Allen & Overy (A&O) and Slaughter and May have led on a deal that has seen the Royal Bank of Scotland (RBS) give up control of UK insurer Direct Line with a £507m share sale. RBS, which sold a 34.72% share in Direct Line when it listed on the London Stock Exchange last year, has now sold a further 15.3%, reducing its stake in the insurer to just below 50%. A&O City corporate partner David Broadley advised RBS on the sale, while Slaughters corporate partner Andy Ryde provided counsel to Direct Line. Linklaters corporate partner Dan Schuster-Woldan and managing associate James Wootton represented the banks.
March 21, 2013 at 08:00 PM
1 minute read
The original version of this story was published on Legalweek
Allen & Overy (A&O) and Slaughter and May have led on a deal that has seen the Royal Bank of Scotland (RBS) give up control of UK insurer Direct Line with a £507m share sale.
RBS, which sold a 34.72% share in Direct Line when it listed on the London Stock Exchange last year, has now sold a further 15.3%, reducing its stake in the insurer to just below 50%.
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