Stuart Pibworth

Biography

Stuart Pibworth
Stuart Pibworth is counsel in the European Tax practice. He advises clients on a broad range of complex UK and cross-border international tax matters spanning a variety of sectors, with particular focus on: restructurings and insolvencies; corporate and private equity transactions, reorganisations and joint ventures; and complex finance arrangements.

Alongside his transactional practice, Stuart provides consultancy advice to clients on standalone tax matters.

Stuart takes an active role in pro bono matters advising charities, social enterprise, community interest companies and not-for-profit organisations on a variety of UK and international tax matters as well as participating in other community and ESG initiatives.

Stuart is also a Chartered Tax Adviser.

Stuart has written numerous articles for leading publications including British Tax Review, Tolley’s Tax Digest, Tax Journal, Taxation, Tax Adviser, International Tax Review, LexisNexis and PLC.

Recent representative experience includes advising:

Restructurings and insolvencies

  • An ad hoc group of secured lenders to the world’s largest regional aircraft lessor, Nordic Aviation Capital, in relation to its ongoing restructuring 
  • An ad hoc group of bondholders of Spanish based construction and civil engineering company, Obrascón Huarte Lain, in relation to the group’s debt for equity swap, implemented through a scheme of arrangement in the UK
  • An ad hoc group of bondholders of UK based speciality metals producer, Ferroglobe, in relation to the group’s financial restructuring
  • An ad hoc group of senior creditors of UK based drilling and engineering contractor, KCA Deutag, in relation to the group’s debt for equity swap, implemented through a scheme of arrangement in the UKKey noteholders on the restructuring of Abengoa’s cross-border facilities
  • Ambac UK in relation to the restructuring of Ballantyne Re plc
  • Europe’s largest cinema operator, Odeon (part of the AMC Entertainment Group), in relation to the group’s financial difficulties and the refinancing of its European business
  • Floatel International Ltd. and its subsidiaries on its comprehensive, fully consensual balance sheet restructuring
  • syncreon Group Holdings B.V., and its affiliates, in its cross-border balance sheet restructuring involving approximately $1.1 billion of funded debt, including English schemes of arrangement and associated chapter 15 and CCAA recognition proceedings
  • Doncasters, a global alloys manufacturer for the aerospace industry, on its restructuring
  • Follie Folli, the Greek-based jewellery designer, manufacturer and distributor, in relation to its restructuring
  • Westinghouse Electric Company on the global and European aspects of its chapter 11
  • Edcon Group in relation to its restructuring

Corporate and private equity transactions, reorganisations and joint ventures

  • Advent international on numerous transactions, including recently on:
    • the acquisition by its affiliate AI Beauty Holdings of bareMinerals, BUXOM and Laura Mercier (collectively, n/k/a Orveon)
    • portfolio company Laird on the carve-out and sale of its
      • Connectivity division;
      • Performance Materials division to DuPont for $2.3 billion; and
      • Thermal Systems divisions to Bregal
    • portfolio company Cobham on the carve-out and sale of its:
      • Mission Systems division to Eaton Corporation plc for $2.83 billion;
      • Aerospace Connectivity division to TransDigm Group Inc. for $965 million;  
      • Aviation Services UK division to Draken International (a portfolio company of Blackstone);
      • Slip Rings division to Naxicap; and
      • Microwave division to FCDE
  • Bain Capital on numerous transactions including recently on:
    • its demutualisation and acquisition of insurer Liverpool Victoria Financial Services Limited, doing business as LV=
    • the £1.2 billion take private of the esure Group
  • Advent International and Bain Capital, as shareholders in both Nexi and Nets, on the merger of Nexi and Nets, and previously on the merger of the Concardis Group and Nets group
  • CVC Capital Partners on the $750 million acquisition of all of Fairfax Financial Holdings Limited (Fairfax) interests in run-off insurance services provider RiverStone Europe
  • Her Majesty’s Government as part of a 50/50 consortium with Bharti Global in the consortium's acquisition, in a chapter 11 court-supervised sale process, of OneWeb Global
  • Algonquin on its PIPE investment in Atlantica Infrastructure
  • Foley Trasimene Acquisition Corporation II on its $9 billion merger with Paysafe Group
  • Willis Towers Watson PLC in its proposed $80 billion combination with Aon PLC
  • VINCI Airports on its £2.9 billion acquisition of a 50.01% majority stake in Gatwick Airport from Global Infrastructure Partners
  • The seller of the iconic Ritz hotel in London
  • Public Sector Pension Investment Board, along with BC Partners, in the acquisition of Keter Plastic

Finance arrangements

  • Kiwi.com, a leading travel technology company and portfolio company of General Atlantic headquartered in the Czech Republic, on a €100 million private placement of convertible bonds
  • Ares and Goldman Sachs on their participation in CD&R’s takeover of Wm Morrison Supermarkets Plc, which valued the British supermarket at £10.2 billion including debt

Other

  • Sun Life Financial Inc. in relation to the merger of Sun Life-owned Bentall Kennedy and Tetragon's GreenOak to create a $47 billion global real estate platform
  • The Government Investment Corporation of Singapore fund, in relation to various matters, including involvement in extensive negotiations with HMRC to access sovereign immunity from UK taxation for the fund in respect of real estate investments made in the UK
  • A leading global investment manager on the establishment of a discretionary UK real estate fund investing in industrial properties – at the time, the first of its kind since the introduction of major UK land tax reform in April 2019
  • Micro Rainbow in relation to various matters relating to the provision of safe housing for LGBTQI asylum seekers and refugees in the UK, including negotiations with HMRC to access social investment tax relief   

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