Ringing off: City firm Herbert Smith advised accountants Ernst & Young as administrators to the Europe, Middle East and Africa entities of ­telecoms manufacturer ­Nortel ­Networks, on selling off Nortel businesses worth $2bn (£1.26bn).

Loan arranger: Magic circle firm Clifford Chance and Saudi firm Al-Jadaan & Partners advised Saudi Basic Industries Corporation, the diversified manufacturing company, on issuing loan notes worth SAR10bn (£1.67bn) to the Public ­Investment Fund of Saudi ­Arabia, advised by US firm White & Case and Saudi firm Law Office of Mohammed Al-Sheikh.

Doing the sums: US firm Mayer Brown advised financial services company GMAC Commercial Finance on ­selling its invoice financing loan book to ­independent merchant bank Close Brothers Group, advised by national firm Hammonds, for £98m.

Honing skills: City firm Taylor Wessing advised education and skills provider JHP Group on a management buyout backed by Lloyds Development Group, part of Lloyds Bank, which invested £30m for a majority stake. Yorkshire Bank provided £26m in financing. Hammonds advised Lloyds.

Pension plan: US firm Weil Gotshal & Manges advised ­private equity firm Advent International on acquiring ­pension administrator Xafinity from private equity firm Duke Street Capital, advised by City firm SJ Berwin, for an ­undisclosed sum.

Blue-chip sale: City firm ­Travers Smith advised food company SSP Group on selling Harry Ramsden’s fish and chip shop restaurant chain to ­private investment company Boparan Ventures, advised by Birmingham firm Wragge & Co.