Freshfields and Slaughters set the Standard on Barclays deal
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Freshfield Bruckhaus Deringer and Slaughter and May have snared lead roles on Barclays’ £226m acquisition of Standard Life Bank.
Craig Cleaver
Freshfield’s corporate partner Claire Wills led a team from the magic circle firm advising Barclays on the deal that will see the UK bank acquire a £5.5bn book of savings and mortgages worth £8.8bn. The deal will become effective as of 30 June this year.
Slaughters’ corporate partner and longstanding Standard Life adviser Craig Cleaver led a team advising the life insurance giant on the deal.
Cleaver said: “The banking arm is not a core part of Standard Life’s business and it is no longer consistent with its longer term objectives.”
Cleaver and fellow Slaughters partner Glen James advised Standard Life on its 2006 demutualisation.
In 2008 The Lawyer reported that Cleaver led a team from Slaughters advising the life insurer offloading its annuity liabilities worth £6.7bn to Canada Life (15 February).
Freshfields was unavailable for comment.
