Sponsors, pharma and tech fire up deal activity despite a subdued year for marquee M&A in Europe

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Sponsors, pharma and tech fire up deal activity despite a subdued year for marquee M&A in Europe

A dearth of megadeals in 2019 did little to dampen the spirits of dealmakers with buyout teams capitalising on the ongoing private equity boom while wider pharma and tech deals drove bid activity.

On the face of it, headline figures from Mergermarket speak of a subdued year, with global M&A activity declining 6.9% from 2018 to $3.33trn. The picture in Europe was considerably more gloomy, with the continent seeing a 21.9% dive in total deal value to $770.5bn. Continue reading “Sponsors, pharma and tech fire up deal activity despite a subdued year for marquee M&A in Europe”

Dealwatch: Weil and Mayer Brown scoop leads on Nestlé’s $4bn US ice cream business sale

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Dealwatch: Weil and Mayer Brown scoop leads on Nestlé’s $4bn US ice cream business sale

Weil Gotshal & Manges and Mayer Brown have advised on the sale of Nestlé’s US ice cream business to Froneri for $4bn.

Froneri is an ice cream focused joint venture by Nestlé and PAI Partners created in 2016. The deal means that brands such as Häagen-Dazs, Edy’s, Drumstick and Dreyer’s will join its portfolio which already includes Movenpick, Green & Blacks and Cadbury’s ice cream. Continue reading “Dealwatch: Weil and Mayer Brown scoop leads on Nestlé’s $4bn US ice cream business sale”

A boon for Global London firms on big-ticket buyouts as US investors target hot tech assets

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A boon for Global London firms on big-ticket buyouts as US investors target hot tech assets

The take-private market has cooled after a prolonged spree of deals across Europe but US investors have continued to pile cash into non-domestic assets, with Kirkland & Ellis, Latham & Watkins, Baker McKenzie and Simpson Thacher & Bartlett all commanding lead roles on multi-billion-dollar transactions with a tech flavour in recent weeks.

Blackstone’s proposed $3bn acquisition of a majority stake in MagicLab, the London-based dating and social networking app start-up, spelled instant attraction for transatlantic teams from Simpson Thacher and Bakers. Continue reading “A boon for Global London firms on big-ticket buyouts as US investors target hot tech assets”

Dealwatch: Slaughters and Ashurst make headlines on i newspaper sale as DLA and A&O dine out on Bookatable acquisition

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Dealwatch: Slaughters and Ashurst make headlines on i newspaper sale as DLA and A&O dine out on Bookatable acquisition

In a busy week for UK buyouts, Slaughter and May advised Daily Mail and General Trust on the £49.6m acquisition from JPIMedia of i newspaper and its website by its consumer media business, DMG Media.

The Slaughters team was led by corporate partner Rebecca Cousin while an Ashurst  team led by corporate partner Braeden Donnelly advised JPIMedia Group. Continue reading “Dealwatch: Slaughters and Ashurst make headlines on i newspaper sale as DLA and A&O dine out on Bookatable acquisition”

Dealwatch: A&O and Ashurst close £1.2bn UK tunnel project as US-led buyouts take centre stage

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Dealwatch: A&O and Ashurst close £1.2bn UK tunnel project as US-led buyouts take centre stage

Allen & Overy and Ashurst won leading roles on the £1.2bn Silvertown Tunnel project, the only big-ticket UK-led deal this week in a market awash with US buyouts.

A&O advised a consortium including Aberdeen Standard Investments, BAM PPP PGGM, Cintra, Macquarie and SK Group on the Silvertown Tunnel PPP with a team led by David Lee and including partners Mark Walker and Sara Pickersgill. Continue reading “Dealwatch: A&O and Ashurst close £1.2bn UK tunnel project as US-led buyouts take centre stage”

Deal watch: Simpson Thacher conjures Blackstone and Alibaba mandates as Linklaters and CC lead on British Steel takeover

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Simpson Thacher & Bartlett has picked up two high-profile mandates advising Blackstone on the acquisition of MagicLab alongside the Hong Kong listing of Chinese ecommerce giant Alibaba.

Elsewhere, Linklaters and Clifford Chance (CC) led on Chinese steelmaker Jingye Steel and Iron’s acquisition of British Steel. Continue reading “Deal watch: Simpson Thacher conjures Blackstone and Alibaba mandates as Linklaters and CC lead on British Steel takeover”

Dealwatch: Rich pickings for A&O and Linklaters on €120bn tech listing as Addleshaws wins Battersea redevelopment

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The European teams of Allen & Overy (A&O) and Linklaters are set to bring in a total of more than €4m in legal fees after acting on the largest European listing of the year.

Meanwhile in London, Addleshaw Goddard and Norton Rose Fulbright acted on the £600m financing of the latest phase in the redevelopment of Battersea Power Station. Continue reading “Dealwatch: Rich pickings for A&O and Linklaters on €120bn tech listing as Addleshaws wins Battersea redevelopment”

Dealwatch: Slaughters leads on Hong Kong’s £32bn LSE bid as US firms tap into mid-market

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Dealwatch: Slaughters leads on Hong Kong’s £32bn LSE bid as US firms tap into mid-market

Strategic deals have continued into September after a busy summer, with firms rallying to get deals over the line before a Brexit cliff-edge threatens to become a reality.

Slaughter and May has landed a mandate to advise Hong Kong Exchanges and Clearing (HKEX) on a bid which, if successful, would see it acquire the London Stock Exchange (LSE) for £32bn. Partner David Watkins is leading the Slaughters team. Continue reading “Dealwatch: Slaughters leads on Hong Kong’s £32bn LSE bid as US firms tap into mid-market”

Dealwatch: Paul Hastings and Slaughters react on nuclear sale as Magic Circle duo imbibes Greene King takeover

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Dealwatch: Paul Hastings and Slaughters react on nuclear sale as Magic Circle duo imbibes Greene King takeover

August has proved to be active with big-ticket deals prompting inbound investment to the UK with the disposal of John Wood Group’s nuclear business to US-based Jacobs Engineering Group, as well as the sale of Greene King to Hong Kong’s CKA Group.

Paul Hastings advised Jacobs Engineering Group on its acquisition of John Wood Group’s nuclear business in the UK, Europe and the Far East for a cash consideration of roughly £250m. Continue reading “Dealwatch: Paul Hastings and Slaughters react on nuclear sale as Magic Circle duo imbibes Greene King takeover”

Dealwatch: US and UK outfits line up on Jack Wills sale, BT fleet group buy-out and Majestic Wine

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Dealwatch: US and UK outfits line up on Jack Wills sale, BT fleet group buy-out and Majestic Wine

Fried, Frank, Harris, Shriver & Jacobson, RPC, Mayer Brown and Bryan Cave Leighton Paisner were among the firms to enjoy a pre-summer deal rush this week as Sports Direct bought Jack Wills and private equity player Aurelius acquired BT’s fleet business.

Fried Frank advised high street clothing retailer Jack Wills on the buy-out of its UK businesses with a team led by restructuring and insolvency partner Ashley Katz and including corporate partner Dan Oates, finance partner Neil Caddy, real estate partner Patrick Williams and restructuring and insolvency partner Gary Kaplan. Continue reading “Dealwatch: US and UK outfits line up on Jack Wills sale, BT fleet group buy-out and Majestic Wine”