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Private equity is often seen as a closed world of complex financial engineering. But most deals in fact turn on the careful negotiation of a set of core documents. Simon Cooke explains how to make sure all parties' needs are met

DLA Piper Rudnick Gray Cary hired Charles Morrison to lead the firm's drive into Africa. Morrison was a banking partner with Denton Wilde Sapte. He gained experience of sub-Saharan African jurisdictions while handling trade and project finance transactions for European banks. Morrison also acts for African governments on bank and utility privatizations.

Ben Maiden reports on warnings that a New York bankruptcy court's treatment of derivatives and commercial paper could destabilize the market

Bradley Kurkowski, White & Case Dirk Schmalenbach, Freshfields Bruckhaus Deringer David Roberts, Olswang Perry Noble, Freshfields Bruckhaus Deringer White & Case appointed two new legal counsel to its capital markets group in London. Christopher Whiteley joins the structured finance practice from JP Morgan and US-qualified Bradley Kurkowski joins the high yield debt team from Weil Gotshal & Manges. Kurkowski has acted for both investment banks and companies on a variety of debt offerings and Whiteley specializes in credit derivatives.

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.