Deals pick-up keeps European firms busy

It has been a surprisingly quiet fortnight in Europe when it comes to recruitment, with only a handful of appointments to report in today’s moves round-up.

Maybe that’s because everyone’s been busy working on deals. The corporate market is showing distinct signs of picking up with some seriously meaty deals going on involving European jurisdictions.

Top of the list is the agreed $43bn (£25.3bn) merger between biotechnology companies Medtronic and Covidien. The two will form a New York-listed, Irish-domiciled healthcare giant and the deal is good news for Irish heavyweights A&L Goodbody and Arthur Cox, acting for Medtronic and Covidien respectively alongside Cleary Gottlieb Steen & Hamilton and Wachtell Lipton Rosen & Katz.

Matheson and Skadden Arps Slate Meagher & Flom have also picked up roles on the transaction.

The Medtronic deal continues a steady flow of similar transactions involving US and Irish companies choosing an Irish headquarters, including the takeover of Elan by US pharmaceuticals giant Perrigo last year.

The pick-up in activity is even spreading to beleaguered Greece, where King & Spalding and Berwin Leighton Paisner have been advising as the country opens up its oil and gas market. Greek firms M&P Bernitsas and Potamisvekris are leading the local advice on the awarding of the first exploration licences for some 20 years.

It’s too early to say for sure whether the rise in activity is here to stay. But for the time being, European firms are taking advantage of the work.

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