Allen & Overy was last night named as the winner of Competition Team of the Year and Legal Innovator of the Year at the Legal Business Awards 2017, which celebrate the achievements of the finest lawyers in the industry.
The Competition award was given in recognition of the firm’s work advising VEON (formerly VimpelCom) on the antitrust aspects of the creation of the WIND/3 Italia joint venture. The merger combined Italy’s third and fourth largest telecoms companies to create a leading Italian mobile network operator with a total value of EUR21.8 billion. This was a landmark transaction for the European telecoms industry and the first 4-to-3 telecoms consolidation clearance since Margarethe Vestager took office as European Commissioner for Competition.
Antonio Bavasso, global co-head of Antitrust and lead partner on the VEON deal comments: “This is the second award we have won for our work with VEON and is fantastic recognition of the team’s work on a challenging and complex deal.”
The Legal Innovator of the Year prize recognised Allen & Overy’s work on MarginMatrix™, a digital derivatives compliance system to help major banks deal with new regulatory requirements for the USD500 trillion over-the-counter (OTC) derivatives market. The system has been deployed as an end-to-end managed service in collaboration with Deloitte, the professional services firm, which manages and resources the client outreach and counterparty negotiation process.
David Wakeling, derivatives partner and MarginMatrix™ lead, adds: “We constantly strive to improve the way in which we solve our clients’ challenges and MarginMatrix™ is a great example of what can be achieved when market, legal and technology expertise are combined. I’d like to thank our global derivatives team for their excellent work on this complex project.”