Clifford Chance and Slaughter and May have been called in to assist in US private equity group Carlyle’s £650m sale of UK cash management business Talaris to Tokyo-listed Glory.
Clifford Chance is acting for long-standing client Carlyle in the transaction, which was announced today. The firm also advised Carlyle when it acquired Talaris from De La Rue in 2008. London-based private equity partner David Walker led on both transactions.
Slaughters has been engaged by Glory, Japan’s biggest maker of money-handling machines, as its legal counsel in the acquisition. Corporate partner Gavin Brown is leading the team.
Talaris management has turned to private equity partner Andrew Roberts of Travers Smith for legal advice.
The deal is understood to be one of the Japanese company’s largest acquisitions overseas and is set to accelerate the company’s business expansion abroad.
The three firms most recently met in Carlyle’s £1bn acquisition of RAC from insurance giant Aviva (23 June 2011). In that transaction, Clifford Chance acted for Carlyle, Slaughters acted for Aviva and Travers advised the management of RAC.