London firm Sheridans has drafted in a range of firms to advise Morgan Stanley on the sale of V2 Music to Universal Music Group (UMG).
The team at Sheridans was led by the firm’s corporate and commercial head Rex Nwakodo, who oversaw and co-ordinated the deal. The transaction saw a roster of firms get involved with Clifford Chance advising on competition and regulatory issues, Greenberg Traurig on US law and Eversheds on issues pertaining to V2’s foreign subsidiaries.
UMG appointed regular adviser SJ Berwin. Corporate finance partner William Holder, competition partner Tom Usher and competition and UMG relationship partner Stephen Kon led SJ Berwin’s team of 10. The firm, which had just completed work on UMG’s £1.08bn acquisition of BMG Music Publishing, was also assisted by Slaughter and May, which advised UMG on tax-related matters.
Sheridans, which has not acted for Morgan Stanley or its entities in the past, assigned a 10-member team to the deal that included corporate associate Colette Marshall. The team also comprised of specialists from Sheridans’ corporate, music, employment and property departments.
UMG’s chairman and chief executive Lucian Grainge has said that the acquisition, which is understood to be valued at around £7m, would compliment the record company’s existing business through its diverse music roster.