Osborne Clarke scooped a role advising Carphone Warehouse on its £154m acquisition of OneTel closing the deal in just ten days.
The mobile phone retailer bought the fixed line telecoms business from Centrica. The acquisition includes an initial price of £132m with a further £22m depending on new customers signing through the British Gas network.
The purchase more than doubles Carphone Warehouse’s residential telephone customer base and makes it the UK’s third biggest supply of fixed line telephone services. The company is looking to challenge BT for the number one spot.
Osborne Clarke gained Carphone Warehouse’s as a client in 2002 when then head of corporate at Olswang Adrian Bott moved to the South West firm taking the retailer with him.
Corporate partner Greg Leyshon headed the Osborne Clark team advising the in-house legal group at Carphone Warehouse which is led by group legal director Tim Morris. Osborne Clarke partners Paul Matthews (pensions) and Michael Bell (tax) also advised.
Ashursts represented Centrica led by corporate partner Nigel Stacey.