Freshfields advises KAR Auction Services on the acquisition of CarsOnTheWebFreshfields Bruckhaus Deringer LLP (‘Freshfields’) is advising KAR Auction Services, Inc. (KAR), a global automotive remarketing and technology services company, on the acquisition of the Belgium-based CarsOnTheWeb group (COTW).
COTW provides online auction services in the wholesale second-hand vehicle sector, connecting OEMs, fleet owners, wholesalers and dealers through its web platform.
This is KAR’s third consecutive acquisition in Europe on which Freshfields has acted for it, and follows its acquisitions of HBC Vehicle Services and the vehicle remarketing business of Greenhous Group Limited.
Completion of the transaction is conditional on the receipt of regulatory approvals in Bulgaria and Poland, and is expected to close in Q1 2019.
The Freshfields team is being led by partner Tim Wilmot and colleagues based in our offices in Brussels, Berlin and Amsterdam.
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About Freshfields Bruckhaus Deringer LLP
Freshfields Bruckhaus Deringer LLP is a global law firm with a long-standing track record of successfully supporting the world's leading national and multinational corporations, financial institutions and governments on ground-breaking and business-critical mandates. Our 2,800 plus lawyers deliver results worldwide through our own offices and alongside leading local firms. Our commitment, local and multi-national expertise and business know-how means our clients rely on us when it matters most. The firm's market-leading technology practice saw it advise on more high-value technology deals in Europe as ranked by deal value in 2017 than any other firm(1).
(1) This ranking comes from Mergermarket’s Tech League Table LTM Europe 15 December 2016 – 15 December 2017.