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Freshfields advises CD&R and its portfolio company MFG on proposed forecourts partnership and electric vehicle expansion
Global law firm Freshfields Bruckhaus Deringer (‘Freshfields’) is advising Clayton, Dubilier & Rice (‘CD&R’) and its portfolio company Motor Fuel Group (‘MFG’) on its agreement relating to the proposed acquisition of 337 Morrisons petrol forecourts and more than 400 associated sites across the UK for Ultra-Rapid electric vehicle (‘EV’) charging development.
The proposed £2.5bn transaction forms a new strategic partnership between the two companies. As part of the transaction Morrisons will take a minority stake of approximately 20% in MFG, and enter into commercial and supply agreements with MFG, underscoring the long-term nature of the commercial partnership.
This level of investment will position MFG as one of the largest and most significant ultra-rapid EV charge point operators in the UK. MFG has already committed to completing its market leading £400m EV roll out by 2030, and through this partnership intends to electrify approximately 800 sites with thousands of Ultra-Rapid chargers across the combined estate in that timeframe.
The Freshfields team advising CD&R and its portfolio company MFG is led by private equity partner James Scott and senior associate Chris Yarrow. Private equity partner Mark Brewer and senior associate Jay Swain advised on the equity arrangements, and partner David Brooks and counsel Tom Dye led on the commercial and transitional arrangements. Senior associate Emily Szasz advised on tax aspects.
