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.
COMPETITION in the UK buy-out market is set to become even more intense, following the £951m leveraged buy-out of insurance broker Willis Corroon by legendary US buy-out specialists Kohlberg Kravis Roberts (KKR).
KKR shot to fame in the 1980s with its audacious $30bn buy-out of RJR Nabisco - at the time the world's largest ever corporate deal and subsequently immortalised by the book and the film, Barbarians at the Gate.
Asked about KKR's reputation, Linklaters' head of corporate Anthony Cann - who advised Willis Corroon on English law - would only say that it was "extremely thorough in its due diligence" and "very professional".
Willis Corroon is KKR's third significant UK acquisition.
It has already bought Reed Regional Newspapers for £205m and Westminster Press for £300m and has a $6bn war chest for further deals.
Other US private equity funds are also said to be looking for deals in the UK and Europe as the US market for such deals has dried up.
Willis Corroon was listed in both London and New York but had been the subject of constant public speculation about its future.
The deal will give KKR an 81 per cent shareholding in Willis Corroon, with the remaining shares being owned by five insurers, including Guardian Royal Exchange and Royal Sun Alliance.
Bob Mollen and Jerry Smith of the London office of Fried Frank Harris Shriver & Jacobson acted as US counsel to Willis Corroon.