Garrigues advises joint venture between DHL and CTT
Garrigues provided legal counsel to Deutsche Post International BV (DHL) in the process of creating a joint venture with CTT – Correios de Portugal. This partnership will establish specialized joint ventures focused on e-commerce and parcel delivery in Spain and Portugal.
As disclosed to the market, CTT Expresso will become the joint processor and distributor of parcel volumes for DHL eCommerce’s subsidiary in Portugal. Together, the two entities will have a daily capacity exceeding 1 million shipments and out-of-home services across the Iberian Peninsula. In Spain, DHL eCommerce will focus on business-to-business operations, while CTT Expresso will handle business-to-consumer services.
Enterprises value
The transaction has valued CTT Expresso at an enterprise value of €482 million, DHL Parcel Iberia at €106 million, and DHL Parcel Portugal (to be owned by CTT Expresso) at €12 million. Both parties have the option to increase their mutual stakes in the respective companies from 25% to 49% in the future. The deal is subject to approval by competition authorities.
The Garrigues team was led by partners Marta Graça Rodrigues (Portugal) and Carlos Lasa (Spain), both pictured, and included partner Javier Romero, senior associate Mariana Faria Santos, and senior associates Maité Aizpiri and Josebe Zarauz.
