Travers Smith Braithwaite has pioneered an innovative new deal structure in a bid to increase the amount of public-to-private transactions that get off the ground. The structure involves giving institutional shareholders in public-to-private transactions a ‘carried interest’ in the bidding vehicle, i.e. convertible unsecured loan stock, which is listed on AIM and can be exchanged by the original shareholder for equity. (30 October)

KLegal vows to save network in wake of KPMG separation