Sidley advised Cairn Capital Group in its strategic partnership with Mediobanca in which Mediobanca will acquire a majority interest in the London-based, credit asset management and advisory firm. Under the terms of the transaction, Mediobanca will acquire 51 percent. of the share capital of Cairn Capital on completion. The majority will be purchased from Cairn Capital’s institutional shareholders and following which The Royal Bank of Scotland will have no remaining interest. Mediobanca will have the ability to increase its interest in Cairn Capital after three years with an option to acquire some or all of the remaining 49 percent, the majority of which is held by the management and staff of Cairn Capital. The Sidley deal team was led by Stephen Blackshaw in London and included lawyers from a number of Sidley offices.