BLP advises Balfour Beatty on its joint venture arrangement with Royal Mail and acquisition of Romec Services Limited
Law firm Berwin Leighton Paisner (BLP) has advised long-standing client Balfour Beatty on the extension of its facilities management joint venture arrangement with Royal Mail and its related acquisition of Romec Services Limited (RSL).
RSL is a subsidiary of Romec Limited (Romec), the joint venture company owned by Balfour Beatty (49%) and Royal Mail (51%). Romec currently provides facilities management services to the Royal Mail, Post Office and Parcelforce Worldwide buildings. As part of the transaction, Romec and Royal Mail have extended their facilities management services agreement for a further ten years, under which Romec will provide services to Royal Mail estimated to be worth approximately £1.8bn over the term of the agreement.
The acquisition of RSL by Balfour Beatty forms part of this transaction. It is significant for Balfour Beatty as it will create a nationwide technical services business and add maintenance services and mobile engineering to its current support services capabilities.
BLP advised Balfour Beatty on all aspects of the transaction and fielded a cross practice team on this deal, including corporate finance partners Rob Salter, Simon Pollock and Adam Bogdanor, corporate finance associates Manu Chopra, Patrick Johnson, Hari Guliani and Darshan Azad, commercial law partner Richard Shaw, commercial law senior associate Charlotte Pham, tax partner Gary Richards, pensions senior associate Joanne Stern, employment senior associate Mark Kaye and EU & competition associate director Andrew Riseley.
Commenting on the deal, corporate finance partner Rob Salter said: “We are delighted to have advised Balfour Beatty in connection with such a strategically important transaction, which will enhance its offering in the facilities management sector. It was a complex deal carried out in a short timeframe, which would not have been possible without the lawyers involved taking such a collaborative approach.”
Darien Pemberton, Commercial Director for Balfour Beatty WorkPlace said“We are delighted with the new deal establishing the Romec JV as a strategic supply partner to Royal Mail supporting their transformation programme and the potential created through the acquisition of Romec Services Limited. We are very grateful for the crucial role BLP has played in ensuring the transaction was completed effectively in what was a very short period of time.”
CMS Cameron McKenna advised Royal Mail and McGrigors advised Romec Limited.
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