Barlow Lyde & Gilbert (BLG) is in advanced stages of a merger discussion with fellow legal firm Clyde & Co. The potential deal, which is set to become one of the largest UK legal mergers, stands to create a law firm with over 1000 lawyers.
Round-up of today’s M&A deals
Barlow Lyde & Gilbert (BLG) is in advanced stages of merger discussion with fellow legal firm Clyde & Co. The potential deal, which is set to become one of the largest UK legal mergers, stands to create a law firm with over 1000 lawyers and combined revenues of £300m (based on 2010-11 figures), which would propel the combined entity into the UK top 10 by turnover.
BLG has been positioning itself for the possibility of a merger for the last year, and as a result it has seen a number of exits from its partnership. However its headcount has not declined after being bolstered by the bulk insurance practice recently acquired from defunct firm Halliwells.
BLG chief executive David Jabbari released a statement saying that the firm had been exploring a number of different merger options, adding that a union with Clydes has ‘obvious potential’. Jabbari said the discussions with Clydes indicated the firm is ‘bold and innovative’.
There has been talk that any union between the two firms would be a takeover by Clydes rather than a merger of equals. Financially there is a large difference between the two firms’ profitability, could result in a number of BLG’s equity partners being demoted to salaried status in any merged entity.
Based on figures for 2010-11, the combination would result in a firm with a revenue of £306.5 million.
Round-up of today’s M&A deals
• TowerJazz completes previously announced acquisition of Micron Technology’s fabrication facility
Sector: Manufacturing
Value: £85.3 million
Advisers: Yigal Arnon & Co, DLA Piper, Wilson Sonsini, Nagashima Ohno & Tsunematsu
- Centro Properties Group recieves cash offer from Lend Lease Group led consortium
Sector: Commercial property
Value: £3.3 million
Advisers: undisclosed
- Ocwen Financial Corp takes the lead in auction to acquire Litton Loan Servicing from Goldman Sachs Group
Sector: Finance
Value: £304.9 million
Advisers: undisclosed
- Kohlberg Kravis Roberts teams up with Italy’s Sorgenia in joint renewable energy venture building wind farms in France
Sector: Renewable energy
Value: £210.2 million
Advisers: undisclosed
- Fiat seals the deal and snaps up the Treasury’s remaining 6 per cent equity stake in Chrysler
Sector: Automotive
Value: £341.4 million
Advisers: undisclosed
- Evotec joins forces with Active Biotech in medicinal chemistry collaboration
Sector: Healthcare
Value: £341.4 million
Advisers: undisclosed
- AMEC completes acquisition of engineering and environmental services company MACTEC
Sector: Engineering
Value: £170.8 million
Advisers: undisclosed
- Sable Mining Africa announces the acquisition of a 49 per cent interest in Liberation Mining through its wholly controlled subsidiary Somedon Investments
Sector: Commodities
Value: undisclosed
Advisers: Seymour Pierce, Matrix Corporate Capital, GMP Securities, St Brides Media & Finance
