The Lawyer Africa Elite 2014 features an in-depth look at 46 leading independent firms’ strategies in 15 key sub-Saharan jurisdictions, as well as the views of in-house counsel from some of Africa’s largest companies... 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.
Mishcon de Reya's corporate team is advising healthcare recruitment company the Locum Group's management and investing shareholders on the sale of its entire issued share capital to Reed Health Group for £33.7m, payable in cash. The management-led deal, which was negotiated in four weeks, has already exchanged but is due to complete at the end of May once shareholder approval is sought and confirmed. Mishcons corporate partners Jonathan Berman and Richard Tyler led the deal, assisted by Karen Szerkowski. The firm acted for the six management sellers, together with investing shareholders UBS Capital and HSBC. UBS Capital's usual corporate adviser is SJ Berwin, but on this occasion, as the deal was led by the management of Locum, Mishcons was the preferred choice. The firm has a historical relationship with the Locum management, although it is limited to employment-related matters. Slaughter and May's corporate partners Paul Olney and Kathy Hughes advised longstanding clients Reed Health. Hughes said: "It was an interesting deal due to the debt and equity fundraising as well as the need to obtain shareholder approval." The acquisition was funded by a placing and open offer to raise around £20.9m through the issue of shares. The deal is also significant for Reed Health as it is the first transaction it has undertaken since its highly publicised demerger from Reed Executive last July. Locum Group will become a subsidiary of Reed Health and The Lawyer understands that several of the management will remain at the company. The acquisition will give Reed a channel into medical and teaching recruitment markets. The deal was facilitated by the preferred bidder coming to the negotiating table, negating the need for a full-blown corporate finance disposal with an auction process.