Legal Business

‘A different weight class’: Ashurst exits resume as Pinsents and Burges Salmon hire a partner each

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Despite seeming to plug a run of partner exits late last year, Ashurst has lost two partners, with Pinsent Masons and Burges Salmon each picking up new hires.

Corporate insurance partner Hammad Akhtar is to join Pinsent Masons as the head of its corporate offering within the financial sector. Akhtar advises clients in the insurance, retail banking and private banking sectors on a broad range of transactions including disposals, acquisitions and reorganisations. Akhtar moved to Ashurst four years ago from Herbert Smith Freehills, where he was made up to partner in 2010.

Pinsents head of financial services Alexis Roberts said: ‘Hammad is someone whom we have admired for a long time with an established reputation in the City. He will add strength and depth to our corporate capability and complement the existing corporate financial services practice built up by Hannah Brader over recent years. We anticipate that Hammad’s arrival, combined with our proven track record in this area, will move us into a different weight class with respect to transactional work across the financial services sector.’

Meanwhile, Burges Salmon has taken on funds partner Jeremy Bell who has experience advising on the structuring and formation of private investment funds across the alternative asset classes as well as advising on investment into funds.

An Ashurst spokesperson said Bell was ‘leaving for family reasons and will be relocating to Bristol’. She added: ‘We wish him the very best for the future and thank him for his role in helping to establish our well diversified international investment funds practice.’

In December Ashurst hired Milan based partner Paolo Manganelli to head up the office’s restructuring team. He joined from Paul Hastings where he had been since 2014.

The firm also found a replacement chief financial and operations officer with UKTV’s Jan Gooze-Zijl stepping into the role, it emerged in November. Gooze-Zijl, who joined UKTV in 2010, will join Ashurst in February taking up a position on the firm’s executive committee as well as its management board.

The firm voted through changes to its remuneration system in August last following a flood of partner exits and its second revenue dip following its merger with Australia’s Blake Dawson in 2013.

Financial year 2015/16 revenue dropped by £28m to £505m, while profits per equity partner fell by 19%, down to £603,000 from £747,000 during the 2015/16 financial year.

madeleine.farman@legalease.co.uk

Read more: ‘Comment: Looking forward to Ashurst’s decline – The outlook worsens for a proud City institution’

Legal Business

In-house: Balfour Beatty sticks with Pinsents as sole adviser until 2018

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Global infrastructure giant Balfour Beatty has renewed its sole adviser mandate with Pinsent Masons until the end of 2018, Legal Business has learned.

The deal which kicked off in April 2013, came to an end this year and was renewed for a further three years by David Mercer, who was appointed group general counsel (GC) and head of legal in July 2015. Mercer (pictured), who was previously UK GC for the construction and services business replaced Chris Vaughan, now GC at Whitbread.

The deal means all of Balfour Beatty’s ‘business as usual’ retained work will continue to be carried out exclusively by Pinsents for a fixed price, while another panel of law firms, which also includes Pinsents, act on complex and business critical legal work.

Commenting on the renewal, Alastair Morrison, head of client strategy at Pinsents and relationship partner for Balfour said the core objective during the second cycle was to drive further value for the infrastructure group.

In June, Legal Business revealed that energy giant E.ON had confirmed its five year single-supplier mandate with Pinsents would run the full course, with the energy supplier electing not to exercise a three-year break clause after appointing the firm as sole legal adviser for general matters in October 2013.

There are a number of other single-supplier deals still active, most notably for Eversheds, which has several deals in place – including one with security systems company Tyco, which was renewed in 2014 for a further three years, and another with FTSE 100 water company Severn Trent, renewed in 2015 for a five-year period.

Also in 2015, the UK arm of global beer and cider producer Heineken announced the appointment of DLA Piper as its principal legal adviser for a major proportion of work, in a move which the company made in a bid to cut down on external legal spend.

