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International Edition

Herbies rolls up for BAT's £2bn Danish deal

Herbert Smith has bagged a plum role advising regular client British American Tobacco (BAT) on its £2.05bn acquisition of businesses from Danish tobacco giant Skandinavisk Tobakskompagni. The deal, which is subject to European Commission approval and is expected to be completed later this year, will see BAT buy up a number of Skandinavisk's smokeless and roll-your-own tobacco interests.
2 minute read

International Edition

Simpson Thacher conflict hands Sullivan role on Microsoft's landmark approach for Yahoo!

Sullivan & Cromwell has been drafted in to advise Microsoft on its landmark $44.6bn (£22.7bn) attempted takeover of internet giant Yahoo! after New York rival Simpson Thacher & Bartlett was conflicted out. Simpson Thacher last week confirmed that it had been forced to withdraw from the deal due to a conflict that could not be resolved. The firm had initially been handed the lead role for Microsoft, as reported by legalweek.com (4 February).
2 minute read

International Edition

Dealmaker: Nick Heather

LG corporate veteran Nick Heather is one of AIM's leading lawyers and a persistent headache to his management
5 minute read

International Edition

Commentary: S&C in the City - crossing the Rubicon slowly

"They are the super-elite, the brilliant. Forget Skadden, they're in another class, this is the Praetorian Guard. It is a fantastic faith in intellect. They believe that if you get a group of very bright people together in a room, you will get it done." Welcome to Sullivan & Cromwell, a firm that, as can be seen from the above comment from one rival partner, is viewed by some as the US' best all-round corporate law firm. But can it be considered the best in the world? Whatever the deal tables say, and Sullivan recently topped a three-year breakdown of US firms in the European M&A from Mergermarket, doubts remain over how committed this most conservative of Manhattan institutions is to the international market.
4 minute read

International Edition

QNB instructs Eversheds on debt financing for The Shard

Eversheds is the latest firm to score a lead role on the development of London's iconic new skyscraper, The Shard. The firm won a role advising Qatar National Bank (QNB) on its recent debt and equity investment in the £2bn development. Real estate partner Nicholas Bartlett led the Eversheds team advising QNB, which provided at least £195m of debt with further debt expected.
2 minute read

International Edition

Standard Life calls on Slaughters as it seals significant mandate to hedge longevity risks

Slaughter and May has advised Standard Life Assurance on the £6.7bn reinsurance of some of its annuity liabilities to Canada Life International Re - thought to be the largest deal of its kind in the UK to date.The deal closed on 14 February and the Slaughters team was led by corporate partner Craig Cleaver and tax partner Graham Earles. The firm has acted for Standard Life since it won a competitive tender to advise the insurer on its demutualisation in 2004 and subsequent stock market flotation.
2 minute read

International Edition

Taylor Wessing gets the Midas touch on IMO deal

Taylor Wessing has advised fund management and corporate finance group iimia MitonOptimal (IMO) on its £100m acquisition of fund management company Midas Capital Partners. The Taylor Wessing team was led by corporate finance partner Peter Kempe, financial institutions partner Tim Oldridge and financing partner Martin Yells. The trio advised IMO on the purchase and sale agreements and Alternative Investment Market (AIM) re-admission documentation, as well as on banking aspects of the deal.
2 minute read

International Edition

Sullivan seizes lead on Microsoft's Yahoo bid

Sullivan & Cromwell has been drafted in to advise Microsoft on its landmark $44.6bn (£22.bn) attempted takeover of internet giant Yahoo after New York rival Simpson Thacher & Bartlett was conflicted out. Simpson Thacher this week confirmed that it had been forced to withdraw from the mandate due to a conflict which could not be resolved. The firm had initially been handed the lead role for Microsoft, as reported by legalweek.com on 4 February.
2 minute read

International Edition

Lovells quids in with fifth Bank of Scotland deal in two months

Lovells has sealed its fifth financing deal for Bank of Scotland (BoS) in just two months, advising the bank on a E500m (£371m) debt facility for a Scandinavian property fund. The deal, which saw Bank of Scotland Corporate provide the senior debt package to Teesland's Nordic Aktiv property fund, takes Lovells' tally for BoS to more than E4bn (£3bn) over the last two months.London acquisition finance partner Mark Donald led the team on all five deals, working with lawyers from Lovells' offices in Frankfurt, Munich, Paris, New York and Amsterdam. The Teesland debt package, combined with target investor commitments of E350m (£262m), gives the fund a total target deal size of E850m (£636m), which will be used for the acquisition of mixed commercial properties in the Nordic region. It is the second debt facility Lovells has advised BoS on relating to Teesland over the two-month period. The bank also provided a E650m (£486m) debt facility on Teesland's E2bn (£1.5bn) German Aktiv real estate fund. The fund - one of the largest to be launched in continental Europe last year - was created to buy German real estate. It reached its first close at the end of last year, with the initial seed portfolio worth around E800m (£599m).Linklaters banking partner Claire Watson took the lead role for Teesland on both transactions. In his third deal for BoS, Donald advised opposite Debevoise & Plimpton on a $500m (£255m) credit facility for HarbourVest Global Private Equity. The Guernsey-registered company recently listed on Euronext with a market capitalisation of $830m (£423m). Lovells also advised the bank in relation to a E338m (£251m) real estate acquisition facility for the Mansford Group and on its role as senior debt provider on an acquisition of a German property portfolio by a joint venture investment vehicle set up by BoS and Teesland parent company Valad Property Group.Donald told Legal Week: "What is interesting is that these deals are going through. There are not an enormous number of deals at the moment, but we are having a good run."
2 minute read

Legal Week

Lovells quids in with fifth Bank of Scotland deal in two months

Lovells has sealed its fifth financing deal for Bank of Scotland (BoS) in just two months, advising the bank on a E500m (£371m) debt facility for a Scandinavian property fund. The deal, which saw Bank of Scotland Corporate provide the senior debt package to Teesland's Nordic Aktiv property fund, takes Lovells' tally for BoS to more than E4bn (£3bn) over the last two months.London acquisition finance partner Mark Donald led the team on all five deals, working with lawyers from Lovells' offices in Frankfurt, Munich, Paris, New York and Amsterdam. The Teesland debt package, combined with target investor commitments of E350m (£262m), gives the fund a total target deal size of E850m (£636m), which will be used for the acquisition of mixed commercial properties in the Nordic region. It is the second debt facility Lovells has advised BoS on relating to Teesland over the two-month period. The bank also provided a E650m (£486m) debt facility on Teesland's E2bn (£1.5bn) German Aktiv real estate fund. The fund - one of the largest to be launched in continental Europe last year - was created to buy German real estate. It reached its first close at the end of last year, with the initial seed portfolio worth around E800m (£599m).Linklaters banking partner Claire Watson took the lead role for Teesland on both transactions. In his third deal for BoS, Donald advised opposite Debevoise & Plimpton on a $500m (£255m) credit facility for HarbourVest Global Private Equity. The Guernsey-registered company recently listed on Euronext with a market capitalisation of $830m (£423m). Lovells also advised the bank in relation to a E338m (£251m) real estate acquisition facility for the Mansford Group and on its role as senior debt provider on an acquisition of a German property portfolio by a joint venture investment vehicle set up by BoS and Teesland parent company Valad Property Group.Donald told Legal Week: "What is interesting is that these deals are going through. There are not an enormous number of deals at the moment, but we are having a good run."
6 minute read

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