Slaughters, Lovells sweep up on Egg deal

Slaughter and May and Lovells have retained their roles as advisers to Prudential and Egg as the insurer takes full control of the internet bank.

Slaughters partner William Underhill acted for Prudential on last year’s discussions to sell the firm’s 79 per cent stake in Egg, which ultimately fell through, and is representing the company on the forthcoming deal.

Prudential announced this morning (1 December) that it is to acquire the remaining 21 per cent of Egg that it does not already own, valued at around £200m. It said that it plans to capitalise on the opportunities in the retail financial services sector that Egg offers.

Lovells corporate head Hugh Nineham is understood to be acting for Egg.

The acquisition is taking the form of a recommended share offer.