Balfour Beatty declined to comment.

kathryn.mccann@legalease.co.uk

Read more in the feature: ‘Three steps forward… will Tyco-style deals ever sweep the market?‘

 

Legal Business

Pinsents lands Scotland’s corporate deal of the year in £1.4bn Skyscanner sale

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In Scotland’s biggest corporate deal this year, Pinsent Masons, Travers Smith and Skadden, Arps, Slate, Meagher & Flom all won roles acting on the sale of Skyscanner for £1.4bn.

Pinsents advised the flight and holiday comparison website on its sale to Chinese international travel agency CTrip.com International. The firm’s team was led by Edinburgh-based corporate finance partner Alan Diamond and Glasgow-based corporate finance head Rosalie Chadwick.

Skyscanner’s legal team, which won In-house Team of the Year at the Legal Business Awards, was led by the company’s chief legal officer Carolyn Jameson (pictured).

Skadden advised Nasdaq listed CTrip on corporate matters with a team led by London-based corporate partner John Adebiyi. Travers partner Mahesh Varia advised CTrip on employee incentives.

Fried, Frank, Harris, Shriver & Jacobson also acted for Skyscanner on the deal, advising on US securities matters. Partners Brian Miner and Josh Wechsler acted for the tech company.

Earlier this year, Pinsents also advised Skyscanner on £128m of private placement of shares. Pinsents’ Diamond told Legal Business: ‘We advised on the primary and secondary fundraising rounds, the largest for a UK tech company for quite some period of times. It’s a fantastic deal for the Scottish market.’

Skyscanner was founded in 2001 in Edinburgh. The company now has more than 50 million visitors each month and an annual turnover of £120m. In yesterday’s Autumn Statement, UK chancellor Phillip Hammond proposed measures to protect UK tech companies from foreign takeovers.

This year has seen UK tech firm ARM Holdings taken over by Japanese company SoftBank Group. ARM was advised by Slaughter and May, while Morrison & Foerster and Freshfields Bruckhaus Deringer acted for SoftBank.

matthew.field@legalease.co.uk

 

Legal Business

Deal watch: Corporate activity in November 2016

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PE DOUBLE FOR CC

Clifford Chance (CC) completed two major private equity deals in a month, advising as Cinven, Permira and Mid Europa Partners acquired Allen & Overy client Allegro for $3.3bn. In addition, CC acted for Cinven as well as CVC Capital Partners on the acquisition of consumer finance provider NewDay, opposite Slaughter and May, which advised long-time client and seller Värde Partners, and Jones Day, which represented the management of NewDay.

 

Legal Business

Freshfields continues defence work advising on £1.1bn Project Allenby Connaught extension

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Freshfields Bruckhaus Deringer, CMS Cameron McKenna and Pinsent Masons are advising as the Ministry of Defence (MoD) has gifted a £1.1bn construction contract to Carillion, extending what is already the largest accomodation Private Finance Initiative the Ministry has undertaken.

Freshfields is advising longtime government client the Ministry of Defence (MoD) on the extension of the 35-year contract for Project Allenby Connaught, opposite CMS Cameron McKenna which advised Aspire Defence, the special project vehicle set up for the project.

Pinsent Masons is advising the joint venture (JV) between Carillion and KBR which has been awarded the construction and facilities management contract for the army barracks.

The project is already worth £8bn and the development will provide 130 new buildings of single living accommodation for soldiers to provide modern, purpose-built living and working accommodation for some 18,700 soldiers, including resettlement personnel who will return from Germany in 2019.

Freshfields’ team is being led by London head of infrastructure and energy Alex Carver alongside of counsel Max Cairnduff.

The Magic Circle firm previously advised the MoD on the original Project Allenby Connaught transaction in 2006, as well as its competition to appoint a strategic business partner for the Defence Infrastructure Organisation (DIO) in 2014 for a 10 year contract worth £400m. The team was previously led by partner Nick Bliss before his retirement from the firm in April this year.

