Linklaters, Freshfields and Travers Smith fix RAC deal with Singapore’s GIC

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Carlyle abandons flotation to sell half of its majority stake

Since the summer, London’s IPO market has seen postponements, cancellations and low pricings as confidence ebbed. Feeling the effects, US private equity giant Carlyle, advised by Linklaters corporate partners Charlie Jacobs and Alex Woodward, recently abandoned plans to exit roadside recovery service company RAC through a flotation, in favour of a sale to Singapore’s sovereign wealth fund GIC.

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Top firms help Heathrow’s £1bn airport sale take off

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Last month, Allen & Overy (A&O), Hogan Lovells and Freshfields Bruckhaus Deringer led on Heathrow Airport Holdings’ final airport disposal as Aberdeen, Glasgow and Southampton airports were sold to a consortium formed by Ferrovial and Macquarie for £1.05bn.

Heathrow Airport Holdings (formerly BAA) agreed to sell its 100% stake in all three airports, though the deal is still subject to EU approval. Closing is expected before the end of January 2015, with the consideration expected to increase to compensate Heathrow for the delay.

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Deal watch: Corporate activity in October 2014

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MAGIC CIRCLE DUO TAKE KEY ROLES ON MULTIBILLION TRAIN LEASE COMPANY SALE

Freshfields Bruckhaus Deringer acted for the sellers, a consortium of asset management firms, in the sale of Porterbrook Rail Finance, one of the three major train leasing companies in the UK. Linklaters advised the buyers, which included Hastings Funds Management and Allianz Capital Partners.

 

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Allen & Overy becomes the first Magic Circle firm to set up in South Africa

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Firm opens Johannesburg office after hire of Bowman Gilfillan finance team

Allen & Overy (A&O) finally put its stamp on South Africa with the launch of office number 45 in Johannesburg last month. The move sees A&O become the first Magic Circle firm to establish a presence on the ground, with the hire of a banking and finance team from local firm Bowman Gilfillan.

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Life during law: Matthew Cottis

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I grew up in a small town where nobody’s dad I knew worked in London. The fast train to London didn’t exist – my parents worked in local government. They’re peace campaigners and not City-type people. They have different values and so I grew up in a very different world to this. There are some benefits in having that background – it gives you a bit of perspective.

Back in those days there was very little daytime TV, so on rainy days during the summer holidays there was a programme we watched called Crown Court. They had actors dramatise a criminal trial with a real jury. It was fascinating to me and, although it’s the other branch of the profession, it really stimulated my interest in being a lawyer.

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Signature Litigation grows revenues 70% to £8m and unveils team profit-sharing model

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High-flying disputes boutique Signature Litigation has seen its revenue surge by 70% from £4.82 to £8.17m in 2013/14, despite having only launched two years ago, while profit margins are estimated at 50%. The firm has also taken an innovative approach by operating an all-inclusive, fully transparent, profit-sharing model.

Founded by former Hogan Lovells partners Graham Huntley and Helen Brannigan, the 30-member firm has seen some substantive disputes mandates come its way since its inception, taking on a role in the heavyweight Fortress v Blue Skye litigation, a dispute that arose out of the reorganisation of the €200m Blue Skye Investment Group in Italy. Listed for trial over 12 weeks from May this year, Signature represented the defendant Blue Skye while Slaughter and May and DAC Beachcroft acted for Fortress Value Recovery Fund. ‘There can be no more testing mandate for a niche firm than taking on a massive case of that nature in mid-course against two very well-resourced opponents,’ said Huntley.

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Linklaters wins best firm in show from annual in-house survey

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In what signals a marked return to favour for the City’s elite players, Magic Circle firm Linklaters has led the field in Legal Business‘ third annual in-house survey as best overall adviser in 2014, pushing Eversheds, which emerged as the clear overall favourite in 2013, into second place.

Our 2014 survey, which drew responses from 436 individuals at major companies operating in the UK, reveals the top ten firms comprise largely the same names as last year, with the Magic Circle plus Eversheds, DLA Piper, Pinsent Masons and Baker & McKenzie all appearing. The only significant change was alternative legal services provider Axiom taking the tenth spot, pushing Herbert Smith Freehills into 11th place, demonstrating how non-law firm providers are winning over some bluechip clients.

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Herbert Smith Freehills’ heavyweight misses out on management post after elections

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Herbert Smith Freehills’ (HSF) partnership vote for its global partnership council has revealed the firm’s post-merger dynamics, with prominent corporate partner James Palmer missing out on a seat, which instead was secured by Sydney-based M&A partner Mark Crean.

Three spots were available on the council, which is led by London-based senior partner Jonathan Scott. One place was designated for an EMEA (excluding UK) partner, which Madrid-based Nicolás Martín – head of private equity in Spain and co-head of corporate – took, while another was reserved for Asia, with Hong Kong litigator Gareth Thomas elected. That saw Palmer entering into the contest for the final position with a pool of candidates from the UK and Australia.

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News in brief – October 2014

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LORD CHANCELLOR ACTED ‘UNLAWFULLY’ IN LEGAL AID CONSULTATION

Kingsley Napley and 11 KBW last month acted for the London Criminal Courts Solicitors’ Association and the Criminal Law Solicitors’ Association in their successful challenge against the Lord Chancellor’s failure to disclose the contents of two reports during the legal aid reforms consultation process. The Treasury Solicitor instructed Blackstone Chambers’ James Eadie QC and Fraser Campbell, and 4 New Square’s Richard O’Brien on the case.

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