Ireland: Deal review J.W. O’Donovan Solicitors
J.W. O’Donovan Solicitors corporate team headed by John Sheehan, recently advised the Rhenus Group on the acquisition of an Irish entity Avant Air & Sea, as part of Rhenus’ continued expansion plans for Ireland. Rhenus is a German headquartered global logistics services provider with an annual turnover of €4.8 billion, 610 locations worldwide and employs 29,000 people. Avant Air & Sea, which has its headquarters in Dublin, is a leading logistics company on the island and has been providing sea and air freight services and cross-border services for imports and exports since 1990. In addition to its presence in Ireland, Avant Air & Sea operates internationally with branches in Shanghai and Hong Kong, specialising in temperature-controlled and pharmaceutical shipments as well as hazardous consignments.
The acquisition required notification and approval of the Competition and Consumer Protection Commission in Ireland which from 1st January 2018 increased the threshold levels for notification. The general rule (subject to certain exceptions) is that notification in relation to a proposed merger or acquisition is required in circumstances where in the most recent financial year:
(i) the aggregate turnover in the Irish State of the undertakings involved is not less than €60,000,000, and
(ii) the turnover in the State of each of 2 or more of the undertakings involved is not less than €10,000,000.
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