Benfield Greig Group, the London reinsurance broker, buys US rival EW Blanch Holdings for £123m. Benfield Greig advised by Debevoise & Plimpton (Andrew Sommer) and Ashurst Morris Crisp (Jeremy Hill). EW Blanch advised by Fried Frank Harris Shriver & Jacobson.

Following the provisional liquidation of Daewoo in the UK, TWR Group acquires Daewoo’s technical centre in Worthing for an undisclosed amount. TWR advised by Simmons & Simmons (Mark Dewar). KPMG, the provisional liquidator of Daewoo, advised by Norton Rose.

Royal Bank Private Equity completes management buyout of Queensborough Holdings for £40m. Royal Bank Private Equity advised by Macfarlanes (Stephen Drewitt). Barclays Acquisition Finance advised by DLA. Management advised by Herbert Smith. Queensborough Holdings advised by Richard Saleh & Co.

PepsiCo offers $535m (£371.6m) of SEC-registered stock. PepsiCo advised by Davis Polk & Wardwell (Winthrop Conrad, Avishai Shachar). Merrill Lynch advised by Skadden Arps Slate Meagher & Flom (Matthew Mallow).