Barclays Bank UK PLC’s Acquisition of Kensington Mortgages

In UK Freshfields Bruckhaus Deringer LLP, Paul Hastings LLP, advised on the matter.

Freshfields Bruckhaus Deringer LLP advised Blackstone Tactical Opportunities, Sixth Street Partners with a team including James Scott (Picture – Corporate M&A), James Smethurst (Finance), Peter Clements (Tax M&A and Deal Advisory).

Paul Hastings LLP advised Blackstone Tactical Opportunities, Sixth Street Partners with a team including Paul Severs (Corporate M&A), Arun Birla (Tax M&A and Deal Advisory), Jiten Tank (Tax M&A and Deal Advisory).

Blackstone Tactical Opportunities (‘Blackstone’) and Sixth Street Partners (‘Sixth Street’) sold mortgage lender Kensington Mortgages (‘Kensington’), together with a portfolio of UK mortgages, to Barclays Bank UK PLC (‘Barclays’).

The total consideration for the transaction is expected to be approximately £2.3 billion.

Under the joint ownership of Blackstone and Sixth Street, Kensington has improved its processes and expanded its product offerings to become a market leader in specialist lending to the self-employed, first-time buyers, older borrowers and customers with multiple sources of income.

The Freshfields team advising longstanding clients Blackstone and Sixth Street was led by London-based private equity partner James Scott (Picture) and senior associate Jay Swain. The team includes partners Peter Clements, James Smethurst and Tom McGrath advising on tax, financial regulatory and antitrust matters, respectively, and senior associate Oliver Aikens providing securitisations advice.

The Paul Hastings team was led by finance and securities partner Paul Severs, having support form associates Time Earle and Victoria Morton.

Involved fees earner: Oliver Aikens – Freshfields Bruckhaus Deringer LLP; Peter Clements – Freshfields Bruckhaus Deringer LLP; Thomas McGrath – Freshfields Bruckhaus Deringer LLP; James Scott – Freshfields Bruckhaus Deringer LLP; James Smethurst – Freshfields Bruckhaus Deringer LLP; Jay Swain – Freshfields Bruckhaus Deringer LLP; Arun Birla – Paul Hastings LLP; Victoria Morton – Paul Hastings LLP; Paul Severs – Paul Hastings LLP; Jiten Tank – Paul Hastings LLP;

Law Firms: Freshfields Bruckhaus Deringer LLP; Paul Hastings LLP;

Clients: Blackstone Tactical Opportunities; Sixth Street Partners;

Author: Giulia Di Palma