SJ Berwin wins CVC role on £3bn iShares buyout

SJ Berwin has scored a top role advising CVC Capital Partners on its £3bn purchase of iShares, Barclays' asset management business.

The City firm is advising the private equity house on its successful bid, fielding a team from its City base including corporate partner Nicholas Plant and corporate chief Steven Davis, the firm's CVC relationship partner.

CVC recently emerged as the frontrunner to purchase the California-based iShares, and on Thursday (8 April) Barclays announced that CVC had acquired the asset management business via a new limited partnership called Blue Sparkle (Bidco).

The instruction by CVC is significant for SJ Berwin, as the private equity house has traditionally turned to Freshfield Bruckhaus Deringer and Clifford Chance (CC) for advice.

SJ Berwin formalised a relationship with CVC in 2007 after advising on its £764m buyout of US luggage manufacturer Samsonite.

It is thought that Cadwalader Wickersham & Taft has been instructed as US counsel to CVC.

CC is advising longstanding client Barclays, with corporate finance and relationship partner Guy Norman taking the lead, while Sullivan & Cromwell is advising Barclays on the US components of the deal.

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