GE RESTRUCTURING BRINGS IN RAFT OF ADVISERS
A host of firms picked up work on General Electric (GE)’s restructuring, fielding large cross-border teams as the industrial giant sold $26.5bn of real estate assets and announced it would divest most of GE Capital’s other holdings. Hogan Lovells led for GE on the real estate sale, with buyers The Blackstone Group and Wells Fargo represented by Simpson Thacher & Bartlett and Dechert respectively.
Weil, Gotshal & Manges is advising GE on the wider restructuring, which will return up to $90bn to shareholders, alongside Sullivan & Cromwell and Davis Polk & Wardwell.
CLIFFORD CHANCE AND BLP ADVISE AS DELOITTE TAKES ON NEW LEASE
Berwin Leighton Paisner (BLP) advised longstanding client Land Securities as Deloitte pre-let the commercial property company’s entire building at 1 New Street Square. Clifford Chance advised the Big Four accountant as the deal saw it acquire 275,000 sq ft of extra office space on a 20-year lease.
BAKERS AND A&O DELIVER ON FEDEX’S BID FOR TNT
Baker & McKenzie acted for FedEx with a team led by London-based global head of M&A Tim Gee, as the US delivery service bid €4.4bn for Dutch rival TNT. Allen & Overy (A&O) represented TNT with a team led by Amsterdam-based partner Jan Louis Burggraaf.
MAGIC CIRCLE LEADS AS BRAIT BUYS STAKE IN VIRGIN ACTIVE
Linklaters advised South African private equity group Brait as it bought an 80% stake in international health club operator Virgin Active for £682m. Cliffe Dekker Hofmeyr covered South African law for Brait, while the owners, Virgin Group and CVC Capital Partners, were advised by Slaughter and May. Virgin Active was advised by A&O, with its management, which is reinvesting alongside Brait, advised by Gibson, Dunn & Crutcher.