International law firm Eversheds has acted as local counsel and antitrust counsel in advising Alimentation Couche-Tard, the largest independent convenience store operator in North America on the $2.8 Billion purchase of transport fuel retailer, Statoil Fuel & Retail from Statoil.

Statoil Fuel & Retail is a premium Scandinavian convenience and fuel retailer with over 100 years of operations in the region. It has a broad network and leading market share across Scandinavia and the Baltic States, as well as a growing presence in Poland with approximately 2,300 full-service or automated stations of which approximately 68% are company-operated. 

The Offer represents a premium of 52.5% to the closing price of the Statoil Fuel & Retail shares. Statoil Fuel & Retail’s Board of Directors has approved the transaction and recommends that shareholders accept the Offer. In addition, Couche-Tard has entered into an agreement with Statoil ASA, the principal shareholder of Statoil Fuel & Retail, pursuant to which Statoil ASA has committed to tender its 54% interest in Statoil Fuel & Retail to the Offer, subject to certain conditions. 

This transaction followed on from the hostile takeover of Axis Shield by Alere International last year where Eversheds acted as lead counsel and Haavind as local counsel.

The Eversheds team was led by Partner Robin Johnson, Partner Stephen Rose and Associate Richard Kyle. Several Eversheds international offices acted as local counsel. These included Poland, Sweden, Latvia, Estonia, Lithuania, Germany and Denmark. 

Robin Johnson and Stephen Rose commented: 

“This is a fantastic deal, which will give Alimentation Couche-Tard the largest chain of petrol stations in Scandinavia and a major foothold in eastern Europe. As a truly international firm we were able to work with colleagues across the Baltics and the Nordics to provide our client with a seamless cross border service.”

On this transaction Haavind acted as lead counsel together with Davis Ward Phillips & Vineberg.