Fiat Chrysler Automobiles and PSA Group have agreed to create a company by way of a 50/50 merger.

Covington & Burling, Cravath, Swaine & Moore, De Brauw Blackstone Westbroek and Stibbe are among the firms advising on Fiat Chrysler Automobiles' agreement to merge with Peugeot to create a $50 billion enterprise.

The carmakers announced on Wednesday (December 18) they would each take a 50% stake in the combined enterprise, thereby creating the fourth-largest auto manufacturer in the world, with revenues of nearly €170 billion.

Legal Week, the U.K. arm of Law.com, wrote in October that Linklaters and elite French firm Bredin Prat were the lead advisers for Peugeot.

Also advising Peugeot is Dutch firm Stibbe, led by private equity partner Björn van der Klip, while New York's Cravath is acting as U.S. counsel. The Cravath team is made up of London-based corporate partner George Stephanakis and New York-based GJ Ligelis Jr, and tax partners Stephen Gordon and Christopher Fargo.

Various U.S.-based Covington & Burling partners are advising Peugeot executives. Corporate partner JD Weinberg and litigation partner Dan Suleiman advising the supervisory board, while regulatory partners Mark Plotkin and David Fagan are advising the management team.

Meanwhile, De Brauw is co-counsel alongside Sullivan & Cromwell for Fiat Chrysler. De Brauw's team includes corporate partners Paul Cronheim, Martin van Olffen and Michael Schouten. French firm Darrois Villey Maillot Brochier is also acting.

The merger follows failed merger talks between Fiat Chrysler and Renault, where Sullivan & Cromwell led for Fiat while Skadden Arps, Slate, Meagher & Flom led for the French carmaker.