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Linklaters' New York team advised Qwest Communications International, on an offering of $1.95 billion of high-yield notes, which is the largest non-acquisition high-yield offering and one of the largest overall offerings to date in 2005. The issue was divided into two offerings of $1.75 billion and $200 million. Cahill Gordon & Reindel acted as initial purchasers' counsel; Gibson Dunn & Crutcher was the issuer's disclosure counsel; and Hogan & Hartson advised the issuer on regulatory matters.

The Frankfurt office of Skadden Arps Slate Meagher & Flom is representing Apax Partners in the sale of German fish restaurant chain Nordee to Heiner Kamps and Nomura Holdings. Partners Walter Henle and Matthias Jaletzke led the Skadden team, with assistance from counsel Christina Erfurth. Graham Nicholson, in London, and Michael Cziesla, in Frankfurt, led the SJ Berwin team advising Heiner Kamps and Nomura Group. Baker & McKenzie partners Dirk Oberbracht and Henrik Bauwens advised Apax on its due diligence.

Blake Cassels & Graydon and Stikeman Elliott were the lead counsel on US pipeline operator Kinder Morgan's bid to buy Vancouver-based Terasen. The acquisition of Terasen, also a pipeline operator, will create a company with a combined 40,000 miles of natural gas and petroleum pipelines and more than a million gas distribution customers. Including debt, the deal is valued at around $5.6 billion. Blake Cassels advised Kinder Morgan on the deal. Mungo Hardwicke-Brown in Calgary led the team, which also included Brock Gibson and Peter Kalbfleisch. Stikeman Elliott was special counsel to Terasen through Vancouver partners Jonathan Drance, John Anderson and Neville McClure. Bracewell & Giuliani was US counsel to Kinder Morgan. Paul Weiss Rifkind Wharton & Garrison advised Terasen on US law.

The replacement of a 70-year old piece of energy regulation should remove obstacles for investors wanting to buy into the US utilities market. By David Bloom and Samantha Hampshire

Icsid arbitration is an underused avenue for resolving sovereign bond disputes, yet it offers advantages that could afford better protection to investors. Peter Griffin and Ania Farren explain why

Following is an overview of the provisions of the law that might impact on the terms of a franchise agreement.

Robert Ebe and Brett Waxdeck explain how US courts became comfortable with non-US arbitration decisions

Earlier this year, Korea introduced new laws and regulations relating to private equity funds (PEF) in an effort to foster Korea-based funds large enough to compete with international funds in the M&A market. The new laws and regulations were legislated based on principles that: (i) the investment purpose must be to participate in management control; and (ii) any investment that can be characterized as a loan is prohibited. Recently, certain investors in PEF have entered into option contracts guaranteeing the principal and agreed profit margin for such investors. Whether these arrangements are consistent with the legislative intent of the new laws and regulations has been the subject of intense debate.

Following the lead of the UK, France, Spain, the Netherlands, Italy and the US, Greece has introduced draft legislation to enable public-private partnerships. By Harris Ikonomopoulos of Ikonomopoulos & Partners

Mizuho Corporate Bank provided acquisition finance, in the form of senior and mezzanine debt, to Charterhouse Capital Partners on its £300 million purchase of Avent Group. The acquisition was completed on June 9 2005, but Mizuho is lending to refinance a temporary equity-bridge structure that was put in place to effect the purchase. Malcolm Hitching led the Herbert Smith team acting for Mizuho, while Lovells' partner Derek Baird advised Charterhouse Capital Partners.