Transactions UK

  • March 28, 2024

    Freshfields, WilmerHale-Led Keysight Bids £1.2B For UK Biz

    Telecoms-testing specialist Spirent said Thursday that it has agreed to accept a bid of approximately £1.16 billion from U.S. technology company Keysight and has rejected a previously agreed £1 billion offer from a maker of network-testing equipment.

  • March 28, 2024

    Struggling Lender Amigo Raises Cash, Eyes Reverse Takeover

    Amigo Holdings PLC said on Thursday that it has raised cash and is looking for a reverse takeover target so that it can continue operating as a listed company, amid the planned liquidation of its troubled subprime lending arm.

  • March 28, 2024

    Abrdn Property Plans Wind-Down After Merger Rejected

    Abrdn Property Income Trust Ltd. has said it is planning a managed wind-down after its shareholders voted against an all-share merger with Custodian Property Income REIT PLC that valued it at £237 million ($299 million).

  • March 27, 2024

    Aviation Co. Did Not Undersell By $28M, Lessor Claims

    An aircraft lessor has denied falsely suppressing its profitability to convince an aviation business to undersell its shares in the lessor by $28 million, claiming that any estimates of possible income were genuine and honest.

  • March 27, 2024

    Bain Capital Sells £68M Of TI Fluid Shares

    Private equity and venture capital firm Bain Capital LP on Wednesday said it has sold 50 million shares of auto parts supplier London-listed TI Fluid Systems through a subsidiary and raised approximately £67.5 million ($85 million) in the process.

  • March 27, 2024

    Renault Sells More Nissan Shares For €362M

    French carmaker Renault said Wednesday that it will sell more than 100 million shares of its partner Nissan Motor Co. Ltd. back to the Japanese automaker as part of plans to reduce its Nissan shareholding.

  • March 27, 2024

    Mining Royalties Biz Ecora Launches $10M Buyback

    Ecora Resources PLC began a share repurchase program worth up to $10 million on Wednesday, citing concerns that its stock is undervalued.

  • March 27, 2024

    Shoosmiths, CMS, HSF Guide £510M Pension Deal For Next

    High street clothing retailer Next PLC has offloaded £510 million ($643 million) of its retirement scheme liabilities to Pension Insurance Corp. PLC, in a deal steered by law firms Herbert Smith Freehills LLP, Shoosmiths LLP and CMS Cameron McKenna Nabarro Olswang LLP.

  • March 27, 2024

    Diploma To Buy US Aircraft Fasteners Maker For £236M

    Specialty fastener and adhesive company Diploma said Wednesday that it has agreed to acquire U.S.-based Peerless Aerospace Fastener LLC, which makes bolts and nuts for aircrafts, for approximately £236 million ($300 million) to boost its own aerospace fastener production.

  • March 27, 2024

    Consumer Goods Giant To Launch 3rd Part Of £1B Buyback

    Reckitt Benckiser Group PLC said Wednesday it will soon launch the third and final part of its up to £1 billion ($1.3 billion) share repurchase program aimed at cutting down its outstanding share capital.

  • March 27, 2024

    Clifford Chance Helps Italy Sell 12.5% Of Monte Dei Paschi

    Italy has sold 12.5% of the shares in Monte dei Paschi for €650 million ($704 million) in total, to reduce its 2017 bail-out holding in the Italian lender said to be the world's oldest bank.

  • March 27, 2024

    Skadden Steers Int'l Paper's £5.7B Bid For DS Smith

    International Paper Co. has made a £5.72 billion ($7.22 billion) proposed offer for British rival DS Smith PLC as it seeks to compete with the earlier bid of £5.1 billion made by Mondi PLC.

  • March 26, 2024

    Pet Drug Maker Faces EU Probe For Axing Pipeline Dog Med

    The European Union's antitrust authority said Tuesday it has launched a probe into whether Zoetis Inc. had illegally blocked competition by acquiring a pipeline product designed to treat pain in dogs and axing a potential rival's deal to sell it.

  • March 26, 2024

    Platinum Miner Tharisa Launches $5M Share Buyback

    Southern African-focused Tharisa PLC on Tuesday began a share repurchase program worth up to $5 million, amid concerns its stock is undervalued on the markets.

