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.
Buyout firm BC Partners, advised by Dickson Minto senior partner Alastair Dickson and banking partner Michael Barron, paid 1.98bn Turkish lira (£818.84m) to take a controlling stake in the Migros supermarket chain. BC Partners received additional advice from local firm Pekin & Bayar.
It is a sign of the worsening squeeze on credit in Europe and the US that the purchase was financed entirely by local banks GarantiBank, IsBank and VakifBank, which turned to Clifford Chance and a number of local firms.
Clifford Chance banking partner Charles Cochrane said: "There haven't been many deals like this. Private equity is looking for new places to invest and getting comfortable in these jurisdictions, which in the past it might not have been so comfortable in. That is a sign that there isn't the depth of liquidity in traditional markets to be raising that kind of money."
The vendor, Turkish conglomerate Koc Holding, which sold its 50.8 per cent stake in Migros to BC Partners, used in-house counsel, Turkish firm EsinIsmen Law Firm and the UK office of Chadbourne & Parke.
BC Partners said it would make a tender offer for the remaining shares in Migros, which had sales of around 3bn lira (£1.24bn) in 2007.