Macfarlanes corporate partners Tim Lewis and Matthew Blows have advised Cazenove and Dresdner Kleinwort Wasserstein on the initial public offering of PayPoint, the network of payment terminals, for £130m. PayPoint was advised by Simmons & Simmons corporate partner Tim Field.

Head of banking Trystan Tether led the Bird & Bird team advising the European Bank for Reconstruction and Development (EBRD) on the financing of the privatisation of Bulgarian telecom giant, Bulgarian Telecommunications Company (BTC). CMS Cameron McKenna advised the Advent International consortium, which purchased a 65% stake in BTC.