Travers Smith and CMS in the driving seat on Auto Trader joint venture
Firms take lead roles on the formation of combined marketplace for wholesale vehicles
August 17, 2018 at 11:32 AM
2 minute read
Travers Smith and CMS Cameron McKenna Nabarro Olswang have taken pole position on Auto Trader Group's joint venture with Cox Automotive UK to provide a digital marketplace for wholesale vehicles in the UK.
The new business will combine three businesses onto a single platform providing an online auction service. Cox will transfer Dealer-Auction.com and Manheim Online, while Auto Trader will transfer Smart Buying to the joint venture.
The service will provide fleet companies, manufacturers and retailers with a more efficient way to dispose of their stock of vehicles.
The deal is subject to clearance from the UK's Competition and Markets Authority.
Auto Trader will contribute assets valued at £28.7m to the joint venture and pay £19.7m in cash to Cox. Cox will contribute assets valued at £70.1m.
Travers is acting for Auto Trader with a team led by corporate finance partner Andrew Gillen, commercial and technology partners Dan Reavill and James Longster, and tax partner Madeleine Gowlett.
CMS is acting for Cox with corporate partner Simon Morgan, technology partner Dominic Dryden, head of data protection Emma Burnett, tax partner Mark Joscelyne, and co-head of competition Brian Sher.
Commenting on the deal, Morgan said: "This deal shows how two companies are responding to the ever-increasing influence of digital."
Last month, CMS corporate co-head Iain Newman acted for Louis I Michaels Ltd on its sale of the Theatre Royal Haymarket in the West End to billionaire businessman Sir Leonard Blavatnik. The Grade I listed building is London's third-oldest operational theatre, dating back to 1720.
Meanwhile, Travers is advising Sir Martin Sorrell's new business venture, following his resignation as CEO of advertising agency WPP earlier this year.
Sorrell and his investment vehicle S4 Capital Limited are being advised by Travers on the creation of a new company, S4 Capital, including its £51m fundraising and reverse acquisition by investment firm Derriston Capital.
Photo credit: foshie
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