The Lawyer Africa Elite 2014 features an in-depth look at 46 leading independent firms’ strategies in 15 key sub-Saharan jurisdictions, as well as the views of in-house counsel from some of Africa’s largest companies... Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
Allen & Overy (A&O) and Cleary Gottlieb Steen & Hamilton have led Kaupthing and JC Flowers through a €3bn (£2bn) banking takeover, despite rocky market conditions.
Icelandic bank Kaupthing acquired the Netherlands’ fourth-largest bank NIBC from a consortium led by JC Flowers.
A&O advised Kaupthing, with a team led by Amsterdam-based corporate partners Sietze Hepkema and Maarten Muller. A Cleary team led by corporate partner Michael McDonald along with Herbert Smith’s Dutch ally Stibbe took the lead roles advising JC Flowers. Slaughter and May’s best friend NautaDutilh nabbed a role by advising NIBC.
It will be the first Dutch presence for Kaupthing, which has been acquisitive of late. The bank first turned to A&O in 2005 when it acquired British bank Singer & Friedlander for £530m. A&O won that instruction because Kaupthing’s regular adviser, Slaughters, was advising Singer.
On debt financing Kaupthing has used DLA Piper, Lovells and Slaughters in the last year.
The NIBC deal involves a €700m (£474m) rights issue and a €200m (£135.5m) hybrid bond issue to finance Kaupthing’s cash part of the bid. A&O also advised on those aspects. The Flowers-led consortium, which bought NIBC in 2005, will still be the bank’s second-largest shareholder after the deal.
Muller told The Lawyer: “The lawyering was done in the context of difficult financial market conditions, so it took some courage and perseverance.”