25 July 2012
Clifford Chance advises The Co-operative Group on £750m acquisition of Lloyds Banking Group branches
International law firm Clifford Chance is advising The Co-operative Group on the proposed acquisition of 632 branches from Lloyds Banking Group for £350m upfront with an additional contingent payment of £400m dependant on performance. The deal significantly changes the retail banking landscape in the UK, with the creation of an enlarged banking group with almost 1,000 branches and around 7% of UK personal accounts.
Clifford Chance has been advising The Co-operative Group for a number of years, including on its merger with United Co-operatives, the largest merger of its kind in the UK, and the £1.57bn acquisition of Somerfield.
Contacts Corporate: Hilary Evenett, Mark Poulton (lead partners), Dan Royle (senior associate). Antitrust: Alex Nourry (relationship partner), Richard Blewett (senior associate). Services arrangements: André Duminy (partner), Richard Jones (senior associate). Regulatory: Simon Crown (partner), Charles Morris (senior associate).