Latham and Davis Polk check out Tesco sale of US Fresh & Easy chain
Davis Polk and Latham & Watkins have taken the lead roles on Tesco's sale of its US Fresh & Easy chain to investment firm Yucaipa. The supermarket giant has been looking to offload the loss-making business for some while, with the deal seeing Tesco loan the new business around £80m.
September 12, 2013 at 06:57 AM
2 minute read
Davis Polk and Latham & Watkins have taken the lead roles on Tesco's sale of its US Fresh & Easy chain to investment firm Yucaipa.
The supermarket giant has been looking to offload the loss-making business for some while, with the deal seeing Tesco loan the new business around £80m.
The disposal could come at a cost of around £150m to Tesco, with further costs arising from the closure of around 50 stores and the loss of around 400 full-time and about 600 part-time and temporary staff.
Davis Polk advised Tesco on the deal with a New York team led by global head of M&A George Bason, partners Donald Bernstein, John Butler, Marc Williams and tax partner Kathleen Ferrell.
Latham advised investment firm Yucaipa, which is run by US billionaire Ron Burkle, with a team led by LA corporate partner Tom Sadler.
As part of the deal Yucaipa will buy 150 stores as well as Fresh & Easy's food production and distribution centre, and more than 4,000 employees will transfer to the new business. The sale is expected to complete within three months.
Latham acted for Yucaipa last year when it acquired a 60% stake in private members' club chain Soho House Group. Ashurst acted on the financing of the deal.
Fresh & Easy opened its first stores in November 2007 and has 200 neighbourhood markets in California, Nevada and Arizona.
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