A multi-disciplinary team from Burges Salmon has advised the RAC on its joint venture with leading insurance and telecoms technology business Quindell.
The joint venture has created a new business, Connected Car Solutions Limited, which will distribute RAC and Quindell’s world-leading telematics and 4G technology. There has been an initial £30 million investment to Connected Car Solutions Limited by the parties.
Nabarro has advised longstanding client Hermes Real Estate on a joint venture with The Co-operative Group to deliver the UK’s biggest regional redevelopment project, the £800 million NOMA scheme in Manchester City Centre.
The Co-operative and Hermes Real Estate have exchanged contracts to become 50/50 partners on the development of the 20 acre mixed use scheme. Completion of the deal is expected in mid-May.
Norton Rose Fulbright has advised China Development Bank Corporation (CDB) on a new strategic cooperation agreement with Barclays. This follows a previous cooperation memorandum that was signed in 2007.
The new agreement extends the banks’ cooperation to cover the international loan market and to Africa in particular, as well as covering investment banking and retail banking. The agreement is global and spans a range of services.
Wang Yi, corporate partner in the Beijing office of Norton Rose Fulbright, commented:
DLA Piper have advised client TowerJazz Japan Ltd. ("TowerJazz") on the completion of a Joint Venture with Panasonic Corporation ("Panasonic").
The Joint Venture has received Panasonic's semiconductor manufacturing processes, at its three factories in Hokuriku, Japan, which will be delivered by TowerJazz for a period of five years. TowerJazz are holding 51% and Panasonic are holding 49% of the Joint Venture.
Clifford Chance has advised COFCO Corporation on its acquisition of 51% of Noble Agri Limited from Noble Group, to establish a 51%/49% joint venture. Noble Agri is the agricultural platform of Noble Group and mainly engages in agricultural trading and processing business, which originates agricultural commodities from low-cost producing regions to supply regions with high demand. The transaction values Noble Agri at 1.15x 2014 book value and the purchaser will make an initial payment of US$1.5 billion at closing.
International law firm Pinsent Masons has advised Capital & Counties Properties PLC (‘Capco’) on the formation of a new joint venture with Transport for London (‘TfL’) which will enable the development of Earls Court 1& 2 in line with the Earls Court Masterplan.
Addleshaw Goddard has advised Mount Anvil, central London’s specialist residential property developer, on a £200 million partnership with leading global alternative asset manager Ares Management to purchase new sites and build more, much-needed homes in Central London. The Pears Family has participated in the refinancing of certain of the existing Mount Anvil facilities.
Global law firm Eversheds has advised the London Borough of Hammersmith & Fulham its joint venture with Stanhope Plc to deliver new housing in the borough.
In the first phase, the project aims to redevelop two sites in Fulham – Watermeadow Court estate and Edith Summerskill House – in order to create more than 300 new homes over the next three years. Working in partnership with Stanhope, the Council hopes to improve efficiencies by utilising housing assets to their full potential, while reducing its housing debt.
Slaughter and May is advising Copersucar on an agreement with Cargill to combine their global sugar trading activities into a new 50:50 joint venture that will originate, commercialise and trade raw and white sugar.
Slaughter and May, working alongside the Standard Life in-house legal team, is advising Standard Life plc (Standard life), a leading provider of long-term savings and investments, on the proposed acquisition by its global investment management business of Ignis Asset Management Limited (Ignis) for £390 million in cash.