Virgin Media in a deal with BT to open various sports channels to Virgin viewers Tomislav Pinter
UK: A sporting arrangement
Virgin Media is working with BT on a three-year wholesale deal to give Virgin’s TV customers access to BT Sport 1, BT Sport 2 and ESPN, with law firms Olswang and Wiggin landing the lead roles on the deal. Olswang advised BT with a London team in cooperation with Russell Johnstone, BT’s TV chief counsel. Virgin was advised by a team from media specialist firm Wiggin working with associate counsel Lauren Kaye.
US: Soup of the day
Iconic US brand Campbell Soup (CPB) has entered into negotiations with private equity firm CVC Capital Partners which could result in the sale of some of CPB’s national food brands in Europe, including Liebig and Royco in France, Erasco in Germany, BI Band in Sweden and Devos Lemmens and Royco in Belgium, according to Fox Business. Allen & Overy is advising CPB, and CVC is in talks with Leopold Capital Partners and Barclays. The deal would also see CVC also gain control of four of CPB’s plants in mainland Europe, including the plant in Puurs, Belgium, the location of the European business’s headquarters. The value of the deal has not been disclosed.
Australia: Bridge venture
As Fortescue Metals Group (FMG) enters into a $1.5 billion joint venture with Formosa Plastics Group of Taiwan, DLA Piper lands the lead legal role and advises FMG. With an investment of $1.15 billion Formosa plans to buy almost one third of the FMG Iron Ore Bridge project in the Pilbara iron ore belt in Western Australia from partners FMG (who owns 88 per cent) and Baoshan Iron & Steel (Baostell) of China (who own 12 per cent). Formosa is represented by ClarkeKann Lawyers.
Luxembourg: Banking on China
The world’s second largest bank based on market value, China Construction Bank (CCB), has set up a European base in Luxembourg, advised by a number of teams from Allen & Overy. It is the third Chinese bank to set up in Luxembourg after Bank of China and Industrial and Commercial Bank of China (ICBC). A&O’s Luxembourg team was led by managing partner Henri Wagner and Beijing team by regulatory partner Jane Jiang. The project took approximately eight months to complete.