Linklaters advises on carve-out of CarNext

Linklaters has advised CarNext on its carve-out from leasing company LeasePlan and a EUR 400 million capital raise.

CarNext is one of Europe’s leading online used car marketplaces with B2B operations in 22 countries and a B2C marketplace present in seven of the largest markets across Europe.

The carve-out separated CarNext into an independent group owned by a consortium of investors including TDR Capital, a wholly owned subsidiary of Abu Dhabi Investment Authority (ADIA), GIC, PGGM, ATP and Goldman Sachs Asset Management. It was implemented alongside a long-term service agreement with LeasePlan which guarantees CarNext a supply of close to 300,000 used cars to sell annually. CarNext also secured an asset backed facility to finance scaling of its working capital.

Read the CarNext press release: CarNext, Europe’s leading online B2C and B2B used car marketplace, raises EUR 400 million to accelerate growth | CarNext

The Linklaters team was led between London and Amsterdam by partners Will Aitken-Davies, Mariken van Esch, Reza Taylor and Mees Roelofs and included managing associates Crystal Mc Intosh, Hannah Charlton and Jennifer Sharp.