CTT forms joint venture with DHL Group and acquires CACESA

Cuatrecasas advised the Portuguese Post Office (CTT) on two major transactions aimed at establishing CTT as a leading logistics and e-commerce player in the Iberian region. These two transactions include a joint venture with the DHL Group in the e-commerce parcel markets in Portugal and Spain; and the acquisition of Compañia Auxiliar al Cargo Express (CACESA), a Spanish company from the international e-commerce customs sector.

To implement the Iberian agreement between CTT and DHL, involving a joint venture with two joint companies, one in Portugal (CTT Expresso) and another in Spain (Danzas), CTT Expresso will first purchase 100% of DHL Parcel Portugal. DHL will then purchase a 25% stake in CTT Expresso (with CTT retaining the remaining 75%), and CTT will purchase 25% of Danzas/DHL Parcel Iberia (with DHL retaining the remaining 75%). CTT and DHL will be able to increase their minority stakes in the respective joint venture company (i.e., CTT in Danzas and DHL in CTT Expresso) to 49%.

This partnership aims to be a high-performance joint venture for both B2C (business-to-consumer) and B2B (business-to-business) segments, with a daily capacity of over one million shipments and out-of-home services in Portugal and Spain’s combined markets.

The Cuatrecasas team advising on this joint venture was led by Rafael Lucas Pires, from the Corporate and M&A Practice Area, and included Luís Miguel Cortes Martins, Raquel Santos Pereira and Mariana Brazão, all from the same practice area; Pedro Marques Bom and António Souto Moura, from the Competition Practice Area; and Manuel Requicha Ferreira and Inês do Carmo Montalvo, from the Banking & Finance and Capital Markets Practice Area. Additional lawyers from various practice areas and both jurisdictions also contributed to the due diligence work.

The acquisition of CACESA will enable CTT to “accelerate the transformation of the CTT business, which increasingly presents itself as an e-commerce logistics operator,” particularly “at a time when online shopping is increasingly crossborder,” meaning “integrated customs clearance solutions play a crucial role in the growth strategy in this value chain,” CTT said in a statement.

The team was led by Isabel Gandoy Fernández, from the Corporate and M&A Practice Area, and included Luís Miguel Cortes Martins, David Fernández Martínez and Carla Rovira Espadale, all from the same practice area; Pedro Marques Bom, António Souto Moura and María Marcote Feijóo, from the Competition Practice Area; and Alessandro Jones Capobianco, from the Tax Practice Area.

The completion of both operations is subject to compliance with the usual conditions for this type of transaction, including necessary regulatory approvals.