Leading international law firm, Freshfields Bruckhaus Deringer has advised Bank of America Merrill Lynch, J.P. Morgan Cazenove and UBS as joint bookrunners in connection with the sale by UK Financial Investments on behalf of HM Treasury of approximately 6% of its shareholding in Lloyds Banking Group.

The share placing to institutional investors will raise proceeds of £3.2 billion and reduce the Government's 38.7% stake in Lloyds to 32.7%. The offer price of the shares was 75 pence per share, a 3.1% discount to the share price at market close on Monday and a 1.9% premium to the average price paid per share by the Government in 2008.

The Freshfields team was led by corporate partners Will Lawes, Julian Makin, Sarah Murphy and Mark Austin. UK tax advice was provided by partner David Haworth.