Deal: Toll and Japan Post have been advised on the sale of Toll’s Global Express business to Australian private equity fund manager Allegro Funds.

Value: Undisclosed.

Area: M&A.

Key players: The legal team advising Toll and Japan Post was led by Ashurst partners John Brewster and Natsuko Ogawa. The pair were supported by other partners and lawyers from all practice groups across various offices including Melbourne, Tokyo, Sydney, Brisbane and Singapore.

Deal significance: The Global Express business provides express parcel, freight delivery and domestic forwarding services in Australia, and transport and contract logistics services in New Zealand.

As per a statement provided by Ashurst, the sale of the business to Allegro Funds is subject to regulatory approvals and other customary closing conditions with the transaction targeted for completion by 30 June 2021. 

Ashurst advised on all aspects of the transaction, including M&A, structuring, financing, tax, stamp duty, separation, FIRB and other regulatory matters, IP, IT, employment and IR issues and property matters, the statement noted, with partner Mr Brewster adding: “Together with Toll, Ashurst has managed a number of complex legal and commercial issues to reach this point in the sale process and meet the key objectives of Toll’s shareholder, Japan Post.

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“Signing the transaction documentation marks a significant milestone in this sale process which commenced in August 2020. We have been delighted to support Toll and Japan Post on this major transaction.”