Allen & Overy and Herbert Smith Freehills have won lead advisory roles on the possible takeover bid by 21st Century Fox for Sky. Fox already owns 39.1 per cent of the UK telecommunications company and predictions estimate that it would take another £11.25 billion for full ownership. The takeover is still, of course, subject to approval from Sky’s shareholders.
21st Century Fox sought legal counsel from A&O on the antitrust, M&A and corporate aspects of the potential takeover. Sky is being advised by HSF, who also advised the broadband provider in 2010 when News Corp made a £8 billion takeover bid. That bid was later retracted in 2011 during the hacking scandal. A&O and HSF previously advised their respective clients in 2014, when Sky bought Sky Deutschland and Sky Italia in a deal worth £7.4 billion from 21st Century Fox.