Freshfields, Shoosmiths and Mills & Reeve chip in on Poundland's 99p Stores deal
Poundland strikes £55m deal with 99p Stores as retailer looks to corner the value market by gaining 251 more shops
February 12, 2015 at 12:21 PM
2 minute read
Freshfields Bruckhaus Deringer, Shoosmiths and Mills & Reeve have all picked up mandates on Poundland Group's planned £55m acquisition of fellow discount chain 99p Stores.
The conditional agreement struck late last week comprises a cash consideration of £47.5m and the issue of new Poundland shares with a value of £7.5m.
If the transaction completes, Poundland will take control of 99p Stores' network of 251 stores, together serving more than two million customers a week, as well as its warehouse and distribution centre.
The Competition and Markets Authority is due to commence a public consultation on the deal shortly, given the size of the two companies in the value retail market. the review that is expected to take at least two months.
Freshfields acted for Poundland on the offer led by corporate partner Oliver Lazenby and competition partner Martin McElwee, building on its role advising on Poundland's IPO last March along with Allen & Overy.
The team worked closely with Poundland's other main legal adviser on the 99p Stores acquisition, Shoosmiths, which advised on the real estate aspects of the transaction. The Shoosmiths team was led by retail team head Beth McArdle.
Mills & Reeve acted for 99p Stores.
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