Addleshaw Goddard has successfully advised Lombard, the asset finance division of RBS, on the £150m sale of its offshore Channel Islands division to specialist lenders Investec and Shawbrook Bank, by way of portfolio sale.

RBS made the decision to sell its offshore asset finance division in order to comply with upcoming ring-fencing rules, which come into force in 2019, requiring banks to keep their retail operations separate from their operations outside of the European Economic Area, which include operations in the Channel Islands.

Shearman & Sterling advised GE on the sale of its Distributed Power business to Advent International (“Advent”), for $3.25 billion. The transaction includes Distributed Power’s Jenbacher and Waukesha engines, as well as manufacturing sites in Austria, Canada and the U.S.

Global law firm Norton Rose Fulbright advised ReachLocal GmbH, a leading provider of online marketing and advertising solutions, on the sale of its business to RegioHelden GmbH, a fast-growing company for local online advertising.

ReachLocal GmbH is part of the international ReachLocal Group having more than 1300 employees at 65 locations around the world. RegioHelden GmbH belongs to the international media group of the listed Ströer SE & Co. KGaA and has more than 250 employees at 9 locations in Germany.

Womble Bond Dickinson (WBD), has advised Places for People Group Limited (PfP) on a £160m asset sale for the disposals of a portfolio of stabilised private residential stock.

Universities Superannuation Scheme (USS) and PfP entered into a joint venture agreement to invest in the UK private rented sector (PRS). USS will provide the core funding for the partnership whilst PfP Capital will act as Asset Manager, with Touchstone, managing the portfolio on a day-to-day basis.

The Scottish corporate team of international legal business DWF has advised Capita plc on the sale of Supplier Assessment Services, including its Construction line operation, for £160 million.

The business, which has been bought by funds affiliated with global private equity fund Warburg Pincus, had underlying revenue of £14m and operating profit of £6m last year, with assets valued at £26m.

Global law firm Norton Rose Fulbright has advised Vallourec, a world leader in premium tubular solutions for the energy markets, on the sale of its Drilling Products activity to US company National Oilwell Varco (NOV), a leading provider of oil services based in Texas with a global presence, for an amount of USD 63m. The transaction was finalised on May 27, 2018 after its examination by the US Department of Justice and JAFZA in Dubai.