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Travers Smith LLP has advised the selling shareholders, including majority shareholder Equistone Partners, on the sale of the Mill to Technicolor, for a total value of £190 million.
Travers Smith Pensions Risk Management partner Peter Hughes and Finance assistant Vanessa Battaglia have advised the Scottish & Newcastle Pension Plan on a longevity transaction with Friends Life Limited, now part of the Aviva Group, to insure the longevity risk in respect of £2.4bn of the Plan's defined benefit pension liabilities. The deal, announced by Heineken today, provides funding security and protection against the financial risk of pensioners living longer than originally expected.
A Travers Smith team led by private equity partner James Renahan has advised all selling shareholders, including longstanding client Equistone Partners Europe, on the sale of Easynet, a European managed services provider, to cloud-computing group Interoute Communications Limited. The transaction, which is subject to limited customary closing conditions, values Easynet at £402 million.
A Travers Smith team led by corporate partner Ian Shawyer has advised Azzurri Group on its first acquisition since it acquired the ASK Italian and Zizzi restaurant businesses with backing from leading European private equity firm Bridgepoint at the end of 2014.
A Travers Smith team led by head of Private Equity, Paul Dolman has advised long standing client Kester Capital LLP ("Kester") and management on the sale of Briefing Media to a Newco backed by Lyceum Capital.
Travers Smith LLP has advised its new client Alteri Europe, L.P. (the direct lending arm of Alteri Investors) in relation to its provision of a secured term loan facility to UK clothing retailer Austin Reed.
Travers Smith LLP has advised Bridgepoint, the leading European private equity group, in connection with the debt financing aspects of their acquisition of a majority stake in Nordic Cinema Group (NCG). Bridgepoint has acquired NCG from Ratos AB and Bonnier Holding in a transaction totalling SEK 4.7 billion (EUR 501.7 million).
Transaction highlights:
Travers Smith LLP has advised new client Zoopla, the UK's most comprehensive property search website, on the acquisition of price comparison website uSwitch from LDC and certain management sellers for up to £190m.
Travers Smith LLP has advised its long-standing client Pinewood Group plc on a fund raise of £30 million through a placing of new ordinary shares with institutional and other investors, which completed on 17 April 2015. In addition, Pinewood has agreed new bank facilities of up to £135 million with Lloyds Bank plc, The Royal Bank of Scotland plc, HSBC Bank plc and Barclays Bank plc.
A Travers Smith team led by senior partner Chris Hale and senior associate Adam Orr has advised management on the proposed sale of British Car Auction ("BCA"), Europe's largest used-vehicle marketplace, to Haversham Holdings ("Haversham"), the publicly listed investment vehicle, in a transaction valued at approximately £1.2 billion.
A Travers Smith team led by private equity partner Helen Croke has advised Bridgepoint Development Capital on its investment in MVF, a UK technology company which specialises in online customer acquisition and lead generation.
Travers Smith LLP has advised the leading European private equity firm Bridgepoint on the acquisition of ASK Italian and Zizzi restaurants from private equity house Cinven.
A Travers Smith team led by head of private equity, Paul Dolman has advised the selling shareholders of UK holiday park operator, Bridge Leisure, on the sale of its business to UK mid-market private equity firm Phoenix Equity Partners ("Phoenix").
Travers Smith private equity partner Paul Dolman and corporate finance partner Adrian West have advised the management of Spire Healthcare Group plc on the initial public offering of the company on the Official List.
In this In Practice article Donald Lowe, Fiona Swords and Michael Leadbeater examine the rising use of liquidity tests to help parties navigate the difficult financial conditions prompted by the COVID-19 pandemic.