Deals And Transactions Legal News Coverage

International Edition

QNB instructs Eversheds on debt financing for The Shard

By a:1:{i:0;s:1:" ";} | February 27, 2008

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

By a:1:{i:0;s:1:" ";} | February 27, 2008

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

By a:1:{i:0;s:1:" ";} | February 27, 2008

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

By a:1:{i:0;s:1:" ";} | February 21, 2008

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

By Charlotte Edmond | February 20, 2008

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

By a:1:{i:0;s:1:" ";} | February 20, 2008

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

International Edition

O'Melveny, Ashurst and DLA take lead roles on £300m management buy-out

By a:1:{i:0;s:1:" ";} | February 20, 2008

O'Melveny & Myers, Ashurst and DLA Piper have bagged roles on the management buy-out (MBO) of Palmer & Harvey McLane for just less than £300m.The deal sees O'Melveny London co-managing partner Chris Ashworth advising the independent directors of wholesale distributor Palmer on the recommended MBO.It is the third MBO Ashworth has advised Palmer on but his first at O'Melveny. He advised the company when he was at Ashurst and, in 2002, advised management on Palmer's second MBO worth £160m.Ashurst is advising long-term client Palmer on the latest buy-out, which will give management and many employees the opportunity to buy 50% of the shares in the new holding company.

2 minute read

International Edition

Commentary: AIM lawyers taking a mature view of City's junior market

By Charlotte Edmond | February 20, 2008

"AIM? I'm bloody gasping. Bring on the next cycle," says one battered veteran. Quite. Capital markets lawyers have long passed the pretence of cautious optimism when it comes to the state of London's junior market. Yet such gloom has so far done nothing to shake advisers' long-term commitment to the Alternative Investment Market (AIM). No-one is denying, of course, that the exchange is much quieter than it was during the heady years of 2003-06, with just 12 AIM listings in January worth a paltry £27m. But even though the exchange began to slow long before 'sub' and 'prime' became common parlance, AIM has suffered no worse than other financing markets hit by the prolonged credit malaise - and a good deal better than some.

4 minute read

Legal Week

Commentary: AIM lawyers taking a mature view of City's junior market

By a:1:{i:0;s:1:" ";} | February 20, 2008

"AIM? I'm bloody gasping. Bring on the next cycle," says one battered veteran. Quite. Capital markets lawyers have long passed the pretence of cautious optimism when it comes to the state of London's junior market. Yet such gloom has so far done nothing to shake advisers' long-term commitment to the Alternative Investment Market (AIM). No-one is denying, of course, that the exchange is much quieter than it was during the heady years of 2003-06, with just 12 AIM listings in January worth a paltry £27m. But even though the exchange began to slow long before 'sub' and 'prime' became common parlance, AIM has suffered no worse than other financing markets hit by the prolonged credit malaise - and a good deal better than some.

24 minute read

International Edition

Memery Crystal wins £385m Woolworths role

By a:1:{i:0;s:1:" ";} | February 20, 2008

Memery Crystal has advised new client Woolworths on a £385m refinancing package. The boutique firm's real estate team advised the store on the deal, one of the largest European asset-backed loan refinancings in the retail market. Real estate partners Nicola Kravitz, Colm Flood and Alastair Moss advised the retailer on property finance issues relating to the transaction, which saw GMAC Commercial Finance and Bank of Ireland subsidiary Burdale Financial providing the debt.

2 minute read

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