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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.
LCH.Clearnet and Euronext have turned to their respective longstanding advisers to steer them through their restructuring, instructing Clifford Chance and Cleary Gottlieb Steen & Hamilton.
Clearing house LCH.Clearnet, advised by Clifford Chance, has agreed to buy out Euronext, which is its biggest shareholder with a 41.5 per cent stake. The agreement will see this stake slashed to 5 per cent.
Euronext’s stock, worth €500m (£334m) will be repurchased by LCH.Clearnet, which is issuing new securities to finance the transaction. Euronext also holds four seats on LCH. Clearnet’s board, which will be reduced to one following the deal.
Corporate partner Patrick Sarch is leading the team at Clifford Chance, with regulatory partner Tim Plews and capital markets partner David Eatough.
Leading Cleary Gottlieb’s team for Euronext was Paris-based structured finance partner John Brinitzer with corporate partner Simon Jay and competition partner Shaun Goodman in London.
The two firms acted on the original 2004 merger between London Clearing House and Clearnet, which at the time was a subsidiary of Euronext.
The deal follows yesterday’s news that LCH.Clearnet is appointing Minerva Chambers’ Iona Levine as its new general counsel.