Transactions UK

  • February 20, 2024

    EU Approves Orange's €18.6B Spanish Telecoms JV

    Europe's competition enforcer on Tuesday approved a deal for Orange SA and MasMovil Ibercom SA to combine their operations in Spain through a €18.6 billion ($20.3 billion) joint venture after the companies agreed to sell spectrum to a growing mobile operator in the country.

  • February 20, 2024

    Housing Maintenance Biz To Launch £20M Share Buyback

    Mears Group PLC said on Tuesday its board had given the green light for another share buyback program of up to £20 million ($25.2 million), stepping up its drive to return surplus capital to investors.

  • February 20, 2024

    InterContinental Sets $800M Buyback As Profits Soar

    Hospitality giant InterContinental said Tuesday that it will return over $1 billion to its shareholders in 2024, including an $800 million share buyback and $200 million in dividends, as its profits jumped 70% in 2023.

  • February 20, 2024

    Energy Co. Kistos To Buy EDF's Gas Storage Unit For £25M

    U.K. energy business Kistos Holdings PLC said Tuesday it has agreed to buy the gas storage unit of EDF Energy, the British subsidiary of the French nuclear power giant, for £25 million ($31.5 million).

  • February 20, 2024

    Barclays Plans £1B Share Buyback In Boost For Shareholders

    Barclays PLC said on Tuesday it will launch a new share buyback program worth up to £1 billion ($1.26 billion) in the first quarter of 2024 as the lender looks to return excess cash to shareholders.

  • February 20, 2024

    Israeli Fintech Plans $175M Share Buyback, Dividend Payout

    Plus500 said on Tuesday that it will roll out a new share buyback program worth up to $100 million, as it looks to reward investors despite a sharp drop in revenue.

  • February 20, 2024

    UK Software Biz Seeks More Time To Mull Takeover Offer

    SmartSpace has asked the U.K. government to extend a deadline for a U.S. peer to make a binding offer for the British software company after Skedda Inc. took its £25 million ($31.5 million) proposal off the table.

  • February 19, 2024

    Bank Of Georgia Offers $303.6M For Armenian Lender

    Bank of Georgia said Monday that it has agreed to buy an Armenian bank for around $303.6 million in a deal guided by Baker McKenzie and Travers Smith LLP as it seeks to grow beyond the national Georgian market.

  • February 19, 2024

    Santander Launches €1.5B Share Buyback After Profit Gains

    Banco Santander SA said on Monday it will reward investors with a new program to repurchase shares of up to €1.5 billion ($1.6 billion).

  • February 19, 2024

    Ex-Autonomy Boss Wants SFO Docs To Sink DOJ Fraud Case

    Mike Lynch wants the Serious Fraud Office to turn over information it holds on him over concerns that U.S. authorities sought international assistance to avoid running out of time to charge him for fraud, according to particulars of the extradited entrepreneur's legal claim against the U.K. agency.

  • February 19, 2024

    Gold Miner To Sell Russian Biz For $3.7B As Sanctions Bite

    Polymetal International said on Monday that it has agreed to sell its Russian business for an estimated $3.69 billion in cash and debt, as the precious metals giant looks to comply with international sanctions following the invasion of Ukraine in 2022.

  • February 19, 2024

    Currys Snubs Fund's £700M Proposal, JD.com Preps Rival Bid

    Currys PLC said Monday that it has rejected a proposed takeover offer from U.S. investment firm Elliott Advisors to buy the British retailer, saying it "significantly undervalued the company and its future prospects."

  • February 19, 2024

    NatWest Begins £300M Share Buyback As Profits Soar

    NatWest Group PLC said on Monday that it has launched a share buyback program worth up to £300 million ($380 million) as the financial services group looks to reduce its shareholder equity after posting a surge in profits.

  • February 16, 2024

    Gibson Dunn, DLA Piper Steer $1.45B Sale Of All3Media

    RedBird IMI, advised by Gibson Dunn & Crutcher LLP, on Friday revealed that it has agreed to buy independent television production and distribution company All3Media from its joint owners, DLA Piper-led Warner Bros. Discovery Inc. and Liberty Global Ltd., in a £1.15 billion ($1.45 billion) deal that will allow the independent production company to continue developing and producing programming.

