PwC Legal advises Smyths Toys on the acquisition of Toys “R” Us Germany, Austria and Switzerland
Frankfurt am Main, April 26, 2018
A multidisciplinary and international team assembled from the PwC/PwC Legal network provided Smyths Toys Superstores (“Smyths Toys”) based in Galway (Ireland) with comprehensive advice on the acquisition of Toys “R” Us operations in Germany, Austria and Switzerland (“Target Companies”). PwC Legal (with teams from Germany, Austria & Switzerland) provided legal advice which focused on legal review, contract negotiation and drafting of transaction documents, PwC Transaction Services (Ireland) provided financial advice and PwC Tax (with teams from Ireland & Germany) advised on tax matters.
The Target Companies were sold out of a group subject to Chapter 11 US bankruptcy code procedures and also required to be carved out of existing financing structures (i.e. asset backed bond programmes and secured credit facilities). Smyths Toys will take on all employees and management formerly employed by the Target Companies. The deal is still subject to approvals by the responsible judicial and regulatory authorities. The parties agreed to keep the purchase price confidential.
Smyths Toys is a family owned retailer of toys with 21 stores in the Republic of Ireland and 90 Stores in the United Kingdom. The acquisition will add a further 90 stores and online operations in three European countries to Smyths Toys, making Smyths Toys the largest toy retailer in Europe.
Advisors to Smyths Toys:
PwC Legal Germany:
Denis Bacina, Dr. Dirk Stiller, Moritz Gröning (all lead, Corporate/M&A); Dr. Gerung v. Hoff (Antitrust); Georg Friedhelm Buchenhorst (Corporate/M&A); Joy Otto Neugebauer (Corporate/Finance); Dr. Frank Degenhardt (Employment); Dr. Tobias v. Tucher, Lukas Lundbeck (both IT/IP); Peter Steinbacher (Pensions); Peter Holzhäuser (Real Estate)
PwC Legal Austria (oehner & partner rechtsanwaelte):
Dr. Christian Oehner (Corporate/M&A); Daniela Steiner (Antitrust)
PwC Legal Switzerland:
Dr. Benjamin Fehr (Corporate/M&A)
PwC Transaction Services (Germany):
Mark Paliga (Financial Pensions)
PwC Transaction Services (Ireland):
John Casey; Sinead J. Lawlor (both Financial Advice)
PwC Tax (Germany):
Birgit Thalhammer (Tax Advice)
PwC Tax (Ireland):
Ronan MacNioclais; Ruth O’Malley (both Tax Advice)
About PwC Legal Business Solutions:
In our global, rapidly changing business world, cooperation, restructuring, transactions, financing and social responsibility are topics that increasingly concern our clients. They need legal certainty for a wide range of complex tasks. That is why we advise them holistically and in close cooperation with PwC’s tax, human resources and finance experts and our international legal network in over 100 countries. Whether a globally active company, a public corporation or a wealthy private individual, every client has a personal contact at our firm who supports them responsibly in all matters of commercial law. In this way, we help our clients to secure their economic success in the long term.
PwC Legal Business Solutions in Germany. More than 370 lawyers at 18 locations. Integrated, tech-powered legal advice.
About PwC Germany:
Our clients face diverse challenges, strive to put new ideas into practice and seek expert advice. They turn to us for comprehensive support and practical solutions that deliver maximum value. Whether for a global player, a family business or a public institution, we leverage all of our assets: experience, industry knowledge, high standards of quality, commitment to innovation and the resources of our expert network in 149 countries. Building a trusting and cooperative relationship with our clients is particularly important to us – the better we know and understand our clients’ needs, the more effectively we can support them.
PwC Germany. More than 15,000 dedicated people at 20 locations. €3.05 billion in turnover. The leading auditing and consulting firm in Germany.
