Australian PE firm, Allegro Funds is all set to acquire Japan Post and Toll Group’s Australian freight and freight forwarding arm, Toll Global Express, subject to regulatory approvals and other customary closing conditions, as per the reports.

Toll Global Express could end up in Australian hands if a buyout from private equity firm Allegro Funds goes through.

Sources reported in the Australian Financial Review today say that Allegro, which owns Best & Less and is Pizza Hut’s master franchisor in Australia, is the preferred buyer over American firm Platinum Equity.

The deal would see Allegro take over Toll’s Australian freight and freight forwarding business, which has more than 8000 employees and accounted for 41 per cent of Toll Group’s revenue in the 2020 financial year; according to the bankers for current owner Japan Post, Toll Global Express is worth $3.2 billion.

— Channel News Australia

Indian Law Partners (ILP) advised Toll Group and Japan Post in the Indian leg of the deal led by a team of partners Gopika Pant and Vineet Gupta, senior associate Abhimanyu Kaul and associates Rukhsana Virk, Akshay Grover and Jai Shanker Bajpai.

Multiple offices of Ashurst based in Melbourne, Tokyo, Sydney, Brisbane and Singapore, acted as the international legal counsel in the deal.

2021-04-21

The primary jurisdiction of the deal was Australia.

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