United Kingdom > London > Corporate and commercial > M&A: upper mid-market and premium deals, 250m+
Index of tables
M&A: upper mid-market and premium deals, £250m+
Leading individuals
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- Nigel Boardman Slaughter and May
- Nilufer von Bismarck Slaughter and May
- Edward Braham Freshfields Bruckhaus Deringer LLP
- Adrian Clark Ashurst LLP
- Stephen Cooke Slaughter and May
- Creighton Condon Shearman & Sterling LLP
- Richard Cranfield Allen & Overy LLP
- Richard Godden Linklaters LLP
- Michael Hatchard Skadden, Arps, Slate, Meagher & Flom (UK) LLP
- Charles Jacobs Linklaters LLP
- William Lawes Freshfields Bruckhaus Deringer LLP
- Tim Lewis Clifford Chance
- Michael McDonald Cleary Gottlieb Steen & Hamilton LLP
- Matthew Middleditch Linklaters LLP
- Frances Murphy Slaughter and May
- Barry O’Brien Freshfields Bruckhaus Deringer LLP
- James Palmer Herbert Smith LLP
- Alan Paul Allen & Overy LLP
- Chris Pearson Norton Rose LLP
- David Pearson Clifford Chance
- Mark Rawlinson Freshfields Bruckhaus Deringer LLP
- Adam Signy Simpson Thacher & Bartlett LLP
- Scott Simpson Skadden, Arps, Slate, Meagher & Flom (UK) LLP
- Spencer Summerfield Travers Smith LLP
- William Underhill Slaughter and May
- Sean Watson CMS Cameron McKenna LLP
- Stephen Wilkinson Herbert Smith LLP
‘It is rare to find such client focus and talent with a complete absence of arrogance or attitude’, says one client of Freshfields Bruckhaus Deringer LLP’s corporate team. Seen as one of the leading lights in City M&A, it won a first instruction from BP, and acted on Zhejiang Geely Holding Group’s $1.8bn acquisition of Volvo from Ford. In the UK the team advised on 73 deals with an average deal size of a shade over £1bn. With recommended practitioners Edward Braham and William Lawes increasingly focused on management issues, a new generation of partners has emerged, with David Higgins, Simon Weller and Gareth Stephenson all praised. Mark Rawlinson now heads up the London office.
Despite a cautious return to a sense of normality in the global M&A markets, Linklaters LLP continued to blaze a trail in 2010. It has the strength and depth that few firms can match, and ‘the team is prepared to work whatever hours it takes to get the work done’. Its focus on cross-border premium M&A continued to pay dividends; among an impressive breadth of representative matters, Matthew Middleditch and Iain Wagstaff led the advice to GDF Suez on the $20.2bn reverse takeover of International Power, and the team also handled significant mandates for BP, Korea National Oil Corporation and RBS. Roger Barron is ‘very good to work with’, and Owen Clay, Mark Stamp and Matthew Bland are also recommended.
Slaughter and May’s average UK deal size of £1.3bn puts it at the very top of the market. The firm has set the ‘gold standard’ in terms of clients and partners for some time, and 2010 was no different. Its enviable blend of UK plc and international clients was to the fore last year. It acted for Prudential on its failed $35.5bn bid for AIA, with a team led by William Underhill and the highly praised Nilufer von Bismarck, while other standout matters included acting for Tomkins and the board of Liverpool FC. Gary Eaborn is cited for his ‘intelligent, no-nonsense approach’, and Andrew Jolly is ‘one to watch’. Stephen Cooke, Nigel Boardman, Frances Murphy, Hywel Davies and Andy Ryde are all highly recommended.
