Bakers and Allen & Overy act on €4.4bn FedEx bid for TNT
Baker & McKenzie is advising FedEx alongside Dutch firm NautaDutilh while TNT has turned to Allen & Overy
April 07, 2015 at 04:56 AM
2 minute read
Baker & McKenzie and Allen & Overy are advising on FedEx's €4.4bn (£3.2bn) acquisition of rival TNT Express.
The US parcel delivery firm has offered TNT shareholders €8 (£5.84) a share as part of a "conditional agreement" announced by the management of both companies in a joint statement today.
For advice on the deal FedEx has turned to Baker & McKenzie and NautaDutilh with J.P. Morgan Securities acting as financial adviser.
The deal is being led by Baker & McKenzie's global M&A head, Tim Gee and NautaDutil corporate partner, Christian de Braauw.
Goldman Sachs and Lazard are providing financial advice to TNT, with the Dutch firm turning to Allen & Overy for legal counsel.
A&O's team is led from Amsterdam by corporate partner Jan Louis Burggraaf, who is supported by partner Katinka Middelkoop. Antitrust advice is being provided by partner Paul Glazener, employment advice is being supplied by partner Suzanne Sikkink, and tax advice is being provided by partner Godfried Kinnegim.
The deal comes two years after United Parcel Service (UPS) made a €5.2bn (£4.3bn) bid for TNT but later pulled out after the bid received opposition from European competition authorities following a challenge by FedEx.
The deal is expected to close in the first half of 2016, subject to regulatory approval.
Chair and chief executive of FedEx Corp, Frederick Smith, said: "This transaction allows us to quickly broaden our portfolio of international transportation solutions to take advantage of market trends – especially the continuing growth of global e-commerce – and positions FedEx for greater long-term profitable growth."
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