Herbert Smith Freehills has advised long-standing client Tullett Prebon PLC (Tullett Prebon) on its agreement to acquire PVM Oil Associates Limited (PVM), the leading independent broker of oil instruments, announced today.  PVM is being acquired from its management and certain shareholder employees.

Tullett Prebon's announcement can be found here. http://www.tullettprebon.com/announcements/investor/rannouncement/2014/…

Tullett Prebon is one of the world's leading interdealer brokers with offices in 23 countries. Primarily operating as an intermediary in the wholesale financial and energy sectors, Tullett Prebon facilitates the trading activities of its clients, in particular commercial and investment banks.

The total consideration for the acquisition will be up to $160.0m, with initial consideration of $112.0m to be satisfied through the issue of new shares in Tullett Prebon or cash or a combination of the two.  The acquisition is subject to a number of conditions including approval being received from the FCA to the change of control of PVM.

The Herbert Smith Freehills team was led by corporate partner Malcolm Lombers with support from corporate associates Joanne Holmes, Marc Perkins, Kelly Stobbs and Gabriela Formica and trainee Chris Cox.  The HSF team also included Mike Flockhart, and Luanna Schultz (ECM), Clive Cunningham, Henrietta de Salis and Robin Penfold (FSR Regulatory), Isaac Zailer and Sara Stewart (Tax) Peter Frost, Christine Young and Jenny Andrews (Employment), Matthew Emms (Incentives), Alexandra Morgan (IP), Veronica Roberts, Nick Root and Tamara Todorovic (Competition), Sinead Clancy (Pensions), Loretta Pugh (TMT), Kate Wilson (Real Estate) and Singapore advice was provided by Cui Xian Yap  and Kwok-Hon Yee.