM
2 minute read
Freshfields Bruckhaus Deringer and Linklaters have won lead roles on Barclays' takeover of ING Direct UK, the British online banking arm of Dutch company ING.
Barclays is set to inherit 1.5 million customers from ING through the transaction, which will also see it acquire £10.9bn of savings deposits and a mortgage-lending operation with outstanding balances of £5.6bn. The value of the deal is undisclosed.
Linklaters is acting for Barclays, fielding a team led by London corporate partner William Buckley and including corporate managing associate Dominic Kendal-Ward and TMT managing associate Georgina Kon.
Freshfields is advising ING Direct, with corporate partners Matthew Cosans and Claire Wills leading a team which is also providing regulatory, antitrust, employment, pensions and benefits, intellectual property/IT, tax and real estate advice.
Freshfields and Linklaters sit on Barclays' general advisory panel, with Freshfields last month representing the bank on a €164m (£102m) claim by investment firm CF Partners.
In July, former Freshfields senior partner Anthony Salz was made head of an independent inquiry launched by Barclays in the wake of the Libor rate-rigging scandal.
ING Group said it would incur a €320m (£260m) after-tax loss as part of the sale of ING Direct UK. In August, ING also announced the sale of the Canadian arm of ING Direct to Scotiabank for C$3.1bn (£2bn).
Barclays said it expects the deal to be completed early in Q2 2013, subject to regulatory approval.
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