Morrisons looks to Eversheds Sutherland on £2.5bn forecourts and EV charging tie-up with Motor Fuel Group
May 03, 2024
Morrisons looks to Eversheds Sutherland on £2.5bn forecourts and EV charging tie-up with Motor Fuel GroupMay 03, 2024 In a transaction valued at £2.5bn, Eversheds Sutherland has advised Morrisons on key elements of its strategic partnership with Motor Fuel Group (MFG). The partnership sees MFG acquire 337 petrol forecourts (including fuel, convenience retail, kiosk, and ancillary services) and more than 400 sites, across the UK supermarket portfolio, for ultra-rapid electric vehicle charging development. As part of this long-term commercial partnership, Morrisons now holds a minority stake of approximately 20% in MFG, and has entered into commercial and supply arrangements with MFG. The transaction is set to create significant synergies across fuel, retail and ancillary services, as well as scale advantages and growth opportunities for both businesses. The partnership will also benefit UK motorists and shoppers at the pump and in store. It will also help the UK prepare for the end of new diesel and petrol car sales in 2035 as the Government strives to meet its 2050 net zero target. Led by real estate partners Elizabeth Cartwright and Phillip Tunney, Eversheds Sutherland advised on the real estate, employment and environmental aspects of the deal. They were supported by partners Andrew Todd (real estate litigation); Mark Hammerton and Tom Bray (employment); Jane Southworth (environmental); Andrew Burns (EV charging); David Jervis (Real Estate Tax). The wider team consisted of the Eversheds Sutherland national real estate team including legal directors Kate Sutton, Rob Bindless and Tracy Gibson; principal associates Jen Leah and Jen Morris; associate Andrew Cooper and real estate tax associate Alisha Kouser. The Eversheds Sutherland Real Estate Group utilised many elements of cutting-edge legal technology to deliver the sheer size of this significant transaction led by Tom Bennett Head of Legal Technology (Real Estate). The transaction involves the transfer and creation of approximately 1000 legal interests. Elizabeth Cartwright, Partner, Eversheds Sutherland, said: "We are immensely proud to have supported Morrisons and worked alongside its other advisors in delivering completion this significant transaction within the retail and wholesale sub-sectors. The acquisition of the petrol forecourts and EV charging business by MFG will help drive commercial success while contributing positively to environmental progress. We have been able to manage the scale and complexity of the real estate elements of the transaction by using our extensive network and real estate technology solutions to support delivery. The transaction stands as a testament to our extensive expertise in the petrol forecourt and EV charging market." Key contacts
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