Topco meaning

Mergers The Commission approved Novo Holdings A/S and TA Associates Management L.P. acquiring joint control of Matrix Topco Limited through an acquisition. ...

Mergers The Commission approved the purchase of joint control over Galaxy UK Topco Limited by Hg Pooled Management Limited together with The Goldman Sachs Group, Inc....

Mergers The CMA approved the expected takeover of Atlanta Investment Holdings 3 Limited by Venus Topco Limited following a phase 1 review—see further, case page NOTE—For all live mergers before the CMA, see further, UK mergers—ongoing cases tracker Antitrust The CMA has revised its timetable for its probe into suspected competition law infringements in the procurement of freelance services and the hiring of staff who support the production, creation and/or broadcast of television content in the UK, excluding sport. The authority indicates it will undertake additional investigatory steps and review the evidence until October 2024—see further, case page The CAT issued an order (dated 15 March 2024) in Squibb Group Limited v CMA, an appeal against the CMA’s 23 March 2023 decision in Supply of construction services, which sought to have the decision quashed or partly annulled with a reduced penalty. The CAT’s order permits the withdrawal of the appeal—see further, order NOTE—For all live...

Banking & Finance glossary A Auditing and Accounting Organisation for Islamic Financial Institutions (AAOIFI) The foremost Islamic, international, autonomous, independent, not-for-profit corporate body that develops and issues accounting, auditing, governance, ethics and Shari’ah benchmarks and standards for Islamic Financial Institutions (IFIs) and the wider Islamic finance sector. Founded in Bahrain in 1991, it is backed by a number of institutional members across more than 45 countries, including central banks and regulatory authorities, financial institutions, accounting and auditing practices, and legal firms. Its pronouncements are currently applied by leading Islamic financial institutions across the world and have advanced a progressive and gradual harmonisation of global Islamic finance practice. It also delivers professional qualification programmes—notably Certified Islamic Professional Accountant (CIPA), Certified Shari’ah Adviser and Auditor (CSAA), and the corporate compliance programme—in efforts to strengthen the industry’s human capital and governance frameworks. For further details, see Practice Note: Key participants in the Islamic finance industry—Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI). Acceleration Acceleration is the formal action...

CASE HUB NOTE—appeals lodged before the CAT in 1587/1/12/23 and 1588/1/12/23 ARCHIVED This archived case hub captures the position as at the decision of 23 March 2023; it is no longer maintained. For more, see the timeline and commentary. Case facts Outline of a CMA Article 101 TFEU/Chapter I investigation into suspected cartels in the market for the supply of demolition and asbestos removal services, involving bid rigging. Latest developments On 8 February 2024, the High Court refused an application by Mr Nicholas Brown to remain a director, notwithstanding his competition disqualification undertaking under section 9B of the Company Directors Disqualification Act 1986. Parties Brown and Mason Group Limited (Brown and Mason): one of Europe’s largest demolition, dismantling and asbestos removal companies. Cantillon Limited and its parent company, Cantillon Holdings Limited (together, Cantillon): one of the UK’s leading demolition and enabling works contractors. Clifford Devlin Limited (Clifford Devlin): a privately owned, family-run business providing specialist services to the construction...

In acquisition finance deals, the sponsor and management usually negotiate the equity papers, while lenders’ counsel are entitled to review drafts and provide comments on them where necessary. Lenders and their lawyers scrutinise particular provisions in the equity suite to confirm that the lenders’ interests are fully protected. Accordingly, lender approval of both the form and substance of those documents will typically be set as a condition precedent to the funding of the transaction. The main equity documents in an acquisition finance transaction are: the articles of association for the group’s top company (topco) in the structure the shareholders’ agreement, also called the investment agreement or the subscription and shareholders’ agreement service agreements and bonus scheme papers loan note instrument and the loan notes, and downstream loan agreement(s) This note makes a number of generally applicable observations before examining each document in turn. See Practice Note: Acquisition finance—key documents and parties for details of the contents of the principal...