Cuatrecasas advises CTT on major logistics transactions
Cuatrecasas has advised CTT – Correios de Portugal on two significant operations designed to position the company as a leading Iberian player in logistics and e-commerce. The first one is the creation of a joint venture partnership with the DHL Group in the e-commerce parcel markets in Portugal and Spain. And the second one is the acquisition of Compañia Auxiliar al Cargo Expres (CACESA), a Spanish company specializing in international e-commerce customs services.
The CTT-DHL joint venture
To implement the agreement between CTT and DHL, which will establish a joint venture with two entities—one in Portugal and another in Spain (CTT Expresso and Danzas)—CTT Expresso will begin by acquiring 100% of DHL Parcel Portugal. Subsequently, DHL will acquire a 25% stake in CTT Expresso (with CTT retaining the remaining 75%), and CTT will acquire 25% of Danzas/DHL Parcel Iberia (with DHL holding the remaining 75%). Both CTT and DHL will have the option to increase their minority stakes in the respective joint venture companies (i.e., CTT in Danzas and DHL in CTT Expresso) to up to 49%.
The partnership aims to create a high-performance joint venture addressing B2C (business-to-consumer) and B2B (business-to-business) segments, with a daily capacity of over one million shipments and out-of-home services across the combined markets of Portugal and Spain.
The Cuatrecasas legal team advising on this partnership was led by Rafael Lucas Pires, co-coordinator of the Corporate and M&A area, and included: Luís Miguel Cortes Martins, Raquel Santos Pereira, and Mariana Brazão, from the same area; Pedro Marques Bom and António Souto Moura, from Competition; Manuel Requicha Ferreira and Inês do Carmo Montalvo, from Banking & Finance and Capital Markets; as well as a broad group of lawyers from various other areas and both jurisdictions involved in due diligence efforts.
The CACESA acquisition
Regarding the acquisition of CACESA, this move will “accelerate the transformation of CTT’s business, positioning them as an e-commerce logistics operator”, states CTT. Integrated customs clearance solutions will play a crucial role in the company’s growth strategy within this value chain, CTT highlighted in a statement.
The completion of both transactions is naturally subject to the fulfillment of customary conditions for this type of deal, including the necessary regulatory approvals.
The legal advice for this transaction was led by Isabel Gandoy Fernández from the Corporate and M&A area, and included Luís Miguel Cortes Martins, David Fernández Martínez, and Carla Rovira Espadaler, from the same area; Pedro Marques Bom, António Souto de Moura, and María Marcote Feijóo, from Competition; and Alessandro Jones Capobianco, from Tax.
Pictured, from left to right: partners Rafael Lucas Pires, Manuel Requicha Ferreira, Isabel Gandoy Fernández, Luís Miguel Cortes Martins, Pedro Marques Bom.
