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Deal Maker of the Year Awards 2013
WINNER - STEPHEN HALES DEAL: Absa acquisition of Barclays Africa
NAME: Stephen Hales COMPANY: Ernst & Young POSITION: Partner TEL: +44 (0)20 7951 1907 FAX: +44 (0)20 7951 1345 EMAIL: shales1@uk.ey.com
UK
BIO
Stephen is head of EY’s Corporate M&A Tax practice in London. EY were engaged to advise Barclays on structuring the consolidation of their African interest under a single African holding company as part of Barclay’s “One Africa” Project. The team led by Stephen covered tax professionals in eight different African jurisdictions. Stephen was assisted by Leon Steenkamp, head of the Pan African Tax Desk in London. Stephen commented “the major challenge on the transaction was achieving Barclays objective of consolidating its African
interests while managing the
complexities of the rules in different countries”. According to Leon “EY London’s historic relationships with key tax professionals in EY’s African offices contributed to rendering an integrated and effective service to the client”.
Stephen is a senior partner in EY’s wider transaction tax practice. Stephen specialises in cross border mergers and acquisitions and has advised on a number of significant transactions with large multinational corporations. Stephen recently advised Vodafone on their acquisition of Kabel Deutschland and is currently advising
Vodafone on the disposal of their joint venture interest to Verizon for $130 billion. Stephen’s other key clients whom he regularly advises on acquisitions and disposals include BHP Billiton, Lufthansa, Pernod Ricard, Shire, Smith & Nephew and Willis.
Stephen is a qualified chartered accountant both in Scotland and South Africa and has honours degrees in Financial Accounting and Taxation from Cape Town University. Stephen has been recognised as one of the UK’s leading tax advisors in the M&A and cross-border structuring arena.
Stephen said EY’s transaction tax practice have seen a steady increase in the level of M&A activity during 2013. As confidence returns to the global economy it is anticipated that M&A activity will continue to build through 2014. Although EY have observed a decline in M&A activity in the emerging markets in favour of deal activity in the developed economies, the expectation is for great interest in the emerging markets through 2014.
The major
challenge on the transaction was achieving Barclays objective of
consolidating its African interests while managing the complexities of the rules in different countries
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