Herbert Smith Freehills has advised The Ardonagh Group on the deal. Bryan Cave Leighton Paisner and Stephenson Harwood acted for BGC Partners (NASDAQ: BGCP).
The Ardonagh Group acquired BGC Partners’ insurance broking operations, Corant Global (which includes both the Ed Broking and Besso businesses), for headline cash consideration of US$500 million.
Following completion of the acquisition, Ardonagh intends to house this business within Ardonagh Specialty, the group’s growth platform for independent brokers such as Price Forbes, Bishopsgate and Compass London Markets.
The Herbert Smith Freehills team was led by partners Barney Hinnigan (Picture), Alex Kay, Clive Cunningham, senior associate Martyn Jones and associate Emma Reid. They worked closely with the Ardonagh legal team including Group General Counsel, Geoff Gouriet and Group Legal Counsel, Jennifer Howell.
The BCLP team is being led by Partner Andrew Hart (M&A and corporate finance), assisted by Associate Lillian Adebayo (M&A and corporate finance). Cantor Fitzgerald & Co. and Bank of America are serving as financial advisors.
The Stephenson Harwood team was led by partner Sam Gray and senior associate Emily Davies, supported by partners Paul Reeves (employment) and Barbara Allen (incentives), senior associates Kate Worthington (tax) and Richard Freedman (employment), and associate Lydia Zakrzewski (corporate).
Involved fees earner: Lillian Adebayo – Bryan Cave Leighton Paisner; Clive Cunningham – Herbert Smith Freehills; Barnaby Hinnigan – Herbert Smith Freehills; Martyn Jones – Herbert Smith Freehills; Alex Kay – Herbert Smith Freehills; Emma Reid – Herbert Smith Freehills; Andrew Hart – Norton Rose Fulbright; Barbara Allen – Stephenson Harwood; Emily Davies – Stephenson Harwood; Richard Freedman – Stephenson Harwood; Sam Gray – Stephenson Harwood; Paul Reeves – Stephenson Harwood; Kate Worthington – Stephenson Harwood; Lydia Zakrzewski – Stephenson Harwood;