BCLP advised BT Group on the sale of BT Radianz to Transaction Network Services

BCLP is advising longstanding client of the firm, BT Group plc and various of its global subsidiaries on the proposed sale of its Radianz Business, a specialist provider of connectivity and cloud infrastructure solutions to the financial sector, offering access to over 400 financial applications worldwide (Radianz Business), to Transaction Network Services (a wholly owned subsidiary of Koch Industries) and various of its global subsidiaries (TNS), a US-based provider of ultra-low latency trading infrastructure, connectivity and market data services. The divestiture encompasses BT’s Radianz operations across the UK, US, Latin America, Europe, the Middle East, Africa, Asia and Australasia. 

TNS will acquire the equity of the entities that comprise the Radianz Business in the UK and US and will acquire the assets comprising the Radianz Business in Latin America, Europe, Middle East, Africa, Asia and Australasia. 

The transaction is expected to complete in the first half of 2026, subject to employee consultations and customary conditions including the receipt of several merger control, foreign investment and other regulatory approvals in the UK, Australia, Turkey, Italy, Japan and India.

The client relationship partners are Marcus Pearl (Partner, Technology, Commercial and Data, London) and Andrew Hockley (Partner, Antitrust and International Trade, Sydney).

The core M&A team is being led by Marie Johnson (Partner) and Benjamin Lee (Partner), with Amit Parekh (Partner) advising on relevant US issues. The core team was supported by Lillian Adebayo (Senior Associate), Jessica Kain (Associate), Olivia Russell (Associate) and Azan Ashai (Trainee Solicitor), Aaron Lang (Partner) and Taylor Flynn (Associate).  Jean-Patrice Labautière (Partner) and Armelle Royer (Senior Associate) also provided very time critical French input.

The commercial arrangements that underpinned the transaction are being led by Marcus Pearl (Partner) and Benjamin Wheeler (Partner), supported by Guy Swillingham (Senior Associate), Amelda Henning (Associate), Max Dixon (Associate) and Rui Ci Lee (Trainee Solicitor).

The regulatory and antitrust team is being led by Andrew Hockley (Partner, Sydney), supported by Thomas Wright (Associate, Brussels) and Paul Culliford (Senior Associate, Brussels).

Various specialist teams across the firm also assisted, including: tax support provided by Simon Letherman; real estate supported provided by Charlotte Tullis and Eleanor Willatts; and employment support provided by James Anderson, Michelle Morgan and Claire Fougea.