This invaluable report is your guide to the UK's main buy-out market. It provides detailed, practical information on the realities of structuring and completing an LBO in the United Kingdom. It is designed as reference tools for the busy professional and provide clear, concise and user-friendly guides to the main legal, regulatory, tax and commercial issues when executing an LBO in the UK.

Written and researched by leading international law firm Ashurst, with input from the world renowned Centre for Management Buy-out Research (CMBOR) and The Royal Bank of Scotland, these are the definitive practical guides to structuring private equity-backed buy-outs in the United Kingdom, France and Germany.



These indispensable manuals deliver the most detailed picture available of how to execute a buy-out successfully in the three main European private equity markets. You will:

• Learn about the development of the buy-out market in the UK and the drivers behind its growth
• Understand the complexities of negotiating and completing public-to-private transactions
• See how an LBO is structured and how the various components of the deal fit together
• Discover the increasingly important impact that EC merger control legislation is having on buy-out transactions, as well as the details of the governing domestic legislation
• Learn about the various types of leveraged finance available in an LBO, recent innovations in the debt markets, and the complexities of how the debt component of a deal is structured

TABLE OF CONTENTS
Development of the UK private equity market
The structure of leveraged buy-out transactions
Equity
Debt & security
Structuring an LBO – UK tax aspects
EC and UK merger control aspects of leveraged buy-outs
Public to privates
Equity incentives
Insolvency
Appendixes