Norton Rose LLP advises BMW AG on €700 million acquisition of ING Car Lease
4 October 2011
International legal practice Norton Rose LLP has advised long-standing client, BMW AG, on its approximately €700 million acquisition of ING Car Lease, ING Group's car leasing and fleet management business. ING Car Lease operates in eight European countries and following completion will be combined with Alphabet, the international multi-brand fleet management division of BMW. The deal, that was announced in July, completed last week having received competition clearance from the European Commission.
The deal sees Alphabet increase its number of company cars under management to approximately 540,000 with operations in 16 countries in Europe.
The deal involved Norton Rose LLP corporate teams in Amsterdam and London, with additional support from the practice’s Paris, Warsaw, Milan, Munich and Brussels offices.
BMW relationship partner, Robin Brooks, commented:
“We are very pleased to have advised BMW on this important strategic acquisition that consolidates Alphabet’s leading position in the European fleet management market.”
Norton Rose LLP’s Amsterdam team was led by corporate partners Ep Hannema and Saskia Blokland. They were assisted by lawyers across a range of practice areas including corporate, employment, real estate and environmental (Daphne Broerse, partner), regulatory and tax (Remco Smorenburg, partner).
Norton Rose LLP’s London team was led by corporate partners Chris Grieves and Robin Brooks. They were assisted by lawyers across a range of practice areas including competition (Michael Grenfell, partner), corporate, employment, environmental, pensions, IP and IT (Mike Knapper, partner), real estate, incentives (Monique Fry, partner) and regulatory (Peter Snowdon, partner).
Italian law advice was provided by Norton Rose LLP’s Milan office, led by corporate partner Paolo Daviddi. French law advice was provided by Norton Rose LLP’s Paris office, led by corporate partner Stephane Sabatier. Polish law advice was provided by Norton Rose LLP’s Warsaw office, led by corporate partner Piotr Strawa.
In addition, Spanish law advice was provided to BMW by Garrigues (Iñigo Bastarreche, partner), Luxembourg law advice was provided to BMW by Wildgen (Michel Bulach, partner) and Belgian law advice was provided to BMW by Liedekerke (Philippe Malherbe, partner).
Rothschild acted as BMW's financial adviser on the transaction and Ernst & Young advised on tax and financial matters.
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