  • February 16, 2024

    UK Litigation Roundup: Here's What You Missed In London

    This past week in London has seen a legal battle erupt between JPMorgan and the founder of a Greek payments company following a dispute over the valuation of their jointly owned fintech business, the children of late Russian oligarch Vladimir Scherbakov face a claim by Fieldfisher LLP, the Director of Education and Training at the Solicitors Regulation Authority tackle a claim by two solicitors, and train operator First MTR South Western Trains file a claim against a security company. Here, Law360 looks at these and other new claims in the U.K.

  • February 16, 2024

    Druces-Led SPAC's £19M Bid For AI Biz Gets Extension

    U.K. blank-check company Mustang Energy's bid to buy Cykel, an artificial intelligence software developer, for £19.2 million ($24.1 million) has been granted an extension by the national takeovers and mergers panel, the companies said Friday.

  • February 16, 2024

    Lawyers Advising PE On Alternative Exits Amid Market Slump

    Private equity firms have turned to their lawyers to find creative solutions for realizing cash for investors as deals activity in the IPO market in London remains sluggish — such as setting up continuation funds, making partial sales or working creatively with debt.

  • February 16, 2024

    NatWest Plans £300M Buyback After Earnings Jump

    NatWest Group PLC said Friday that it is planning to buy back up to £300 million ($380 million) of its shares in 2024 through an on-market program, as it reported a 20% increase in operating profit for 2023.

  • February 16, 2024

    Stephenson Harwood Hires Regulatory Pro In Corporate Boost

    Stephenson Harwood LLP has appointed regulatory lawyer Christophe Boucherie as a partner in its London office, a move it believes will strengthen its corporate practice.

  • February 16, 2024

    Bird & Bird-Led Miner To Raise $9.5M Via Share Issues

    Iron ore mining company Beowulf Mining PLC said on Friday it will launch two programs to sell shares worth up to 100 million Swedish kronor ($9.5 million) as it looks to finance new projects.

  • February 16, 2024

    Ex-Goldman Sachs Banker Gets 22 Months For Insider Dealing

    A former Goldman Sachs banker was sentenced at a London court on Friday to 22 months in prison for insider dealing after he was convicted of using price-sensitive information gleaned from his job at the investment bank to trade in company shares.

  • February 15, 2024

    Boeing Hires Competition Pro From Ashurst In Brussels

    Boeing has recruited a former partner from Ashurst LLP to strengthen its capacity to handle European competition and regulatory matters for the aviation giant in Brussels.

  • February 15, 2024

    Starwood Capital Injects $850M Into Echelon Data Centres

    Real estate-focused private investment firm Starwood Capital Group on Thursday revealed that it acquired a 50% stake in Dublin, Ireland-based Echelon Data Centres through an $850 million investment, valuing Echelon at roughly €2.5 billion ($2.69 billion) in a deal built by three firms.

  • February 15, 2024

    City Lobby Calls For Tax Cuts, Investment Reform In Budget

    The U.K. government should cut taxes on banking, make it easier for firms to list as public companies and create a new investment office to boost competitiveness, according to a leading financial lobby.

  • February 15, 2024

    K&L Gates-Led Miner Tells Shareholders To Reject £39M Offer

    The board of South Africa-based coal mining company MC Mining Ltd. on Thursday urged its shareholders to reject a £39.1 million ($49 million) takeover offer from Goldway Capital Investment Ltd., a group owned by multiple international investors.

Expert Analysis

  • Vodafone Decision Highlights Wide Scope Of UK's FDI Rules

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    The U.K. government’s recently imposed conditions required for its approval of Vodafone and Etisalat’s strategic relationship agreement under its National Security and Investment Act jurisdiction, illustrating the significance of the act as an important factor for transactions with a U.K. link, says Matthew Hall at McGuireWoods.

  • What Extension Of French FDI Control Means For Investors

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    The recently published French order on foreign investment control expands the regime's application to more sectors and at a lower threshold of share ownership, illustrating France's determination to maintain sovereignty over its supply chains in sensitive sectors, and adding new considerations for potential investors in these areas, say lawyers at Linklaters.

