London team advises Jefferies and BMO on Global Auto Holdings’ £465.4 million offer for Lookers PLC

Global law firm Norton Rose Fulbright is advising Jefferies International Limited (Jefferies) and BMO Capital Markets Limited (BMO) in their capacity as joint financial advisers to Global Auto Holdings Limited (Bidco), an entity indirectly wholly-owned by Kuldeep Billan, the Founder and Executive Chairman of Alpha Auto Group Holdings LP (AAG), on its £465.4 million recommended cash offer for Lookers PLC (Lookers). 

Under the terms of the offer, Lookers’ shareholders will receive 120 pence per share in cash.

Lookers, founded in 1908, is one of the leading integrated automotive retail and service groups in the UK. Its principal activities are the sale of new and used cars, vans and aftersales services. Lookers' businesses have a total of 147 franchised dealerships representing 35 manufacturers, operating across the UK and Republic of Ireland and sold more than 163,000 new and used cars, LCVs and motorbikes in 2022. Lookers also operates a multi-product fleet and leasing business, 12 multi-franchise standalone used car centres, four accident repair centres, and a fleet of mobile service and cosmetic repair vehicles. Lookers employs over 6,500 people.

AAG is a private, Canada-headquartered, leading operator and consolidator of auto retail dealerships with 15 large scale new vehicle dealerships across Canada and the United States and one of the largest auto retailers based in Canada (as measured by adjusted EBITDA).

The London-based Norton Rose Fulbright team is being led by corporate partners Paul Whitelock and Kit McCarthy, alongside banking partner, James Dunnett, with support from corporate associate Adam Worth, trainee Isabel Perry and banking counsel, James Tong.