Bliss had a led on a number of projects for the Ministry, including the letting of a concession to Solent Gateway to manage Marchwood Military Port in 2015. He was viewed as the strongest projects partner in Freshfields’ practice, although the Magic Circle firm has recently brought on Shearman & Sterling partner Tim Pick in 2013.

CMS Cameron McKenna fielded a team led by Robert Gray and Jonathan Dames. The firm has been acting for Aspire Defence since the project started in 2006.

Gray told Legal Business: ‘This was a really important deal for the MoD and the army in terms of the accomodation and a great addition to what has been very succesful project over 10 years.’

Pinsents team was led by Jonathan Hart. The firm was re-appointed to Carillion’s panel in 2015, with a mandate expected to last until December 2017 and also acted on a 50:50 joint venture of Carillion and Equitix on the Priority School Building Programme (PSBP) Midlands, the fourth batch of the Education Finance Agency’s (EFA) Priority Schools Programme.

georgiana.tudor@legalease.co.uk

For more on City project teams see: ‘Price of debt – austerity and the plight of a project finance partner’

Legal Business

BLP and Pinsents advise Heathrow as government approves plans for third runway

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Pinsent Masons and Berwin Leighton Paisner (BLP) have advised Heathrow Airport on the planning process up to the government’s decision yesterday (25 October) to approve a third runway, with more legal advisers likely to be appointed as the scheme is taken forward in the form of a national policy statement (NPS) for consultation.

Pinsents, which has a place on Heathrow’s panel, advised the airport on its plans with a team led by head of infrastructure planning and government affairs Robbie Owen. BLP confirmed it has also advised the airport’s in-house team.

Meanwhile the government has appointed former senior president of tribunals Sir Jeremy Sullivan to oversee the process of the NPS on aviation, covering the Heathrow runway. The process will take one year and will be subject to a vote of parliament.

In addition, there are likely to be several legal challenges to the decision, including a joint legal action already mounted by Greenpeace UK alongside Hillingdon, Richmond, Wandsworth and Winsor and Maidenhead councils.

Greenpeace UK and the councils are jointly instructing Kate Harrison of Harrison Grant Solicitors, specialists in public, environmental and planning law and human rights. In 2010, the campaigners worked together to successfully overturn the Labour governments backing for a third runway in the High Court.

Commenting on the government’s decision, Liz Jenkins, an infrastructure partner at Clyde & Co said the announcement was a ‘false dawn.’

‘Even if the House of Commons does back [Heathrow] then there will still be a number of legal hurdles to overcome before any shovels can break ground. Apart from the political opposition, there will be opposition from activist local residents, local authorities and environmentalists on a host of legal, planning and regulatory issues, such as noise and emissions.’

Speaking to Legal Business in 2014, Heathrow’s legal chief Carol Hui said: ‘The political aspects of this involve local community engagement, master planning, designing and environmental issues. It also concerns local residents if there are issues of noise and blight. We listen to people.’

‘We always have to work to make our case and help people see expanding Heathrow is the answer to connecting the UK to growth so we don’t fall behind our competitors in Europe and increasingly emerging airports like Dubai and Doha. We have to make our case effectively.’

Heathrow has a team of around 30 in-house lawyers and typically instructs Freshfields Bruckhaus Deringer for finance and corporate, Allen & Overy (A&O) on financing for lenders, Herbert Smith Freehills for litigation, Eversheds for employment and Berwin Leighton Paisner for planning.

A&O, Hogan Lovells and Freshfields led on Heathrow’s final airport disposal in 2014 as Aberdeen, Glasgow and Southampton airports were sold to a consortium formed by Ferrovial and Macquarie for £1.05bn.

kathryn.mccann@legalease.co.uk

Legal Business

Pinsents and Linklaters act on latest big pharma deal as Teva sells Allergan generics business for £600m

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Pinsent Masons and Linklaters are advising on Teva Pharmaceutical Industries’ sale of UK and Ireland business Activas Generics for £603m as the Israeli firm seeks to divest assets following last year’s takeover of Allergan.

