Macfarlanes, Pinsents on Bermudian mega-deal

Macfarlanes, Pinsents on Bermudian mega-deal” />Two UK law firms have won work as principal advisers on one of the largest transactions in an offshore jurisdiction so far this year.

Bermuda giant Bank of NT Butterfield has chosen City law firm Macfarlanes as its principal adviser on its £54m buyout of London-based private banking and investment management group Leopold Joseph.

Leopold Joseph, which has accepted Butterfield’s offer, has turned to Pinsents’ London office for advice.

Macfarlanes head of corporate Simon Martin is leading the team acting for Butterfield, with Pinsents London corporate partner Jeremy Philips acting for Leopold Joseph.

Offshore law firms are expected to be brought in when the two parties’ operations are merged, Martin said, but for now it is just the two UK firms working on the deal.

Leopold Joseph annou-nced that it had accepted Butterfield’s offer earlier this month, but the deal is not yet completed, said a Butterfield spokesperson.

An unnamed Middle East bank also made a bid for Leopold Joseph, according to reports in the banking trade press.

Butterfield is a long-term client of Macfarlanes. Martin said it recently advised the bank on a string of small acquisitions in the Caribbean.