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17 July – LAWFUEL – The Law News Network – Osborne Clarke has advise…

17 July – LAWFUEL – The Law News Network – Osborne Clarke has advised 3i on the equity financing for its agreement to acquire parking services and traffic management company NCP for £555m

Osborne Clarke has advised 3i on the equity financing for its agreement to acquire parking services and traffic management company NCP for £555m. NCP is Britain’s largest commercial car park operator and manages over 900 car parks throughout the country. It has grown to become the market leader in the provision of on-street, off-street and airport parking services.

3i is acquiring the company from UK-based private equity firm Cinven, which purchased NCP in 2002. The purchase price includes an element of proceeds from recent property disposals, which will be received by the company.

Corporate partner Alisdair Livingstone led the team on the deal, assisted by partner David Ferris. Commenting on the transaction, Livingstone said: “As a longstanding client of the firm, we were delighted to be able to advise 3i on its most recent investment.”

The team also included banking, tax and employment partners from Osborne Clarke.

Cinven was advised by Ashurst and investment bank Citigroup. Newco and management were advised by Travers Smith. Senior debt facilities are being provided by Mizuho Bank who were advised by Clifford Chance.

British MP George Galloway and his opponent the Daily Telegraph will leave no stone unturned to sort out what could be a spectacular libel case.