KWM’s China leadership have travelled to London to discuss the situation currently facing the firm’s European business. Among the options reportedly being discussed to help water down the £30m currently facing the firm’s EUME partnership is the selective acquisition of some teams by KWM China, or potentially a larger buy-out of what remains of the legacy SJ Berwin business. News that KWM China has entered the fray comes just days after it was reported that global megafirm Dentons is considering a strategic acquisition of the firm’s entire EUME business.
From savior to buyer
Following a failed recapitalisation effort earlier this year, the Chinese partnership extended a bailout offer to KWM Europe that was conditional on a successful £14m recapitalisation and 12-month lock in agreements for the bulk of the firm’s European partners. However, the plan won favour with fewer than 20 per cent of the firm’s European partners and was ultimately scrapped.
Sources: Legal Week; The Lawyer
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