Olswang has advised opposite magic circle firm Allen & Overy (A&O) on the £375m sale of motorway services group RoadChef.

Olswang advised regular Israeli property client Delek Real Estate on its acquisition of RoadChef from Nikko Principal Investments, with a team led by property partner Philip Olmer. The deal is the largest Olswang has handled for the client.

A&O private equity partner Susan Howard advised long-standing client Nikko, the finance arm of Nikko Cordial Corporation and Vision Capital.

Nikko acquired RoadChef in May 1998, marking its first principal finance investment in the UK. Later in the year it also acquired two other motorway service businesses, Blue Boar and Take A Break.

Under the terms of the agreement Delek will assume securitised bonds and other debt, making the total consideration £375m, and valuing the business at around £425m.

The sale comes as the motorway services sector goes through a period of flux.

Welcome Break last week secured a major refinancing, on which A&O also advised, while the other major player in the sector, Moto, recently changed hands.

In addition, at the end of last year roadside operator Little Chef was saved from administration by DLA Piper and Salans.

Howard commented: "It is symptomatic of the trends in infrastructure we are seeing at the moment. The major players in the motorway services sector were all acquired at similar times and, in terms of investment, are coming to the end of their lives with their respective owners."

RoadChef is one of the UK's largest motorway services. It operates 29 service groups and serves around 65 million customers annually, with revenues of £90m excluding fuel. It has links with Travel Inn and Wimpy and operates a dedicated coach support team.