  • March 26, 2024

    Carrefour Buying €365M Of Its Shares From Store Owner

    Hypermarkets giant Carrefour said on Tuesday that it will buy back almost 3.5% of its share capital from the owner of the Galeries Lafayette department store chain for €365 million ($396 million), part of its wider €700 million share repurchase program.

  • March 26, 2024

    Insurance Execs Deny BDO Found Buyer For £18.5M Sale

    Directors of KGJ Insurance Services have denied owing advisory fees to BDO LLP following the sale of the insurance broker for an estimated £18.5 million ($23.4 million), claiming that BDO never proposed or introduced the buyer itself.

  • March 26, 2024

    Engineering Biz Smiths Kicks Off £100M Buyback Program

    Smiths Group PLC on Tuesday began the first half of a £100 million ($127 million) share repurchase program aimed at reducing its outstanding share capital, as it announced improved earnings and ushered in a new chief executive.

  • March 26, 2024

    UK Clears £1.2B Atlanta-Markerstudy Insurance Broker Merger

    Britain's antitrust authority said Tuesday it has cleared the planned merger between Atlanta Group and Markerstudy, a deal that values Ardonagh's home and car insurance business at £1.2 billion ($1.5 billion), after finding that the deal will not harm competition in domestic markets.

  • March 26, 2024

    Revolution Bar Chain Considers Putting Itself Up For Sale

    Revolution Bars said Tuesday that it may put itself up for sale to maximize value for shareholders in the chain of bars as the hospitality industry continues to struggle after COVID-19 and amid a cost-of-living crisis.

  • March 25, 2024

    Man Denies Conspiring Against Game Host's Ex-Biz Partner

    A man accused of conspiring with convicted HBOS fraudster Mark Dobson to acquire a company from the ex-business partner of TV personality Noel Edmonds by undervaluing it has denied that any plot existed.

  • March 25, 2024

    Qualcomm Halts Plan To Buy Israeli Biz Under Regulatory Heat

    The Federal Trade Commission is celebrating Qualcomm's decision to abandon its attempts at acquiring an Israeli company that makes chips that allow vehicle-to-vehicle communication after too much regulatory pushback.

  • March 25, 2024

    Virgin Seeks Full $200M In Train Brand Feud After $115M Win

    Virgin Enterprises Ltd. has sued Brightline Holdings LLC for the full $200 million exit fee for backing out of its train brand licensing deal after already winning $115 million, arguing in documents made public on Monday that it's owed a boosted exit fee because of a change in control of the U.S. rail operator.

  • March 25, 2024

    Novo Nordisk Inks $1.1B Deal For German Pharma Biz

    Danish pharmaceutical giant Novo Nordisk A/S said Monday it has signed a deal to acquire Cardior Pharmaceuticals of Germany for just over €1 billion ($1.1 billion) to widen its focus on cardiovascular diseases.

  • March 25, 2024

    Taseko To Become Sole Owner Of Copper Mine In $105M Deal

    Mining company Taseko said Monday that it has agreed to acquire the remaining interest in the second-largest copper mine in Canada for up to $142 million Canadian dollars ($105 million).

  • March 25, 2024

    PE Firms Fuel 30% Rise In 2023 European Insurance M&A

    The number of deals involving European insurance businesses rose by 30% last year, fueled by an increased role of private equity financing in the sector, a consultancy said Monday.

Expert Analysis

  • CMA Review Could Help Shape UK's AI Landscape

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    The Competition and Markets Authority's recent review of the U.K. market for artificial intelligence foundation models is likely to feed into its recommendations concerning future legislative and regulatory changes, but may be overtaken by fast-changing developments, say lawyers at Cooley.

  • Microsoft Takeover Shows The Need For EU-UK Cooperation

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    The differing European Commission and U.K. Competition and Markets Authority outcomes regarding Microsoft's planned acquisition of Activision Blizzard demonstrate the need for better cooperation in the post-Brexit era, but the regulators still follow a rigorous approach and ultimately convergence may prevail over divergence, say Salomé Cisnal de Ugarte and Raphaël Fleischer at King & Spalding.

  • The Potential Benefits Of New EU Merger Control Rules

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    The core objective of a newly adopted EU Commission package is to simplify merger review procedures, which is an evolution that is more than welcome, especially in light of the very recent regulation on foreign subsidies that imposes additional burdens on M&A transactions, say lawyers at McDermott.

