Freshfields, OC and Simpson in $1.1bn Best Buy tie-up

Freshfields Bruckhaus Deringer, Osborne Clarke and Simpson Thacher & Bartlett scooped lead roles on the transatlantic Carphone Warehouse and Best Buy joint venture worth $1.1bn.

The collaboration will see UK telephone retail business Carphone Warehouse team up with US electronics retailer Best Buy, which will launch operations in Europe for the first time.

The deal follows a joint venture in 2006 in which Carphone Warehouse sells mobile phones in Best Buy stores across the US.

Long standing Carphone Warehouse advisers Osborne Clarke, led by relationship partner Adrian Bott, worked closely with the retailer’s in-house legal team, led by general counsel Tim Morris.

Bott’s team advised on competition and antitrust, pension and tax law advice, while Morris and his team led the transaction, arranging the joint venture documentation.

Bott said: “This was very much a collaborative effort between the team here and the in-house team led by Morris. Carphone Warehouse is an excellent client for us and we were delighted to be involved in this deal.”

Osborne Clarke will advise the Carphone Warehouse shareholders on related arrangement to the joint venture.

Freshfields and Simpson Thacher advised Best Buy on the deal. Freshfields partners David Higgins and Edward Braham lead the firm’s corporate team on the deal, partner Richard Ballard the tax team.

Simpson Thacher corporate partners Alan Klein and Glenn Reiter advised the retailer on US corporate matters, while finance partner James Buresh advised on the financing.