Israeli pharma firm Teva is selling the business to Accord Healthcare, part of Indian company Intas Pharmaceuticals, subject to final approval from the European Commission. The deal is expected to close by the end of this year.

Pinsents is advising Teva on the divestment, winning the mandate following the pharma company’s $40bn megadeal for Allergan’s generics business Activas in 2015. Life sciences specialist Allistair Booth and corporate partner Andrew Hornigold led on the deal.

Accord Healthcare is being advised by Linklaters corporate partner James Inglis and head of India Narayan Iyer. The deal sees Indian firm Intas pick up the generics business, doubling its European revenues to around $500m.

The deal comes as part of a sell off of assets required by anti-trust authorities following Teva’s $40bn acquisition which was completed in August this year. Further deals have already been agreed in Australia and Teva is expected to sell some US assets to gain regulatory approval.

Last year, Sullivan & Cromwell and Latham & Watkins both won key roles on Teva’s takeover of Dublin-headquartered Allergan’s generics business. Latham corporate partners Charles Ruck and Scott Shean advised Allergan in the US. S&C corporate partners Joseph Frumkin and Krishna Veeraraghavan advised Teva from New York.

The deal went through following Teva’s bid for rival Mylan, with S&C winning the mandate from Kirkland & Ellis in June 2015 due to conflict.

matthew.field@legalease.co.uk

Legal Business

Deal watch: Corporate activity in October 2016

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Corporate Clifford ChanceFreshfields Bruckhaus DeringerPinsent MasonsSidley AustinSlaughter and May
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CC and Davis Polk On $8bn China IPO: Davis Polk & Wardwell advised Postal Savings Bank of China on its Hong Kong Stock Exchange float, with Clifford Chance leading for the underwriting banks, including JP Morgan Chase and Goldman Sachs. King & Wood Mallesons acted as Chinese counsel to the banks, while Haiwen & Partners was Chinese adviser to Postal Savings Bank.

Legal Business

Revolving doors: Post-summer hiring spree continues with Eversheds, Pinsents and Clydes adding to their ranks

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The post-summer hiring spree continued in earnest this week, with Eversheds, Pinsent Masons, Clyde & Co, Gibson, Dunn & Crutcher and Dentons bolstering their benches with new partner hires.

Ashurst lost another partner this week, this time to Dentons in Italy, which strengthened its corporate, M&A and private equity practice in Rome with the hire of Aian Abbas along with associate Alma de Rosa and trainee Violetta Cozzone.

Abbas, who has a particular focus on corporate finance and leveraged finance transactions, has advised Oakley Capital on the acquisition of Facile.it and Mutui.it and assisted Quercus and Swisslife on the acquisition of ASI.

Federico Sutti, Dentons Italy managing partner said the hire was a step forward in the firm’s strategy to expand their corporate M&A practice. Dentons’ Rome office opened in July 2016.

Stefano Speroni, head of the corporate and M&A group in Italy added: ‘Aian’s addition to the team will significantly deepen our service offering to our clients, particularly in the private equity area, positioning our firm at the highest levels of this sector which will be crucial to our success in the years to come.’

Further afield, Pinsent Masons has added to its Australia offering with the hire of Ewan Robertson, a partner at Piper Alderman. Robertson’s main focus is on corporate and commercial work with an emphasis on transactional and projects work, M&A and joint ventures, particularly in the energy and resources sectors.

Head of Pinsent Masons Australia, David Rennick, said: ‘We’ve had an active first year of operation and have quickly developed to be one of the most experienced team of legal advisers in the Australian infrastructure market. Ewan’s expertise will broaden our corporate offering and strengthen our M&A capabilities.’

Meanwhile in the City, Gibson Dunn has continued its London expansion with private equity partner James Howe from Proskauer Rose, while Rob Ireland has returned to Clyde & Co as an aviation partner from Kennedys.

