Leading global law firm Herbert Smith Freehills Kramer (HSF Kramer) is advising Tuhu on its proposed acquisition of mycar from Continental, based on an agreed enterprise value of A$403 million.
The transaction remains subject to customary closing conditions.
One of the largest tyre, automotive service and repair chains in Australia, mycar has approximately 280 stores across Australia offering a comprehensive range of automotive services, including scheduled maintenance, tyres, brakes, suspension, batteries and general mechanical repairs. It is also one of the largest employers in this industry, with more than 1,600 employees in Australia.
The HSF Kramer team is being led by M&A partners Amit Jois and Madeleine Miller and includes senior associates Codie Asimus and Stefan Baldwin and solicitors Javier Cross and Vivian Nguyen. TMT partner Kwok Tang and senior associate Rachel Holland are advising on transitional arrangements. Competition partner Patrick Gay, senior associate Emily Whitaker and solicitor Jorgia Findanis are advising on competition matters. Partner Tom Dougherty, senior associate Sophie Hazer, and solicitor Aisling Railton are advising on environment and planning matters. Partner Andy Leadston, senior associate Chrislynn Soong and solicitors Samathan Roufougoulis and Manny Dickens, and graduate Ella Balogh are advising on real estate matters.
Lead M&A partner, Amit Jois, said, “We are delighted to be supporting Tuhu and its advisers on this significant acquisition in Australia, which brings together two leading automotive service businesses.”
The deal is another example of HSF Kramer’s market-leading work in mergers and acquisitions. Other recent examples include our firm advising:
- ASX-listed alternate asset manager, HMC Capital, on a strategic partnership with global investment firm, KKR. The partnership involves an investment of up to A$603 million by KKR into HMC’s Energy Transition Platform.
- Ampol Limited on its $1.165 billion acquisition of EG Group Australia Pty Ltd and EG AsiaPac Holdings Pty Ltd.
- Ramsay Health Care Limited on its proposed $251 million acquisition of the assets and operations of National Capital Private Hospital from certain Healthscope Group entities.
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