Leading global law firm Baker McKenzie is advising long-standing client Bid Corporation (Bidcorp), a South Africa-listed food services company, on the disposal of its Best Food Logistics business in the UK to the Booker Group, a wholly owned subsidiary of the UK supermarket chain Tesco. The decision to enter into contract was announced today, 2 October. The transaction is subject to fulfilment of the conditions precedent including the approval from the Competition and Market Authority in the UK, which is expected to take several months.
The Baker McKenzie team was led by Corporate Associates Dewi Evans and Claire Guthrie, and by Corporate Partner Karen Guch.
Commenting on the deal, Karen Guch, says: "We are delighted to have acted for Bidcorp on this strategic deal". Grant Cox, Managing Director at Bidcorp added: "Baker McKenzie have, as always, provided us with excellent guidance, support and advice throughout the process."
Best Food Logistics was identified as non-core to Bidcorp and has been classified as a Discontinued Operation in the 2019 financial results.
This is the latest example of Baker McKenzie's work in advising on complex disposals and carve out transactions, including most recently advising GSK on the divestment of its manufacturing site in Cork.