Ireland is a leading lawyer in the aviation sector, who previously spent nine years at Clyde & Co, including five at Beaumont and Son. He specialises in all aviation related liability issues, advising a range of insured clients and their insurers on claims, from those related to major catastrophes, to issues related to baggage, cargo, hull, and personal injury. He has extensive experience in litigation in England and Wales and has worked across legal systems globally.

Commenting on the hire of Ireland, Maria Cetta, a partner at Clyde & Co commented: ‘We’re delighted to welcome Rob back to Clyde & Co as he has an exceptional track record and reputation in the aviation industry, which will further add to our already market-leading position.’

Finally, Eversheds has taken two project finance partners from Norton Rose Fulbright, with energy and infrastructure duo Mark Dennison and Conrad Purcell both joining the firm.

kathryn.mccann@legalease.co.uk

Legal Business

Irish ambitions: Pinsents eyes Dublin base as UK firms look to capitalise on post-Brexit market

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Pinsent Masons is eyeing up a Dublin base, to complement its existing offering in Belfast and provide a full UK and Ireland presence for the firm.

Since the firm’s merger with McGrigors in 2012, Pinsents’ international strategy has largely revolved around launching sector-focused greenfield sites, with partners from local firms.

However it is not clear whether Pinsents’ preference is a merger or a greenfield site in the Irish capital.

Pinsents currently has referral relationships with four or five firms in Dublin, one of which is Beauchamps Solicitors, one of Ireland’s top ten by size. It is understood that Pinsents has also been approached by several Irish firms with a view to doing a tie-up in the city.

A spokesperson for Pinsents said: ‘We have a market-leading Northern Ireland practice which naturally lends itself to elements of cross-border work, in turn giving rise to a number of significant client and referral relationships into the Republic of Ireland.

‘Dublin is an important legal market and will continue to be so. As you would expect we periodically review with our referral partners how best we can service client demand, however it would be inaccurate to characterise any of those discussions as merger talks. Of course we won’t rule out anything that enhances our ability to service the global sectors in which we operate however at this stage we’re very comfortable with our existing and highly successful platform.’

In March last year the firm launched in Australia with infrastructure sector-focused practices in Melbourne and Sydney headed up by David Rennick, previously chief executive of Australian law firm Maddocks and just last week the firm launched another infrastructure-focused practice in Johannesburg, with two partners from local firm Bowman Gilfillan.

Similarly it is understood that a number of UK firms are considering a Dublin base following Britain’s decision to leave the EU, with financial services and funds being two areas becoming especially lucrative following the Brexit vote.

While a full merger with an Irish firm is likely to be the preferable option for UK firms, Irish firms are unlikely to want to cut off profitable referral relationships with other UK firms.

One Irish law firm leader said: ‘Targeted greenfield sites is exactly the kind of thing that I think will happen. I would be amazed if that kind of thing doesn’t happen. At the moment for Irish firms you would see that there would be more benefit in having very close relationships with several firms rather than nailing your colours to the mast with one firm.’

Another added: ‘We aim to be best friends with all the top London and New York firms and many other firms around the world – if we were to tie up with a Linklaters or Freshfields Bruckhaus Deringer we would be getting more instructions from them but ruling out an enormous amount of instructions from other firms. I can’t see a leading Dublin firm be willing to tie itself to a strategic alliance.’

In June, new figures from the Law Society of Ireland revealed that in the first six months of 2016, a record-breaking 186 solicitors from the UK have been admitted to practice in Ireland. The figure of 186 is more than three times the total admitted at this stage last year, when the number was less than 50. In 2015 the total number of UK solicitors that transferred to Ireland was 101. In 2014, that number was 51. According to the Law Society there were 15,196 solicitors on the roll in Ireland at the end of 2015.

Many of the solicitors specialise in EU and competition law, with the right to argue before EU tribunals such as the Court of Justice of the European Union only afforded to lawyers qualified in an EU state.

kathryn.mccann@legalease.co.uk