In Brief – June 2015

Weil Gotshal & Manges and Covington & Burling have advised Verizon Communications in its USD4.4 billion acquisition of AOL, with Wachtell Lipton Rosen & Katz advising the target.

Weil Gotshal & Manges’ team was led by corporate partner Frederick Green, tax partner Marc Silberberg, executive compensation and benefits partner Paul Wessel, IP partner Jeffrey Osterman, and litigation partner and cybersecurity expert Randi Singer. The transaction will take the form of a tender offer followed by a merger, with AOL becoming a wholly owned subsidiary of Verizon upon completion. The deal is expected to close this summer.

Clifford Chance and King & Wood Mallesons have picked up top roles advising National Australia Bank (NAB) on its USD5.5bn capital raising for a possible demerger from Clydesdale Bank. Clifford Chance and King & Wood Mallesons have picked up top roles advising National Australia Bank (NAB) on its USD5.5bn capital raising for a possible demerger from Clydesdale Bank. The Clifford Chance team in London is led by corporate partner David Pudge, with support from Lee Coney and Chris Bates. KWM partners are advising NAB from their Melbourne base, with Diana Nicholson, Joe Muraca and Peter Stirling leading the team.

White & Case is advising troubled oil and gas company Afren on a USD300m recapitalisation plan that could prove a life raft to the business plagued by expenses scandal, falling share prices and its self-report to the Serious Fraud Office (SFO) in March.The Africa-focused FTSE 250 company released long-awaited details of the restructure plan on April 30, 2015 as it posted a USD1.95 billion loss for last year.Akin Gump Strauss Hauer & Feld is advising the noteholders in the restructure negotiations.