Freshfields Bruckhaus Deringer, Kirkland & Ellis and Herbert Smith have taken roles on the £636m takeover of Avis Europe by its US counterpart Avis Budget, 25 years after the two companies were originally separated.

Kirkland is advising Avis Budget, fielding a multijurisdictional team led by corporate partners David Fox in New York and Graham White in London. The US firm's team also included finance partners Ashley Gregory and Neel Sachdev in New York and London respectively, as well as corporate partners David Fox and Daniel Wolf in New York.

Freshfields, meanwhile, advised Avis Europe, which was valued at 315p per share – a 60% premium on its closing price of 196.6p.

Corporate partner Chris Bown led the magic circle firm's team, working alongside employment partner Jocelyn Mitchell who advised on Avis Europe's share schemes, options and awards. Competition partner Alex Potter advised on antitrust matters.

Bown commented: "Having worked on both of Avis Europe's initial public offerings in 1986 and 1997, I have a close working relationship with the company and its management team. The fact that the two entities are now being reunited after 25 years is logical, and will enable Avis to operate more seamlessly on a global basis."

Herbert Smith also took a role on the deal, with corporate partners Chris Haynes and Gillian Fairfield advising Euronext-listed Belgian motor group D'Ieteren on the sale of its 59.6% stake in Avis Europe, which was valued at £357m.

The takeover is expected to be completed later in the year. The deal will reunite the global operations of the two brands, with the combined group expected to bring in revenues of approximately $7bn (£4bn).