Jones Day joins magic circle on SAV sell-off

Allen & Overy (A&O), Clifford Chance, Jones Day and Slaughter and May all acted on the £472m sale of credit card provider SAV Credit Limited (SAV) to Värde Partners.

SAV, which caters for customers overlooked by mainstream financial service providers and manages around 500,000 credit card accounts, was jointly owned by Electra Private Equity, Morgan Stanley Alternative Investment Partners and Palamon Capital Partners (Palamon).

Slaughters, led by corporate and commercial partner David Wittmann advised private equity firm Palamon. Partner Graham Iversen gave tax advice. Clifford Chance, meanwhile, led by corporate partner David Pearson, advised Electra Private Equity.

A&O advised purchaser Värde’s Partners. London corporate partners Derek Baird and Duncan Bellamy led on the deal.

Jones Day advised the management sellers of SAV. Partner Julian Runnicles led on the deal for the Jones Day team, which included partners Adam Greaves and Tim Flood.

The transaction is still subject to competition clearance.