  • What To Expect For Private Capital Investment Funds In 2024

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    As 2024 gets underway, market sentiment in the private fundraising sphere seems more optimistic, with a greater focus on deal sourcing and operational optimizations, and an increased emphasis on impact and sustainability strategies, say lawyers at Ropes & Gray.

  • Cayman Islands Off AML Risk Lists, Signaling Robust Controls

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    As a world-leading jurisdiction for securitization special purpose entities, the removal of the Cayman Islands from increased anti-money laundering monitoring lists is a significant milestone that will benefit new and existing financial services customers conducting business in the territory, say lawyers at Walkers Global.

  • Acquisition Of AI Tech Poses Challenges For Media Industry

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    The artificial intelligence regulatory landscape is changing quickly, and media and entertainment companies planning to acquire AI technology through a merger, acquisition or licensing deal should be mindful of potential new compliance requirements and AI-specific insurance products, say lawyers at Covington.

  • Due Diligence Pointers After Entain Deferred Prosecution Deal

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    The Crown Prosecution Service's £615 million settlement with Entain last month signifies that the CPS is a serious enforcer of corporate crime, and illustrates the importance of carrying out a tailored risk assessment in preparation for and following an acquisition, say Matthew Cowie and Aziz Rahman at Rahman Ravelli.

  • What Can Be Learned From Adobe-Figma Merger Termination

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    The Competition and Markets Authority’s role in the recent termination of the proposed Adobe-Figma merger deal indicates the regulator's intention to be seen as a strong enforcer in the technology sphere, and serves as a warning for companies to address antitrust risks early on in the merger process, say Deirdre Taylor and Molly Heslop at Gibson Dunn.

  • How FCA Listing Regime Reform Proposals Are Developing

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    The Financial Conduct Authority’s recently proposed U.K. equity listings reforms maintain increased flexibility with a disclosure-based approach, but much of the new regime’s success will depend on the eligibility criteria used and whether additional governance will be required for inclusion, say lawyers at Debevoise.

  • US And UK Law Firms Continue Trend Of EU Expansion

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    A broad spectrum of U.S. and U.K. law firms are now seeking fresh opportunities in Europe's fastest growing and constantly evolving sectors by opening offices in strategic locations across the continent, says James Lavan at Buchanan Law.

  • A Look At 2023's Landmark Insolvency Developments

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    The insolvency landscape in 2023 witnessed pivotal court decisions that will continue to shape the industry in 2024, with a focus on refining director and administrator duties and obligations, and addressing emerging challenges, says Kerri Wilson at Ontier.

  • Regulating Digital Platforms: What's Changing In EU And UK

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    Lawyers at Mayer Brown assess the status of recently enacted EU and U.K. antitrust regulation governing gatekeeper platforms, noting that the effects are already being felt, and that companies will need to avoid anti-competitive self-preferencing and ensure a higher degree of interoperability than has been required to date.

  • An Overview Of European Private Investments in Public Equity

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    Although still fairly rare, private investments in public equity may continue to be an attractive option for some European issuers seeking to secure equity financing, and advisers planning such an investment should consider the various local options, requirements and norms, say lawyers at Sullivan & Cromwell.

  • UK Takeover Code Changes: Key Points For Bidders, Targets

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    Newly effective amendments to Rule 21 of the U.K. Takeover Code, which remove legal and administrative constraints on a target operating its business in the ordinary way during an offer, will add clarity for targets and bidders, and are likely to be welcomed by both, say lawyers at Davis Polk.

  • EU Rejection Of Booking.com Deal Veers From Past Practice

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    The European Commission's recent prohibition of Booking's purchase of Etraveli based on ecosystem theories of harm reveals a lower bar for prohibiting nonhorizontal mergers, and may mean increased merger scrutiny for companies with entrenched market positions in digital markets, say lawyers at Linklaters.

  • What Lawyers Can Learn From FDI Screening Report Findings

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    The recent European Commission report on the screening of foreign direct investments into the EU reveals how member states need to balance national security concerns with openness, and with more cross-border transactions subject to screening, lawyers must be alert to jurisdictional variances, says Jonathon Gunn at Faegre Drinker.

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