Clifford Chance (CC) and Willkie Farr & Gallagher are leading as Germany's Metro has agreed to sell its Galeria Kaufhof network of department stores to Canada's Hudson Bay Company (HBC) for €2.8bn (£2bn) including debt.

HBC, owner of New York's Saks Fifth Avenue clothes business, will take on 103 Galeria stores in Germany as well as Metro's Belgian subsidiary, Inno. The Canadian group will also assume some liabilities.

CC is advising Duesseldorf-based Metro.