Wragge & Co advises Eurotunnel on strategic rail freight acquisition

Wragge & Co's Corporate group has advised Europorte SAS, the rail freight subsidiary of cross-Channel operator Eurotunnel Groupe, on the acquisition of rail freight operator GBRf from FirstGroup plc for an undisclosed sum. The deal is the firm's first corporate instruction from Eurotunnel.

The sale was completed by way of an auction process, with Europorte securing exclusivity. It represents a significant strategic acquisition for Europorte, as part of its European expansion strategy including cross-Channel conventional and high speed rail freight development.

Corporate partner Kevin Jones led a cross-firm, cross-border team, with assistance from associate Natalie Singh.

Kevin Jones said: "The timeframe from securing exclusivity to deal completion was less than one week. Our wide-ranging corporate M&A experience, rail sector expertise and the commercial approach of our full-service team ensured a successful outcome."

Pensions associate Ben Blunsdon, rail partner Michael Whitehouse, regulatory expert Robyn Farmer, commercial specialists Clare Woolley and Andy Poppleton, employment solicitor Ian Curry and real estate associate Joe Morris also supported. The team worked closely with Eurotunnel legal director Ken Morrison and Europorte strategy director and project leader director François Coart. Slaughter and May advised FirstGroup plc.

Ken Morrison, legal director for Eurotunnel, said: "We are delighted to complete the acquisition of GBRf; now our rail freight subsidiary Europorte SAS has substantial activities on both sides of the Channel. This move complements our recent acquisition of Veolia's French rail freight interests. We worked closely with Wragge & Co, benefiting from its pragmatic, gentle but firm approach to negotiation. Wragge & Co showed an ability to focus on the main issues and a willingness to be at our side whenever required."

€571 million turnover company Eurotunnel Groupe runs the Channel Tunnel Link, from Kent to Pas-de-Calais. UK freight haulier First GBRf operates rail services in commodities including coal, petrochemicals, mail and parcels, and construction materials.

Operating as one team from London, Birmingham and Paris, Wragge & Co's 70-lawyer Corporate group handles the complete range of corporate finance work. It specialises in mergers and acquisitions, private equity, IPOs, joint ventures, public takeovers, share schemes, complex corporate structuring and tax. Highlights include advising Boparan Ventures Limited on its acquisition of Harry Ramsden's for an undisclosed sum.

Wragge & Co's cross-firm rail experts advise on all aspects of railway law, with UK and international clients including governments, private sector owners, operators and banks. Expertise includes railway contracts, passenger franchises, access agreements, access options, construction, engineering, operation and maintenance of networks and trains, employment and union matters, signalling and technology, regulation, competition law and disputes.