As fears of a double-dip recession faded, Allen & Overy LLP continued to increase its market share, and worked on 12 more deals in 2010 than in the previous year. The team advised News Corporation on its high-profile bid to take full control of BSkyB, with a team led by Don McGown; and the highly regarded Richard Cranfield advised on the $3.9bn demerger of Cable & Wireless into two London Stock Exchange listed groups. The team is also retained by an impressive array of clients including GSK, Shell, and The Co-operative Group. The already weighty corporate energy team saw the significant arrival in May 2010 of Paul Griffin and John Geraghty from Herbert Smith LLP. The deep bench of partners also includes Mark Wippell, Alan Paul, Jeremy Parr and Susan Howard, who are all recommended.
Headed by Simon Tinkler, Clifford Chance’s team is variously praised by clients as ‘hungry’, ‘focused’ and ‘sharp’. With a bench strength that competitors find hard to match, it further strengthened its position in the London market with the hire of Steven Fox from Ashurst LLP. Among a first-rate deal sheet, standout matters included advising Deutsche Telekom on the UK merger of its subsidiary T-Mobile with Orange; and Lloyds TSB on the disposal of 70% of its interest in over 40 private equity investments in the UK. The team includes the ‘outstanding’ Spencer Baylin and ‘superb’ David Pudge, and David Pearson garners universal praise.
Arguably one of the most improved M&A teams in the City in recent years, Herbert Smith LLP enjoyed an impressive 2010, advising on 47 UK M&A deals with a total value of £69bn. Its London team has made inroads into the emerging markets that few can match, and the much-vaunted $10.7bn acquisition of African telecoms company Zain by new client Bharti Airtel is illustrative of that. The firm also advised a Fayed family trust on the reported £1.5bn sale of Harrods to Qatar Holding, and was also instructed by Arriva and Northern Foods. Practice head James Palmer is a ‘leader in his field’, and Michael Walter is ‘simply a star’. Malcolm Lombers is a ‘very effective M&A lawyer’, and Stephen Wilkinson is praised as ‘approachable and sensible’.
High-class practitioners Stephen Lloyd and Simon Beddow now lead the global transactional team at Ashurst LLP, which advised on 14 more deals in 2010 than in 2009, and includes the highly regarded Adrian Clark and the up-and-coming Jonathan Earle. The firm advised on Chloride Group’s £997m offer from Emerson Electric, and its push into the investment banks in recent years has led to a number of M&A transaction for the likes of Climate Exchange, Brit Insurance and Carluccio’s. Nigel Stacey ‘knows what the client wants’.
Hogan Lovells International LLP has particular strength in the energy, life sciences and insurance fields. With the bedding down of the firm’s merger playing well into these sectors, it has also seen some notable matters outside of these areas. The highly rated Ben Higson advised Citi Infrastructure Partners in its $1.5bn acquisition of a majority stake in DP World’s Australian shipping terminal, and the team also handled a significant divestment for Ford and a $735m acquisition for Eurasian Natural Resources. Maegen Morrison is ‘self assured, and an excellent negotiator’, and Richard Ufland and Andrew Pearson also win plaudits from clients.
Macfarlanes LLP attracts glowing reviews from clients; ‘they are pretty faultless’, and ‘a cut above’. The highly regarded Charles Meek has taken over the reins of the overarching corporate team, while Matthew Blows and Ian Martin oversee the M&A group. The firm’s commitment to developing and maintaining key relationships with international law firms has seen a continued rise in work with a global flavour, for the likes of ICAP and Air Liquide. Standout matters included advising Brit Insurance on the $1.3bn cash offer by Apollo Management, and Brazilian pulp and paper producer Suzano Papel e Celulose on its acquisition of the AIM-listed FuturaGene. Graham Gibb is singled out as a star of the practice, and senior partner Charles Martin has been spending an increasing amount of time at the deal coal face.
