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The UK Subsidy Control Act 2022 (the "Act") came into force on 4 January 2023 in order to replace the European Union ("EU") state aid regime and satisfy the UK's obligations under the UK-EU Trade and Cooperation Agreement. The Act sets out a framework for public bodies to comply with when awarding subsidies to businesses and provides a means for private challenge of the granting of any such awards.
Travers Smith LLP has advised Inflexion on the refinancing of Celnor Group Limited (Celnor), with new senior facilities made available by Ares. Celnor is a specialist provider of testing, inspection, certification, and compliance (TICC) services and this new funding will support the business throughout its ambitious growth strategy.
Travers Smith LLP has advised Caledonia Investments plc ("Caledonia") on its acquisition of Direct Tyre Management Limited ("DTM"), the UK’s leading independent provider of outsourced tyre management services to fleet operators.
Travers Smith LLP has advised ETC Group, a London-based crypto ETP issuer with over $1 billion in assets under management on its acquisition by Bitwise Asset Management, the largest crypto index fund manager in America.
The EU’s Corporate Sustainability Due Diligence Directive (CS3D) will be highly consequential for those large EU and non-EU companies that fall within its scope. Despite some misleading commentary to the contrary, the financial sector is in scope of the CS3D as finally agreed by the European legislators in May 2024.
In this session from the recent PMI's Annual Conference (July 2024), Partner and Head of Pensions Susie Daykin, Technology & Commercial Transactions Partner James Longster and The Pensions Ombudsman's Senior Counsel David Craddock with some insightful questions from the chair, Client Director of Vidett Limited, Mike Birch, explored the regulatory challenges and opportunities surrounding the integration of AI in the pension sector. They discussed some of the potential "use cases" in the pensions space and explored the regulatory, governance and other issues that trustees should be thinking about when AI is used.
Earlier this month, the EU's European Artificial Intelligence Act ("AI Act")[1], the world's first comprehensive regulation on artificial intelligence, came into force. The AI Act aims to ensure that AI systems are safe, transparent, traceable and environmentally friendly.
The EU's Corporate Sustainability Reporting Directive ("CSRD") was due to be implemented into national law by the Member States by 6 July 2024. The majority missed that deadline to finalise their laws.
Travers Smith has advised CVC DIF, the infrastructure strategy of leading global private markets manager CVC, on the acquisition of medneo UK, a leading mobile diagnostic imaging company specialising in MRI and CT services.
Last week, the UK Competition & Markets Authority (CMA) published new draft merger control guidance for consultation, updated to reflect how the CMA's new powers under the UK Digital Markets, Competition and Consumer Act 2024 (DMCCA). The guidance confirms how the CMA can use the new incoming jurisdictional tests to cast a wide net and catch a broad range of deals. But the guidance also provides for greater procedural flexibility during the CMA's reviews – including specifically for private equity firms. See below for some initial takeaways, prior to the guidance being finalised.
Travers Smith has advised vertical farm operator GrowUp on its £38m debt and equity investment from investment firm Generate Capital.
Welcome to our latest investigations newsletter, bringing you up-to-speed on the latest trends and developments in this ever-evolving area.
Competition authorities across the globe have, like the vast majority of organisations, been investing significantly in building their understanding of AI and the potential competition and consumer law impacts of its development and use.
On 25 July 2024 the Institutional Limited Partners Association ("ILPA"), the trade body for institutional limited partners in the private equity industry, issued its much anticipated Guidance for Limited Partners and General Partners in respect of NAV-based facilities (the "Guidance").
Travers Smith LLP has advised The Nutriment Company, a leading provider of premium natural pet food, on the acquisition of Natural Instinct.
As part of today's statement by the Chancellor on public spending pressures, the government has made several announcements relating to tax. These include measures relating to carried interest taxation and reform of the current tax regime for UK resident but non-domiciled individuals ("non-doms").
A regular briefing for the alternative asset management industry.
Travers Smith LLP has advised longstanding client AshbyCapital (Ashby) on the refinancing of its retail park portfolio, including a c.£82 million loan from existing lender Deutsche Hypo.