Saint-Gobain advised by Freshfields on sale of UK distribution business
Freshfields Bruckhaus Deringer ('Freshfields') is instructing Saint-Gobain on the sale of all of its merchanting brands
By : Legal Era
Update: 2022-12-13 10:00 GMT
Saint-Gobain advised by Freshfields on sale of UK distribution business
Freshfields Bruckhaus Deringer ('Freshfields') is instructing Saint-Gobain on the sale of all of its merchanting brands in the UK to the Stark group, along with builders and timber merchant Jewson.
The divested assets are projected to generate approximately €2.7 billion in revenue in 2022, with an operating margin of approximately 2%. They comprise 600 locations and 8,900 employees. The divestment is valued at £740 million, or approximately €850 million.
Saint-Gobain will then have no distribution operations in the United Kingdom.
This transaction is not subject to any external circumstances and is scheduled to close in the first quarter of 2023.
The Freshfields team was headed by corporate partners Sundeep Kapila (London) and Olivier Rogivue (Paris), Michael Black (senior associate), and Nicola Willson (associate).
The team in London included partners Richard Lister advising on IP and commercial workstreams, May Smith on tax, Kathleen Healy and Dawn Heath on employment and pensions and counsel Joseph Biesterfield on financing.