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Travers Smith LLP has advised long-standing client Livingbridge on its reinvestment as a minority shareholder in Sykes Holiday Cottages (Sykes), the UK's leading independent holiday home provider with over 25 years' experience in the market.

Key employment and business immigration developments for employers.

The European Union (Withdrawal Agreement) Bill ("WAB") is due to be debated further in Parliament over the coming weeks. Although its passage through the House of Commons is likely to be eased considerably by the new government's substantial majority, it still has to pass the House of Lords – which may be more inclined to amend it when it considers the legislation next week.

Travers Smith LLP has advised long-standing client TA Associates on its investment in Netrisk, Hungary's leading online independent insurance marketplace. TA Associates invested alongside existing investor the MCI Group, which first invested in Netrisk in December 2017.

Our regular round-up of recent developments and topics for your radar, and news of planned training and networking events for in-house counsel in 2020.

2020 is going to be an important year for many non-UK resident investors in UK real estate:

The taxation of digitalised businesses continues to be a hot topic for the OECD and jurisdictions such as the UK. The perceived problem is that large, global, highly digitalised businesses are paying less tax than they should, and market jurisdictions e.g. where a high volume of sales take place or value is otherwise generated through 'users' do not get their slice of the tax pie.

National security has been in the spotlight in the UK due to recently implemented reforms and further proposed changes widening the government’s powers to scrutinise mergers on grounds of national security. A number of recent merger investigations have also indicated that the UK government is willing to scrutinise transactions involving financial investors as well as so-called hostile parties or states.

Travers Smith LLP has advised Investec Bank plc on a £32 million term loan facility and £3 million revolving credit facility to be made available to a vehicle owned by The Carlyle Group (Carlyle) in connection with Carlyle's £91 million proposed acquisition of AIM-listed Harwood Wealth Management.

Travers Smith LLP has advised long-standing client 3i Group on the sale of its investment in Aspen Pumps Group to Inflexion Private Equity, generating proceeds of C. £208 million and a 4.1x return on invested capital.

Travers Smith LLP has advised long-standing client Phoenix Equity Partners on its agreement to invest in Redington, the independent institutional investment consultant. The transaction is subject to the necessary regulatory approvals.

Welcome to the Travers Smith Winter Newsletter 2019!

The Advocate General (AG) of the CJEU has delivered an early Christmas present, in the form of an opinion in the latest chapter of the Schrems/Facebook saga.

The EU Withdrawal Agreement Bill is set to recommence its journey through Parliament on Friday 20 December. Assuming the Bill is passed, this will pave the way for Brexit to happen on 31 January 2020, and usher in the transition period which is due to expire on 31 December 2020.

Travers Smith LLP has advised BLME Holdings plc on the $212 million recommended cash offer by Boubyan Bank.

Travers Smith LLP has advised established client Noble Corporation plc (NYSE: NE) on the acquisition from a subsidiary of Royal Dutch Shell plc (Shell) of its fifty percent interest in their Bully I and Bully II joint ventures, and the buyout of the remaining term of its drilling contract for the drillship Noble Bully II.

Travers Smith has appointed Sam Cottman, a senior counsel in its Dispute Resolution team, as the firm's first full-time dedicated Director of Pro Bono.