09:14, June 02 602 0

2017-06-02 09:14:10
Addleshaws joins magic circle duo on Lloyds and Metro Bank acquisitions

Addleshaw Goddard has advised Lloyds Bank and Metro Bank on two separate deals opposite Freshfields Bruckhaus Deringer and Linklaters.

The firm represented Lloyds on its £1.9bn purchase of the Bank of America’s consumer credit card business MBNA.

Addleshaw partner Nick Pearey led the team and was supported by financial regulatory partner Rosanna Bryant.

The transaction is one of the largest banking M&A deals to have closed in the UK this year, with Freshfields partner Sundeep Kapila winning the mandate from Bank of America.

Lloyds is not the only financial institution to have acquired a new line of business this week, with Metro Bank confirming this morning it had bought a portfolio of UK mortgages from Cerberus for nearly £600m.

This time, Addleshaw’s team was led by corporate partner Hugh Lauritsen, with Bryant again providing regulatory advice.

Addleshaw’s financial regulatory team is understood to have been a key selling point on the deals, with the group known for specialising in highly-regulated retail and banking transactions.

Linklaters represented private equity house Cerberus, a longstanding client of the firm.

It has been a busy week for Addleshaws, which completed yesterday its merger with Scottish firm HBJ Gateley. The tie-up gives Addleshaws new offices in Edinburgh, Glasgow and Aberdeen and boosts turnover to over £220m.