Legal & General’s acquisition of 52.1% interest in the CALA Homes group


Slaughter and May is advising Legal & General on the acquisition of the 52.1% interest in the CALA Homes group that it did not previously own from Patron Capital and the CALA management team.

The transaction, which is not subject to any conditions, completed on 12 March 2018. The implied equity valuation of 100% of CALA Homes under the transaction is £605 million. The acquisition cost for Legal & General was £315 million plus additional transaction costs and financial adjustments to reflect the contribution of management and Patron during the period of joint ownership.

CALA, which was jointly acquired by Patron and Legal & General from HBOS in 2013, is a leading UK provider of high quality family housing. It delivered 1,677 property completions and £92.8 million of operating profit in the year to 30 June 2017.

Slaughter and May worked closely with Natasha Mora, Geoffrey Timms and Harriet Gallagher-Powell from the in-house team at Legal & General.

The Slaughter and May Corporate team is led by Victoria MacDuff (partner, in picture) and Hywel Davies (partner), alongside David Hughes (associates), Holly Abel (associate), Tracey Chen (associate); on Real Estate law acted Richard Todd (partner), Oly Moir (associate), Mark Gulliford (associate), Kate Shirlaw (associate), Andrea Shepherd (associate), Lee Foxcroft (associate), Paul Roberton (associate), Tim Meade (associate), Samantha Brady (senior counsel); on Tax matters provided assistance Sara Luder (tax), Tanja Velling (associate); on Pensions & Employment aspects advised Phil Linnard (partner), Rosemary Nelson (associate), Liam Goulding (associate); on IP/ IT law acted Duncan Blaikie (partner), Michaela Peck (associate); on Competition provided assistance Lisa Wright (partner) and Emma Waterhouse (associate); and on Dispute Resolution aspects acted Jonathan Cotton (partner) and Alison Bond (associate).

Involved fees earner: Victoria MacDuff – Slaughter and May; Hywel Davies – Slaughter and May; David Hughes – Slaughter and May; Tracey Chen – Slaughter and May; Holly Abel – Slaughter and May; Richard Todd – Slaughter and May; Oly Moir – Slaughter and May; Mark Gulliford – Slaughter and May; Kate Shirlaw – Slaughter and May; Andrea Shepherd – Slaughter and May; Lee Foxcroft – Slaughter and May; Tim Meade – Slaughter and May; Paul Roberton – Slaughter and May; Samantha Brady – Slaughter and May; Sara Luder – Slaughter and May; Tanja Velling – Slaughter and May; Philip Linnard – Slaughter and May; Rosemary Nelson – Slaughter and May; Liam Goulding – Slaughter and May; Duncan Blaikie – Slaughter and May; Michaela Peck – Slaughter and May; Lisa Wright – Slaughter and May; Emma Waterhouse – Slaughter and May; Jonathan Cotton – Slaughter and May; Alison Bond – Slaughter and May;

Law Firms: Slaughter and May;

Clients: Legal & General Group Plc;

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