The Lawyer’s new China Elite report contains the most detailed research available on the PRC legal market and contains unparalleled insight into the country's leading law firms. They vary in size, practice focus and geographic coverage, but they all share one common quality – ambition... 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.
Freshfields Bruckhaus Deringer completed its second major German-based private equity deal in a week after advising Kohlberg Kravis Roberts (KKR) and Permira on their EURO3.3bn (£2.2bn) sale of broadcasting group SBS.
Germany’s biggest broadcaster, ProSiebenSat.1 Media, advised by Milbank Tweed Hadley & McCloy, agreed to buy all the shares in SBS. Permira and KKR jointly own 74 per cent of the SBS shares while Telegraaf Media Group owns 20 per cent. SBS managers hold the remaining shares.
KKR and Permira also hold controlling shares in ProSiebenSat since their EURO3.1bn (£2.1bn) acquisition of a majority stake in the broadcaster in December from Weil Gotshal & Manges client German Media Partner. Freshfields advised KKR and Permira on that deal, as well as on the original purchase of a EURO1.9bn (£1.3bn) stake in SBS in 2005.
Corporate partners Andreas Von Werder in Frankfurt and Richard Norbruis in Amsterdam are leading the Freshfields team.
Dutch firm Houthoff Buruma scored a role on the ProSieben deal advising longstanding client Telegraaf Media Group, which also turned to the firm when KKR and Permira bought their stake in SBS in 2005.
A consortium of banks including Bank of America, Credit Suisse, JP Morgan and Royal Bank of Scotland will provide loans to ProSiebenSat for the acquisition.
The news follows Freshfields’ key role last week (see www.thelawyer.com, 27 June), advising RREEF Infrastructure on their EURO1.2bn (£810m) acquisition of German motorway service-station operator Tank & Rast from Linklaters client Terra Firma.