Fleet of Firms Onboard For £400M Hitachi Train Deal
One magic Circle and three mid-market firms pick up roles on £400 million rail deal.
August 23, 2019 at 04:10 AM
2 minute read
Hitachi Trains, Credit: Bloomberg
DLA Piper, Stephenson Harwood, Clifford Chance and CMS are among the firms advising as East Midlands Railway's new owner places a £400 million order for a fleet of Hitachi-built trains.
As part of a rolling stock project set to start in 2022, Japanese train manufacturer Hitachi Rail will deliver a new 33-strong fleet of intercity trains to Dutch transport group Abellio, which earlier this week added East Midlands Railway to its quartet of U.K. rail franchises.
DLA is advising long-term client Hitachi, with projects partners Colin Wilson and Rob Smith leading for the firm. Finance and projects partner Nacim Bounouara and corporate partner Martin Nelson-Jones are also advising, alongside Tokyo-based partners Kaoru Umino and Mitsuharu Kataoka.
Stephenson Harwood is advising Abellio, with head of finance and rail Tammy Samuel and rail partner Darren Fodey leading.
Clifford Chance, meanwhile, is advising on the financing of the deal on behalf of rolling stock funder Rock Rail, according to a person involved in the deal.
CMS is advising a consortium of lenders funding the transaction, among whom are Aberdeen Standard Investments, Aviva, Scottish Widows and Sun Life. Infrastructure partner Katie Duffield and corporate partner Bill Carr are heading up the firm's team.
Earlier this summer, both Stagecoach and Arriva launched legal actions against the Department for Transport (DfT) and the secretary of state for transport, after they were disqualified from bidding for the East Midlands Railway contact.
In the legal action against the DfT, Herbert Smith Freehills is acting for Stagecoach, which is contesting the company's disbarment from the tender process to run the franchise, due to rail staff pension issues. Though it is advising Abellio on the deal, Stephenson Harwood is advising its rival Arriva on the legal action.
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