Ajal Notowicz

Primary Focus & Experience

Ajal advises clients on UK, EU and multi-national antitrust notifications, competition law compliance and FDI matters. He has particular experience in counselling private equity firms and industrial clients on global antitrust and FDI approval proceedings across a wide range of sectors. He is a dual-qualified lawyer in the UK and in the Netherlands. His recent publications include articles on the new national security and investment regime in the UK as well as antitrust enforcement.

Select highlights of his work include advising:

• Veritas Capital on the antitrust and FDI aspects of the recapitalization of Cotiviti, resulting in Veritas Capital and KKR holding equal ownership stakes.
• One of the main parties in the CMA’s ongoing market investigation into veterinary services for household pets.
• One Equity Partners on the antitrust and FDI aspects of its acquisition of TechnipFMC’s measurement solutions business, rebranded as Guidant.
• Incora (Wesco Aircraft) on the antitrust aspects of its restructuring.
• Charterhouse Capital Partners on the antitrust and FDI aspects of its acquisition of a majority stake in Two Circles, an international sports marketing company.
• PAI Partners on the antitrust and FDI aspects of the sale of M Group Services to CVC.
• Summerleaze Group on the CMA Phase 1 approval for the sale of Andigestion Limited, a specialist provider of anaerobic digestion services, to Severn Trent Green Power.
• Correlation One Holdings Limited on the antitrust and FDI aspects of the sale of Animal Friends Insurance to Pinnacle Pet Group.
• N4 Partners on the antitrust and FDI aspects of the sale of global gear systems specialist David Brown Santasalo to Stellex Capital Management, including a remedies process under the UK national security and investment regime.*
• VetPartners on the CMA antitrust approval of its acquisition of Goddard (47 veterinary practices), including the divestiture of a small number of practices.*
• Dentex Healthcare Group and its shareholders on the CMA antitrust approval process regarding the sale of Dentex (100+ dental practices) to Portman (200+ dental practices), including the divestiture of a small number of practices.*
• Vitruvian Partners on the multi-national antitrust aspects of its co-investment in CFC Underwriting alongside EQT.*
• Actis on the multi-national antitrust aspects of the assumption of management rights in multiple Abraaj funds.*
• PAI Partners and its portfolio company Compleat Food Group on the antitrust aspects of Compleat’s acquisition of Wrights Food Group.*
• Compass Partners on the cross-border antitrust and FDI aspects of the sale of Rodenstock to Apax.*
• The founders and controlling shareholders of Acturis on the antitrust aspects of a significant minority investment by Astorg.*
• Compass Partners on the multi-jurisdictional antitrust aspects of its acquisition of a portfolio of assets from Bridgepoint.*
• Various clients on sensitive transactions in the defense and technology sectors on approvals under the UK national security and investment regime.

*Handled prior to joining Milbank

Recognition & Accomplishments

Prior to joining Milbank, Ajal was the head of EU & UK Competition at a boutique law firm in London specialising in private equity and M&A transactions. Prior to that, he was a senior associate at a top-tier law firm in London, where his time included a secondment to Ofcom, the UK media and communications regulator. Ajal also worked as an intern at the European Commission (DG COMP) in Brussels. He started his career at a leading law firm in Amsterdam, the Netherlands.

Ajal is a bilingual English and Dutch speaker and has a working knowledge of German and French.