Slaughter and May and Baker & McKenzie have won the leading roles on jet engine maker Rolls-Royce proposed joint venture with European engineering and defence company Safran's Hispano-Suiza arm.

The deal between Derby-based Rolls-Royce and Safran would create a new business developing accessory drive train transmissions systems – which transmit power between aircraft components – for Rolls-Royce civil aero engines.

Slaughters is advising Rolls-Royce on the arrangement, with a team led by corporate and commercial partner Gary Eaborn, who was supported by intellectual property partner Cathy Connolly, competition partner Bertrand Louveaux, pensions and employment partner Jonathan Fenn and real estate partner David Waterfield.

The firm acted alongside best friend firm Bredin Prat, which advised the company on French law matters with a team led by M&A partner Kate Romain.

Baker & McKenzie's Paris office represented Hispano-Suiza, fielding corporate partner Stephane Davin and David Haccoun.

Slaughters M&A partner Stephen Cooke is the client relationship partner at the firm for Rolls-Royce.

The terms of the deal will see each company own 50% of the business, which will be headquartered in France with further operations in the UK and Germany. Both have signed a memorandum of understanding, with definitive agreements expected to be finalised in the next few months.