  • Growing EU Scrutiny Increases Hurdles For Foreign Investors

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    The application of the EU Foreign Subsidies Regulation from July will bring further oversight to many large deals, and together with bolt-on strategies, foreign investment regulation and antitrust enforcement, financial sponsors will need to start planning for compliance to avoid potential delays, say Anna Mitchell and Neil Hoolihan at Linklaters.

  • How The New UK Digital Markets Bill Will Affect CMA's Powers

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    The highly anticipated U.K. Digital Markets, Competition and Consumers Bill sets out far-reaching changes in terms of merger control and conduct requirements, but some are skeptical of the Competition and Markets Authority’s enhanced powers and potential for divergence in treatment between firms, say Ben Chivers, Stephen Whitfield ​​​​​​​and Nigel Seay at Travers Smith.

  • M&A Considerations For European Cos. Acquiring US Entities

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    As investment banks forecast a resurgence of mergers and acquisitions later this year, European companies seeking to acquire U.S. businesses should be aware of key procedural differences and federal regulatory requirements that will affect the process, timing and terms of the transaction, say attorneys at Mintz.

  • A Review Of The EU FDI Screening Regulation And Its Scope

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    The EU advocate general’s recent broad interpretation of the EU Foreign Direct Investment Screening Regulation takes account of some of the geopolitical challenges faced by the bloc, and may foreshadow a revision of the regulation and widen the scope of investments screened, say Vassilis Akritidis and Jean-Baptiste Blancardi at Crowell & Moring.

  • Key Takeaways From EU Proposal For Greenwashing Rules

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    If the proposal for a Green Claims Directive, with its enhanced rules on claims about a product or trader's environmental impact, is adopted, it will affect all businesses selling their products in the EU and bring major changes to the way those products are packaged and advertised, say attorneys at Shearman.

  • UK Investment Screening Inches Closer To US Regime

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    The recent agreement between the U.K. Cabinet Office and House of Commons concerning parliamentary scrutiny of the Investment Security Unit represents a step toward greater transparency of intervention in investments that may raise national security concerns, and underscores increasing alignment with the U.S. regime, say attorneys at Hogan Lovells.

  • UK Ruling Offers Useful Guidance To Insolvency Practitioners

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    The recent U.K. High Court ruling in a matter involving Sova Capital represents the first unsecured credit bid to be approved by an English court, demonstrating a pragmatic approach to complex sanctions-related administrations and identifying a novel solution for insolvency practitioners to maximize value for the benefit of creditors, say attorneys at Katten.

  • Opinion

    Thomas Report Is Final Straw — High Court Needs Ethics Code

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    As a recent report on Justice Clarence Thomas' ongoing conflicts of interest makes evident, Supreme Court justices should be subject to an enforceable and binding code of ethics — like all other federal judges — to maintain the credibility of the institution, says Erica Salmon Byrne at Ethisphere.

  • Ofwat's New Guidance For Water Projects: Key Takeaways

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    While increased competition is a laudable aim, the U.K. Water Services Regulation Authority's introduction of direct procurement for customers by default for projects above a size threshold could have ramifications for the financial stability of the companies delivering major water infrastructure, say Jennifer Charles and Marianne Anton at Watson Farley.

  • Court Ruling Strengthens EU Stance On Non-Notifiable M&A

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    The recent European Union Court of Justice's decision in Towercast can be seen as part of a pattern of increasingly rigorous scrutiny of M&A, and provides scope for greater intervention by national competition authorities on acquisitions by dominant companies that do not meet the EU or national merger control thresholds for notification, say attorneys at Herbert Smith.

  • How Changes To 'Acting In Concert' Will Affect UK Takeovers

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    The recent changes made to the rules by the U.K. Takeover Panel on who is presumed to be acting in concert will be of most interest to parties proposing to make a bid for a U.K. listed company, and give welcome clarity as to how the U.K. takeover regime operates, say attorneys at Herbert Smith.

  • Key Points In Draft EU Foreign Subsidies Regulation

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    The draft implementing regulation on EU foreign subsidy control provides eagerly awaited guidance on the submission of mandatory notifications, but there are still many open questions, say Paul van den Berg and Merit Olthoff at Freshfields.

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