May 2, 2018

Clyde & Co advises Egis on M40 contract takeover

Global law firm Clyde & Co has advised French engineering group Egis on its takeover of the operations and management contract for the M40 motorway.

The newly formed Egis Road Operation M40 Ltd took control of the contract from Carillion on April 23 2018.

The M40 project involves a Design Build Finance Operate (DBFO) concession that runs until 2027. It covers the majority of the M40 motorway, from Junction 1A to Junction 15. Junction 1A connects to the M25 and Junction 15 connects with the A46 near Warwick. The operational and maintenance encompasses 123km of a 2x3-lane motorway.

The deal is expected to secure the jobs of nearly 100 Carillion employees.

The Clyde & Co team advising on the deal comprised of two core groups: Richard Elks (Partner) led the group advising Egis on the acquisition and underlying documentation, together with Carolyn Kelly (Associate) and Nick Purnell (Partner). While Liz Jenkins (Partner) and Olivia Blessington (Senior Associate) advised Egis in relation to the underlying operations and management contract, which was novated from Carillion to Egis, and related project documentation.

Liz Jenkins, partner at Clyde & Co, comments: "The M40 is a key artery connecting the Capital to the Midlands, so we're delighted to have worked with Egis on this significant contract takeover".