Norton Rose LLP is consistently praised for its ‘sensible approach to the client’s demands’ and its ‘spirit of co-operation’, as well as the ‘top quality’ of its work’. Such accolades are unsurprising looking at its track record in recent years, and with an average deal size of over £1bn, 2010 was another fruitful year. A deal sheet that should be the envy of its competitors saw the firm advise on the $1.4bn merger of Peter Hambro Mining with Russian iron ore mining company Aricom and the subsequent move onto the FTSE 250; and also the British Airways-Iberia merger, and RWE’s €9.3bn acquisition of Essent. Experienced public M&A lawyer Ian Lopez joined the firm from Allen & Overy LLP, and Chris Pearson and Robin Brooks are highly recommended by clients.
By some margin the leading M&A practice of a US firm in the City, Skadden, Arps, Slate, Meagher & Flom (UK) LLP is praised for its ‘excellence in industry expertise’, ‘resourcefulness’ and ‘exceptional attention to detail’. There are few European cross-border deals that happen without some sort of involvement from the firm, and 2010 was no exception. Its average deal size for European M&A was over €2bn. Highlights included acting for Altimo, the largest shareholder in VimpelCom, on the $30bn merger between Kyivstar and VimpelCom; handling the defence against a €7.5bn unsolicited proposal by Telefónica for Portugal Telecom; and deals for Nokia Siemens Networks and News Corporation. The impressive, ten-partner team includes the ‘hardworking, quick and brilliant’ Michael Hatchard, ‘commercially savvy’ Adrian Knight, and ‘seemingly tireless’ John Adebiyi. Allan Murray-Jones and Scott Simpson also come highly recommended.
Baker & McKenzie LLP has seen a significant uptick in the number of multinational companies looking to invest in emerging markets, with some key FTSE-listed companies seeking the firm’s strategic advice. In a deal characteristic of the practice, Helen Bradley led on Ensco’s $7.3bn acquisition of Pride International, and practice head Tim Gee also advised Kuoni Travel on its $705m acquisition of Gulliver Travel from Travelport. The team is praised for its ‘excellent process and execution knowledge’, with Kirsty Wilson and Richard Blunt both picked out for their ‘superb client service’.
The 30-partner team at CMS Cameron McKenna LLP, headed by Andrew Sheach, advised on four deals over £1bn in 2010, and ‘punches above its weight’. It has a ‘friendly, “can-do” approach’ and ‘a clear desire to be excellent advisers’. Its standout deal was advising MetLife on its $16.2bn acquisition of ALICO, with a team led by the highly rated Chris Southorn; and the ‘creative and intelligent’ Louise Wallace led a team advising Camelot on its sale by a high-profile consortium to Ontario Teachers’ Pension Plan for £389m. The ‘excellent’ and ‘energetic’ Sandra Rafferty attracts high praise, and Gary Green is also recommended.
Cleary Gottlieb Steen & Hamilton LLP ‘provides a first-class service with an outstanding level of skill’. With just four London-based partners, it continues to act on some of the largest cross-border M&A deals; the team handled a select 11 UK deals in 2010, with a good chunk of them well over the £1bn mark. It advised TPG in the sale of its majority shareholding in Turkish spirit manufacturer Mey Icki Sanayi ve Ticaret to Diageo for around £1.3bn; other representative matters included deals for Ontario Teachers’ Pension Plan and Grupo Kuo. Tihir Sarkar has ‘an acute business sense’; Michael McDonald has ‘top-quality financial services expertise’; and Simon Jay and Samuel Bagot are also highly regarded.
Latham & Watkins LLP claims it had its most successful year in the UK M&A market in 2010 since it launched 20 years ago, and the numbers certainly show a marked improvement. The team, headed by Graeme Sloan and praised as ‘clear sighted’ and ‘pragmatic’, advised on 37 deals with a total value of £23.8bn. Continuing to play to its private equity strengths, the team has done well acting for a number of sovereign wealth funds in recent years, including the Qatar Investment Authority on the acquisition of Harrods. It advised Vedanta on the market-leading $8.46bn acquisition of Cairn Energy. Rory Negus attracts high praise, as does Nigel Campion-Smith. The team was boosted by the arrival of Glen Ireland from White & Case LLP.
