Case studies

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GLOSSARY

Topco definition

Published by a LexisNexis Banking & Finance expert

What does Topco mean?

In an acquisition finance transaction the special purpose vehicle (SPV) in the group structure in which the sponsor and management will hold shares.

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Private equity MBO—list of key documents—checklist

Private equity MBO—list of key documents—checklist The key documents for a private equity-backed management or leveraged buyout transaction can be separated into three broad categories: • Acquisition documents—these govern the terms of the acquisition between the seller and the purchaser (ie newco) • Equity documents—these govern the terms of the equity investment and the relationship between the investor/s and management, and • Finance documents—these govern the provision of the debt facilities and any related facilities (such as a revolving credit facility for working capital) Acquisition documents Heads of terms (acquisition) Heads of terms set out, in a short document, a broad outline of the parties' expectations, understanding and agreement of the key terms of the proposed acquisition.Heads will be signed at the beginning of the transaction as soon as the parties agree key terms and before the investor incurs costs in conducting its due diligence and negotiating the transaction documents. Practice Note: Heads of terms—share and asset purchases Precedents: Heads of terms—private M&A—share purchase and Heads of terms—private M&A—asset...

Discover our 1 Checklists on Topco

AIM Rules for Companies—Rules 7, 8 and 9—Special conditions for certain applicants

AIM Rules for Companies—rules 7, 8 and 9—Special conditions for certain applicants This Resource Note outlines the main provisions of Rules 7, 8 and 9 of the AIM Rules for Companies (AIM Rules), which deal with special conditions for certain applicants to AIM. The rules cover lock-ins for new businesses, investing companies and other conditions. This Resource Note highlights relevant materials, commentary and guidance from the London Stock Exchange (LSE), as well as Lexis+® UK analysis and resources, to give practical guidance on the interpretation and application of Rules 7 to 9 of the AIM Rules. Materials covered in this Resource Note include: • the AIM Rules • the AIM Rules for Nominated Advisers (Nomad Rules) • Inside AIM, the periodic publication from the AIM Regulation team • AIM Notices, which are issued periodically, and contain information on AIM regulatory and administrative matters • Lexis+® UK and Lexis®Library resources. Setting the scene • Rulebook: AIM Rules for Companies and AIM Note for Investing Companies • What it covers: Rule...

EU mergers—ongoing cases tracker

EU mergers—ongoing cases tracker The below tracks live European Commission merger investigations. For information on completed investigations see EU phase I mergers—closed cases tracker and EU phase II mergers—closed cases tracker. For information on completed EU merger enforcement actions see EU mergers enforcement actions—closed cases tracker. NOTE—completed merger investigations are moved from this document to the case trackers for closed cases within seven days of the final Commission decision. For details of appeals before the General Court, see General Court appeals—ongoing cases tracker. For details of appeals before the Court of Justice, see Court of Justice appeals—ongoing cases tracker. Phase I investigations Parties (Case number) Industry sector Date notified Deadline Stonepeak/Repsol/Pecos Renewables JV (M.12014) Production of electricity from renewable sources 20/05/2025 27/06/2025 (simplified merger procedure) PPF/ITIS Holding (M.12011) Manufacture of optical instruments, magnetic and optical media and photographic equipment 20/05/2025 27/06/2025 (simplified merger procedure) EVH GE/HSBC/ESG Kraftwerke Wettin (M.11973) To be confirmed 20/05/2025 27/06/2025 (simplified merger procedure) Stone Point/GTCR/Ultimus (M.12007) Other activities...

Discover our 6 Practice Notes on Topco