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Continuation vehicles are typically structured as limited partnerships, with the investors (both rolling and new) constituting limited partners in the vehicle and the GP acting as manager of the vehicle. From a regulatory perspective, this continuation vehicle will typically fall within one of two regulatory categories: an alternative investment fund (“AIF”) or a non-AIF collective investment scheme (“CIS”).

Travers Smith has advised Quanex Building Products Corporation on its recommended cash and share offer for Tyman plc, valued at approximately £788m.

The 2023/24 tax year has ended so now is the time to start thinking about your annual employee share plan reporting obligations. Annual returns for the last tax year must be filed online with HM Revenue & Customs (HMRC) by 6 July 2024 and are due in respect of all the employee share plans or arrangements you had in place during that period, even if there has been no activity.

A regular briefing for the alternative asset management industry. 

Travers Smith has advised management on the sale of a 50.01% stake in Edinburgh Airport for £1.27 billion to VINCI Airports, a VINCI Concessions subsidiary.

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The FCA has published a consultation paper (CP24/7) on Payment Optionality for Investment Research. This sets out the regulator's considered proposals in the light of one of the recommendations from the Independent Research Review (IRR) – i.e. that buy-side firms should have the option - once again - of being able to buy research on a bundled basis, subject to certain conditions.

Travers Smith is advising AIM-listed Lok'nStore Group plc on its £378m recommended cash acquisition by Shurgard. The acquisition is expected to complete in July 2024, following shareholder approval and satisfaction of other conditions.

Travers Smith is delighted to announce that it has been awarded "Litigation of the Year – Cartel Defence" at the annual Global Competition Review Awards in a ceremony held in Washington DC on 9 April 2024. The award, for creative, strategic and innovative litigation on behalf of a defendant in a private action for cartel damages, recognises Travers Smith's work in acting for the successful appellants in the UK Supreme Court's PACCAR ruling.   

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The CMA has issued its second piece of 'informal guidance' under the UK's Green Agreements Guidance, using the 'open door policy' by which the CMA can provide informal comfort that a specific environmental sustainability collaboration between competitors does not infringe competition law. 

Introduction 

In recent years, there has been an increasing trend for claims to be brought in the English Courts on behalf of large groups of claimants seeking redress for environmental damage suffered in overseas jurisdictions. Although the English Courts have been reluctant to prevent such claims from proceeding on the basis of early procedural objections from defendants, their size and complexity have presented significant case management challenges (an issue we have previously addressed in this article).

On 5 February 2024, for the first time, the Competition Appeal Tribunal (the "CAT") decided on a "carriage dispute", between two competing proposed class representatives ("PCRs"), as a preliminary issue independent of certification.[1] The CAT made clear that unless there are special reasons why the carriage and certification issues should be heard together, deciding carriage disputes as a preliminary issue will be the preferred and automatic approach going forward. In its judgment, the CAT also provided helpful guidance on how such carriage disputes are to be determined in future cases.

Travers Smith has advised one of Sweden's leading advisors and intermediaries of insurance and financial products, Söderberg & Partners, on the acquisition of a significant minority stake in financial services group, Fidelius, for an undisclosed sum as part of its drive to increase its footprint in the UK. The acquisition completed recently, following approval from the Financial Conduct Authority (FCA).

In determining a negligence claim against a valuer for an alleged under-valuation of a residential development site, the High Court considered whether it was sufficient when considering the question of liability to focus on the end result of the valuation, rather than the valuer's process of arriving at his result – raising the question of whether a valuer must separately and additionally be shown to have fallen below the standard of a reasonably competent valuer (the Bolam test). In dismissing the claim, the Court gave careful consideration to the apparently conflicting cases applicable to determining valuers' liability and clarified the correct legal test to be applied in such cases.

A regular briefing for the alternative asset management industry. 

Welcome to our series of podcasts focusing on international employment law.

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Getting to grips with the tide of transformational EU digital legislation that has emerged over the last two years is a real challenge. To make this easier, we've produced a handy primer entitled "EU Digital Legislation – what do you need to know?", providing a high-level overview of what the legislation does, who is in scope, when it applies, and some preparation tips.