Americold’s $1.740 Billion Acquisition Of Agro Merchants Group

King & Spalding LLP and Freshfields advised Americold Realty Trust on the deal.

Americold Realty Trust (NYSE: COLD) has entered into a definitive agreement to acquire privately held Agro Merchants Group from an investor group led by funds managed by Oaktree Capital Management, L.P. for a purchase price of $1.740 billion. The acquisition is subject to customary and regulatory closing conditions and closing is expected to occur late in the fourth quarter of 2020 or early in the first quarter of 2021.

Americold is the world’s largest publicly traded REIT focused on the ownership, operation, acquisition and development of temperature-controlled warehouses. Based in Atlanta, Georgia, Americold owns and operates 183 temperature-controlled warehouses, with over 1 billion refrigerated cubic feet of storage, in the United States, Australia, New Zealand, Canada, and Argentina as of June 30, 2020. Americold’s facilities are an integral component of the supply chain connecting food producers, processors, distributors and retailers to consumers.

Argo is the fourth largest temperature-controlled warehouse company globally, the third largest in Europe, and the fourth largest in the United States. Agro’s portfolio consists of 46 facilities, totaling 236 million refrigerated cubic feet, located in 10 countries and will be a strong complement to Americold’s existing global network.

The King & Spalding team was led by C. Spencer Johnson III (Picture) and also included John M. Anderson, Zachary J. Davis, L. Wayne Pressgrove, Jr., John Clay Taylor, Anthony W. Rothermel, W. Scott Petty, Scott C. Ciepluch, William C. Westbrook, Ruoxi Zhang, Brian R. Meiners, Ethan S. Mann, John Hale, Angela Kang, Ben L. O’Callaghan III, Laura S. Huffman and Jordan Hodge.

The Freshfields team was led by corporate M&A partner Ethan Klingsberg and counsel Andrea Basham in New York, corporate real estate partner Alex Watt and associate Palina Pradhan in London; a global antitrust team including competition partner Alan Ryan in Silicon Valley and associate Felix Roscam Abbing in Amsterdam; a global tax team including partners Claude Stansbury in Washington, D.C., Eelco Van Der Stock in Amsterdam and Jill Gatehouse in London; a global employee benefits and labor law team including partners Kathleen M. Healy in London, Brechje Nollen in Amersterdam, Raquel Florez in Madrid and Karin Buzanich-Sommeregger in Vienna; and a global regulatory and compliance team including partner Michael Ramb in Berlin.

Involved fees earner: Andrea Basham – Freshfields Bruckhaus Deringer LLP; Karin Buzanich-Sommeregger – Freshfields Bruckhaus Deringer LLP; Raquel Flórez – Freshfields Bruckhaus Deringer LLP; Jill Gatehouse – Freshfields Bruckhaus Deringer LLP; Kathleen Healy – Freshfields Bruckhaus Deringer LLP; Ethan Klingsberg – Freshfields Bruckhaus Deringer LLP; Brechje Nollen – Freshfields Bruckhaus Deringer LLP; Palina Pradhan – Freshfields Bruckhaus Deringer LLP; Michael Ramb – Freshfields Bruckhaus Deringer LLP; Felix Roscam Abbing – Freshfields Bruckhaus Deringer LLP; Alan Ryan – Freshfields Bruckhaus Deringer LLP; Claude Stansbury – Freshfields Bruckhaus Deringer LLP; Eelco Van der Stok – Freshfields Bruckhaus Deringer LLP; Alexander Watt – Freshfields Bruckhaus Deringer LLP; John Anderson – King & Spalding; Scott Ciepluch – King & Spalding; Zachary Davis – King & Spalding; John Hale – King & Spalding; Jordan Hodge – King & Spalding; Laura Huffman – King & Spalding; Spencer Johnson III – King & Spalding; Angela Kang – King & Spalding; Ethan Mann – King & Spalding; Brian Meiners – King & Spalding; Ben O’Callaghan III – King & Spalding; Scott Petty – King & Spalding; Wayne Pressgrove Jr – King & Spalding; Anthony Rothermel – King & Spalding; John Taylor – King & Spalding; William Westbrook – King & Spalding; Ruoxi Zhang – King & Spalding;

Law Firms: Freshfields Bruckhaus Deringer LLP; King & Spalding;

Clients: Americold Realty Trust;

Author: Ambrogio Visconti