Shearman & Sterling LLP ‘has the expertise where it matters’, and Creighton Condon is consistently singled out for his dealmaking abilities. The London team was involved on one of the highest-profile UK M&A deals in 2010, acting for New England Sports Ventures on its £300m bid for Liverpool FC, led by Condon and the highly regarded Laurence Levy. George Karafotias headed up a team on Ardagh Glass’ €1.7bn acquisition of metal packaging company Impress Coöperatieve.
Travers Smith LLP’s strength in private equity has long proved a useful bedrock to the M&A practice, but in recent years work for general corporates has been on the rise. It acted on some 51 deals, marking a very successful year. Headed by the well-regarded Spencer Summerfield, it advised longstanding client Peel Group on its strategic partnership with Capital Shopping Centres Group and £1.65bn acquisition of The Trafford Centre. Richard Spedding is ‘unflappable’; Philip Cheveley ‘demonstrates top-level skills’; and Andrew Gillen is ‘exceptional’. The team recruited its first US-qualified partner in 2011, with Charles Casassa joining from Clifford Chance.
Weil, Gotshal & Manges saw a number of new-money acquisitions and an increase in share-for-share deals in 2010, acting on 34 deals in 2010 in total, with an average deal size of £930m. The firm advised Home Delivery Network on its acquisition of DHL Domestic; and Advent International and Bain Capital on the £2bn buyout of WorldPay from RBS. Mike Francies attracts high praise from clients, with Peter King also recommended. The firm’s leading European private equity practice is an excellent source of work for the M&A team.
Mayer Brown International LLP is ‘especially adept at identifying commercial strategies as well as purely legal advice’. The team, headed by Peter Dickinson, acted on 35 deals in 2010, and gained clients including Caterpillar and the Royal Mail. It advised the five selling shareholders on the sale of Camelot to Ontario Teachers’ Pension Plan for £389m. Jeffrey Gordon is singled out as ‘the standout lawyer in the practice’, and William Charnley is noted for his ‘strong commercial skills’. Kate Ball-Dodd, Richard Page and Andrew Stewart all attract praise from clients.
SJ Berwin LLP ‘listens to what the client wants’. The team racked up an enviable deal sheet in 2010, including advising Apax Partners on the sale of a stake in the buyout house to Chinese sovereign wealth fund China Investment Corporation, led by the highly rated Steven Davis. Other representative matters included advising Boparan Holdings on its £342m offer for Northern Foods. Michael Goldberg and Tim Wright are recommended.
Under Ashley Ballard, White & Case LLP has a strong practice in cross-border M&A with a London focus, especially out of emerging markets, and saw two significant arrivals: David Crook from Freshfields Bruckhaus Deringer LLP, and Gavin Weir from Simmons & Simmons. The team saw standout deals for Unimilk shareholder Meridian Capital on its $2.6bn merger with Danone in Kazakhstan, Ukraine and Belarus; and FTSE 250 company Afren in its recommended acquisition of Black Marlin Energy. Clients also pick out Peter Finaly and Alan Burke.
Simpson Thacher & Bartlett LLP’s global M&A and private equity brand continues to deliver some leading mandates to its European practice, and with Adam Signy well settled in, its UK law practice is going from strength to strength. As well as handling its usual mix of mandates for KKR and Blackstone, it advised China Railways Materials Commercial Corporation on the acquisition of its 12.5% equity stake in African Minerals.
Sullivan & Cromwell LLP has in Tim Emmerson ‘one of the premier public company lawyers in the UK market’. In total the London practice worked on 23 UK M&A deals in 2010, notably advising Goldman Sachs PIA on its acquisition of Ontex for around €1.2bn, and handling a string of mandates for Rio Tinto in the divestment of its Alcan Global Packaging businesses.
