Pinsent Masons’ Scottish corporate team rounded off a successful 2024 with completion of a diverse range of multi-million-pound national and international deals.
The firm’s head of corporate in Scotland, Barry McCaig, said despite challenging conditions, finance would be available in 2025 for the “right deals”.
The firm’s banking team in Aberdeen, led by Richard Scott, advised lender clients operating in the energy sector on a number of fundraising projects collectively valued at almost £700million, including a £150million lending facility from a group of banks for clean energy group D2Zero, and a £70million revolving credit facility which funded Ashtead Technology’s acquisition of Seatronics and J2 Subsea Ltd.
Richard Scott, partner and head of Aberdeen office Pinsent Masons
Also in Aberdeen, the energy team advised Glenn Inniss Investment Limited, the sponsor of the management buyout of international oil and gas services business Proserv; advised on Norwegian operator DNO’s acquisition of a 25% interest in the UKCS Arran field from ONE-Dyas E&P; and on the partial divestment of Uruguayan interests by Challenger Energy Group and the partial divestment of Moroccan interests by Sound Energy.
Key transactions last year included advising William Grant & Sons on the acquisition of iconic whisky brand Famous Grouse from Edrington and the sale of Scottish engineering firm RJ McLeod to OCU Group, while other notable transactions including the acquisition by Russell Group of the Coatbridge Intermodal Rail Terminal from Freightliner.
Pinsent Masons’ corporate energy team, led by global head of oil and gas Rosalie Chadwick, was to the fore in advising Ithaca Energy on its £754million combination with Eni S.p.A. through Ithaca’s acquisition of substantially all of the Italian operator’s UK upstream oil and gas assets, and was also engaged in advising on the contested takeover of AIM-listed Trinity Exploration & Production plc by Lease Holders.
Renewable energy transactions were undertaken across the UK by Scottish lawyers and deals included the sale of the offshore transmission assets of the Moray East Offshore Wind Farm, acting for E.ON on one of the UK’s largest battery storage projects, and advising Tesco on a deal which secures 10% of its electricity requirements from a new solar park.
The firm’s commercial property experts also advised Motor Fuel Group on the £2.5billion acquisition of 337 petrol forecourts and more than 400 EV charging sites from Morrisons supermarket chain.
Pinsent Masons partner Barry McCaig, head of corporate in Scotland, said the firm’s lawyers had played a central role in some of 2024’s most important transactions but he is cautious that the corporate deals market remains challenging due to economic uncertainty and rising wage costs.
Barry McCaig, partner, head of corporate in Scotland, Pinsent Masons.
He said: “Our strong local offering, with more than 550 staff in Aberdeen, Edinburgh and Glasgow allied to diverse sector experience and a global presence in 27 locations, ensures we are in a strong position to advise clients in major UK and cross-border international transactions.
“The delay in implementing widely forecast cuts in interest rates has dented confidence in the market and tighter lending conditions or a more conservative approach by mainstream lenders make it a more challenging environment. That said, as demonstrated by the wide range of multi-million-pound deals we have advised on in the last 12 months, finance is available for the right deals.”
Looking ahead, changes in the last Budget regarding inheritance tax could foster activity as family-owned businesses plan for the future, said Mr McCaig.
“Recent Budget changes to inheritance tax, which have the potential to significantly increase the inheritance tax payable on the transfer of a business under a will, could mean family-owned businesses will look to restructure or opt for a sale in a bid to manage potential large tax liabilities which would be incurred if passed on to the next generation.”