Kaupthing Bank and Commerzbank - Sale of equity interests in Plato Company 3

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Slaughter and May acted for Kaupthing Bank hf. and Commerzbank AG on the sale to Stonegate Pub Company Limited of their equity interests in Plato Company 3 Limited and its subsidiaries (including Town and City Pub Group Limited and Bay Restaurant Holdings Limited, which operate pubs in the Yates’s and Slug and Lettuce chains). Following a capital restructuring in July 2009 (on which Slaughter and May also advised), Kaupthing Bank hf. and Commerzbank AG became the majority equity holders in the Plato group.

Following completion of the sale, Kaupthing Bank hf. and Commerzbank AG have each taken a minority equity stake in Stonegate Pub Company Limited, with the majority shareholder being TDR Capital (a leading European private equity firm). Stonegate Pub Company Limited was formed by TDR Capital by acquiring pubs from Mitchells & Butlers plc in November 2010. The acquisition of the Plato group by Stonegate Pub Company Limited will create the largest privately held managed pub operator in the United Kingdom. The combined group has 560 pubs with revenues approaching half a billion pounds and will employ over 10,000 people. Kaupthing Bank hf. and Commerzbank AG will continue to provide financing to the enlarged group.

Simon Hall (partner), Roshi Sharma (associate), Susan Hughes (associate), Joseph Biesterfield (associate), Ngozie Azu (associate)