The global transport and logistics sector emcompasses aviation, shipping, rail & other passenger services and freight & postal businesses. It has become increasingly complex and multi-jurisdictional as current market conditions lead to greater concentration around a smaller number of global players.
The sector is affected by the pressures on transportation generally, such as volatility in fuel prices and the emphasis on reducing CO² emissions. The Icelandic ash cloud raises key issues in relation to state aid, customer claims and airline solvency.
With superb cross-border M&A, finance and competition practices, Linklaters is involved in many of the sector’s most significant transactions. Airlines, rail companies, shipping companies, logistics businesses and their global financiers rely on Linklaters’ ability to anticipate their needs.
As the industry’s requirements have become more sophisticated, Linklaters services have evolved, for example, developing heavyweight expertise in areas such as Islamic finance for its clients in the Middle East and Asia. Our in-depth presence in all of the World’s principal financial centers places us in the unique position of being able to assist our clients to arrange their financings from sources around the globe.
The long lead-times associated with the acquisition of transport assets such as aircraft and ships often require transport sector companies to commit to equipment procurement up to ten years ahead of delivery. In an economic downturn, it is likely that companies will need to restructure financing arrangements that become difficult to service. The creative approach of Linklaters’ finance experts helps our clients to optimise their investment in major assets, whether using asset-based financing techniques, corporate finance or capital markets.
Financial pressures in the rail market are leading to liberalisation, particularly in Europe, which raises the potential for full or part privatisation of national rail companies.
Click here for our Transport and Logistics factsheet.
Contact us
To discuss legal issues with Linklaters’ global transport and logistics team, please contact sector leaders Robert Fugard or Wolfgang Sturn.
You can find out more about Linklaters’ transport and logistics capabilities from sector manager Julia Meye on (1) 212 830 9643.
Recent transport and logistics transactions include advising:
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a leading airline during the European Commission’s dawn raids conducted in relation to alleged fixing of cargo prices;
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Aer Lingus on the defence of Ryanair’s hostile takeover bid, which led to the first European Commission prohibition of such a takeover in over three years; representing Aer Lingus in the appeal proceedings;
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Air France on its EUR 3.8 billion acquisition of KLM and on the competition aspects of its acquisition of a 25% stake in Alitalia-Compagnia Aerea Italiana;
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DAE Capital on its acquisition and financing of a fleet of 21 aircraft on operating lease to 11 airlines in 10 jurisdictions and its financing and leasing of a further 24 A330, B737 and B777 aircraft to 6 airlines;
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Caisse des Dépôts on a EUR 4 billion (enterprise value) 50:50 joint venture with Veolia Environment combining their respective public transportation activities (bus, railways and maritime lines, in 28 countries) Transdev and Veolia Transport to create a world leader;
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Deutsche Post DHL on their disposal of their UK domestic parcel delivery business to Home Delivery Network (HDN) and on the transfer of the European hub to Leipzig airport;
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Compañía Sud Americana de Vapores S.A (CSAV) in connection with the approx. USD 1 billion refinancing and restructuring of ship building contracts;
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Citigroup on the award winning loan facility to Fal Oil Company Limited for the acquisition of two crude tankers – Citigroup’s first shipping finance transaction in the Middle East