Addleshaw Goddard LLP has pushed hard to become one of the key advisers to all the leading banks for mid-market matters. James Dawson is the new head of the team, and Andrew Rosling is highly recommended. The team acted for Delta on its £285m takeover by Valmont Industries.
Berwin Leighton Paisner LLP advised on 29 deals with a total value of £1.73bn in 2010, and counts BGC Partners and Ladbrokes among its new clients. The M&A practice, headed up by David Collins, saw a wide range of transactions, including advising Dinu Patriciu Global Properties in its £413m cash offer for DP Property. Michael Anderson is also recommended.
DLA Piper UK LLP acted on 112 M&A deals in 2010, over double its deal volume compared to 2009, with a total value of £12.6bn. In a deal standing apart from its mid-market work, the firm acted for Cheung Kong Infrastructure on the £5.8bn acquisition of EDF’s UK electricity networks, with a team headed by John Hayes.
Jones Day’s team is ‘very dedicated, always on time, and high quality’. The highly regarded Giles Elliott stepped up to become head of the M&A practice, with the incumbent John Phillips taking over as office chief when Russell Carmedy left for Proskauer Rose LLP. The practice acted on a total of 33 deals over the course of the year, including advising ENRC on its $300m acquisition of Enya Holding, and acting for regular client London & Stamford Investments on the £208.5m buyout of the share capital of Radial Distribution. The team includes the ‘proactive and hands-on’ Leon Ferera.
Kirkland & Ellis International LLP’s depth in private equity gives it an edge in the City over some US rivals, and the arrival of UK-qualified lawyers Gavin Gordon and David Arnold from Ashurst LLP enhances that reputation. 2010 brought a string of deals for Bain Capital, Towerbrook Capital and Apollo Management.
Simmons & Simmons saw a strong line in energy-related M&A in 2010, thanks to its sector focus. It advised Cheung Kong Infrastructure on its £211.7m acquisition of BG Group’s stake in Seabank Power, and also handled deals for Veolia Water and Elliott International. On the financial institutions side, there were impressive mandates for Gartmore, and The Takeover Appeal Board. The 17-partner team, headed by the well-respected Mark Curtis, saw the departure of Gavin Weir at the beginning of 2011 to White & Case LLP.
Covington & Burling LLP ‘provides an excellent level of service’, and the firm’s sector expertise in life sciences, media/telecoms and energy led to a good flow of work in 2010. It advised Baltic Oil Terminals on its acquisition of Petroval Bunker, with a team led by Simon Amies.
Debevoise & Plimpton LLP brought in senior private equity partner David Innes from Travers Smith LLP to its London team in 2010, giving its UK law capability a boost. The team advised on KazakhGold Group’s $10bn proposed combination with Polyus.
Greenberg Traurig Maher LLP provides ‘an exceptional and distinctive client service philosophy and approach’; Paul Maher is a ‘talented and experienced leader of the firm, and sets the standards’. The team recently advised AstraZeneca on its disposal of its Astra Tech business to DENTSPLY for around $1.8bn.
King & Spalding International LLP’s double partner hire of Garry Pegg and Hywel Jones from Hogan Lovells International LLP significantly boosted the firm’s London office. Its cross-border practice, particularly into Russia, is very highly regarded. John Keffer advised GE Oil & Gas on the sale of its 50% stake in a Qatar pipeline.
At Sidley Austin LLP, practice head Tom Thesing provides ‘practical yet sophisticated advice and guidance, and is a highly effective negotiator’. The team acted on 16 deals for the likes of the Aon Corporation and FLIR Systems. Thesing acted for Cornerstone on the acquisition of Protego Real Estate investors.
Against the background of the firm’s towering strength in energy and commodities, Vinson & Elkins RLLP’s London team has built a solid reputation for emerging markets M&A. Office head Alex Msimang led two significant deals for Statoil, including the $3.1bn sale of companies holding a 40% stake in the Peregrino oilfield in Brazil to Sinochem.