UK: bargain blockbuster

Restructuring specialists Gordon Brothers Europe have been advised by recently merged London law firm HowardKennedyFsi on the successful acquisition by its subsidiary TS 1973 Investment Holdings of the business and assets of Blockbuster Entertainment Ltd and Blockbuster GB Ltd from administrators Deloitte.  
The rescue deal with Blockbuster – which went into administration in January this year after facing pressures from internet-based rental stores and digital streaming - is expected to save more than 2,000 jobs across the UK and Channel Islands with 264 stores maintaining a ‘business as usual’ service to consumers and other stakeholders.
The HowardKennedyFsi team was led by corporate partner Paul Glassberg together with partners Robert Lands, Adam Walford, Nigel Emerson, Vernon Dennis, Brian Slater and Amanda McNeil.
CMS Cameron McKenna acted for Deloitte.

Guernsey: fund runner

London independent fixed income specialist TwentyFour Asset Management has been advised by Carey Olsen's investment funds team on the initial public offering (IPO) of its new fund the TwentyFour Income Fund Limited which raised £150 million in its first close.
In a statement, the firm said the deal represents the first time that TwentyFour has chosen Guernsey as a domicile for one of its funds.  
TwentyFour currently manages £1.7 billion for clients across public funds and bespoke portfolios.
The Carey Olsen team was led by corporate partner Ben Morgan. Eversheds acted as UK counsel to the fund.

Israel: technology float

Major offshore law firm Appleby has acted as Jersey counsel for Israeli-based technology company Starcom in relation to its flotation on the London Stock Exchange’s AIM market.
According to the firm, the proceeds from the offering will be used primarily to clear venture capital debt as well as to build up stock and gives Starcom a market value of approximately £14.5 million on flotation.
The Appleby team was led by partner and Jersey practice head for structured fiancé James Gaudin. K&L Gates advised Starcom on English Law and Gabriel Danon & Co advised the Company on Israeli law.

Europe: plastic fantastic

Ogier’s Jersey office has advised Milton Keynes-based plastics and fibre specialist Filtrona on a placing of up to approximately 9.99 per cent of its existing issued ordinary share capital (the Placing) which raised £142.7 million.
The proceeds of the Placing will be used to support the funding of the acquisition of Contego Healthcare Limited by a subsidiary of Filtrona - FIL International Limited - for approximately £160 million on a debt free-cash free basis.
The Ogier Jersey legal team was led by partner Raulin Amy, assisted by managing associate Paul Burton and associate Laura Hendrick.  

Sweden: ball rolling

Independent French firm FTPA and legal group Franklin both took advisory roles as Swedish ball bearing company SKF sold its metallic rods business to US-based Precision Castparts for €40 million on a cash and debt free basis.
The closing is expected in the second quarter of 2013.
SKF was advised by FTPA, with partners Nathalie Younan and Alexandre Omaggio for corporate issues and partner Nicolas Message for tax issues.
Precision was advised by Franklin, with partners Mark Richardson and Céline Maironi Persin for corporate issues, and partner Bradley Joslove for intellectual property issues.