Freshfields and Davis Polk win roles as Comcast eyes Sky with ‘superior’ £22bn bid

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Freshfields and Davis Polk win roles as Comcast eyes Sky with ‘superior’ £22bn bid

Broadcasting giant Comcast has instructed Freshfields Bruckhaus Deringer and Davis Polk & Wardwell as it looks to trounce an existing offer for Sky from Rupert Murdoch-owned 21st Century Fox.

Philadelphia-headquartered Comcast said in a statement today (27 February) that its ‘superior cash proposal of £12.50 per share represents a 16% increase in value over the existing 21st Century Fox offer for Sky’. Continue reading “Freshfields and Davis Polk win roles as Comcast eyes Sky with ‘superior’ £22bn bid”

Women deal stars perspectives – Amy Mahon, Clifford Chance

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Women deal stars perspectives – Amy Mahon, Clifford Chance

‘Star culture dictates that 50-year-old men are seen as the real deal.

To be a good deal-doer it’s not only about negotiating. You need to be organised and have a masterplan to get things done. Women will say they’re good at project management, men will say they’re good negotiators. Juggling, multi-tasking, managing teams – none of these necessarily come easier to men than women. Continue reading “Women deal stars perspectives – Amy Mahon, Clifford Chance”

Comment: Law firms will never just hand status to City women – they’ll have to take it

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Comment: Law firms will never just hand status to City women – they’ll have to take it

In a blow for traditionalists, our latest cover feature eschews profiling a group of hard-working, smart, highly-confident men who are talented lawyers to instead profile a group of hard-working, smart, variably-confident women who are talented lawyers. Radical stuff.

But then the career cycle for too many ambitious female deal lawyers remains nasty, brutish and short. While women increasingly advance into senior roles in advisory practice areas and even more so among the ranks of senior general counsel, in the upper reaches of transactional law, it is still a boys’ club and anyone claiming differently does not know many corporate lawyers. Continue reading “Comment: Law firms will never just hand status to City women – they’ll have to take it”

Can Freshfields limit the damage as Kirkland tempts PE heavyweight with $10m transfer?

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Can Freshfields limit the damage as Kirkland tempts PE heavyweight with $10m transfer?

Nathalie Tidman assesses the fallout as M&A veteran quits an unsettled City giant

Even for a market grown blithe to big-name M&A partners quitting for the dollar, Kirkland & Ellis’s recruitment of Freshfields Bruckhaus Deringer’s David Higgins just before Christmas sent a jolt. Continue reading “Can Freshfields limit the damage as Kirkland tempts PE heavyweight with $10m transfer?”

Women deal stars: plenty to celebrate so ditch the understatement

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Women deal stars: plenty to celebrate so ditch the understatement

In a blow for traditionalists, our latest cover feature eschews profiling a group of hard-working, smart, highly-confident men who are talented lawyers to instead profile a group of hard-working, smart, variably-confident women who are talented lawyers. Radical stuff.

But then the career cycle for too many ambitious female deal lawyers remains nasty, brutish and short. While women increasingly advance into senior roles in advisory practice areas and even more so among the ranks of senior general counsel, in the upper reaches of transactional law, it is still a boys’ club and anyone claiming differently does not know many corporate lawyers. Continue reading “Women deal stars: plenty to celebrate so ditch the understatement”

A shock to the system as Freshfields heavyweight departs

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A shock to the system as Freshfields heavyweight departs

Given that it has been so well telegraphed that the $10m lateral was coming to the Square Mile, the shock among City peers at the hire of Freshfields Bruckhaus Deringer private equity veteran David Higgins (pictured) has been, well, shocking. ‘Outrageous’, ‘obscene’ and ‘mildly appalling’ are among the reactions from peers. One hopeful partner at a US firm notes: ‘The clients won’t be impressed with that number splashed all over the news.’

But such sentiments are a naive reading of how the industry is evolving. Yes, if you think of a lateral as wrangling an immediate book of business, such a package suggests needing to preside over $30m within three years to be called a success on a conventional yardstick. That would certainly be a stretch – though not impossible given what some of the strongest City laterals have managed – but that is not the benchmark. Kirkland & Ellis has been stuffed with leveraged finance talent for years while lacking an unquestioned corporate A-lister. The hyper-productive Matthew Elliott delivered that when he joined from Linklaters in 2016, but his practice has a very precise real estate slant. Continue reading “A shock to the system as Freshfields heavyweight departs”

The offshore elite in review – rolling with the punches

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The offshore elite in review – rolling with the punches

Global stock markets rose by 22% in 2017, according to the Morgan Stanley Capital International index of bourses. Meanwhile, the World Bank is forecasting global economic growth to increase to 3.1% this year after a better-than-expected 2017 as investment, trade and M&A continue to rebound while commodity prices recover. Against this favourable economic background, it is no surprise that offshore law firms had another very good year.

But there were some local difficulties. Hurricane Irma and Hurricane Maria created havoc across the Caribbean, not least in the British Virgin Islands (BVI). ‘It had a devastating impact on the lives of our BVI colleagues,’ says Jonathan Rigby, managing partner of Mourant Ozannes. ‘None of us will ever fully understand what they have been through, but their strength of character and resilience has been truly humbling.’ Continue reading “The offshore elite in review – rolling with the punches”

The last word: Deals or no deals

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The last word: Deals or no deals

2017 ended with surprising confidence in a rebounding market. Here we ask the City’s leading corporate players for their prognosis on 2018

Finding the edge

‘We have come back from the holidays to a whirlwind of deal activity. I’m expecting to see financial investors looking to reduce the competition on deals by pursuing transactions where only a limited number can compete. For example, I expect the large-cap financial investors will look for multibillion-enterprise-value businesses to acquire either on their own or as part of a consortium. Also, financial investors will look to specialise further in certain key sectors so that they can differentiate from their competitors and create that all important auction-winning angle.’
Adrian Maguire, co-head of global financial investors group, Freshfields Bruckhaus Deringer Continue reading “The last word: Deals or no deals”

Deal Watch: Simpson, CC and NRF line up as business data firms generates big ticket double

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Deal Watch: Simpson, CC and NRF line up as business data firms generates big ticket double

As January draws to a close the deal market continues its robust run, with Simpson Thacher & Bartlett leading the advisers on Blackstone’s headline-grabbing Thomson Reuters carve-out while City leaders deploy for Informa’s £3.9bn takeover of UBM.

Simpson, Dechert and Norton Rose Fulbright (NFR) won the lead mandates on a Blackstone-led bid to acquire the data analytics business of Thomson Reuters in a deal valued at $20bn. The bid, confirmed on Tuesday (30 January), is one of the largest ever private equity-backed acquisitions and Blackstone’s largest outside the real estate sector. Continue reading “Deal Watch: Simpson, CC and NRF line up as business data firms generates big ticket double”

‘Exactly what we’ve been looking for’: Mishcon de Reya hires equity capital markets head from Addleshaw Goddard

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‘Exactly what we’ve been looking for’: Mishcon de Reya hires equity capital markets head from Addleshaw Goddard

Legal Business’ Law firm of the Year Mishcon de Reya has made a significant move to develop its corporate practice, today (15 January) hiring Addleshaw Goddard partner Tim Field as head of equity capital markets.

Field has advised a range of clients including investment banks, financial advisers, brokers, stock exchanges, regulators for over 20 years on matters such as initial public offerings (IPO), takeovers and securities law. Continue reading “‘Exactly what we’ve been looking for’: Mishcon de Reya hires equity capital markets head from Addleshaw Goddard”