Global law firm Ashurst has advised Mitsubishi Corporation (Mitsubishi) on its agreement to acquire a 20% interest in easyauto123 and Carlins as part of a strategic investment with Eagers Automotive.
Mitsubishi will invest in easyauto123, Eagers' independent used-car business operating in Australia and New Zealand, and will also acquire an indirect interest in Carlins, Eagers' used-car auction company. A new holding company will be established, with Eagers owning 80% and Mitsubishi holding the remaining 20%. This agreement will enable Mitsubishi and Eagers to jointly explore collaborative initiatives and business opportunities across the automotive and mobility sectors, including the easyauto123 business model.
Eagers is Australia's largest automotive dealer group, representing more than 50 brands across Australia and New Zealand. easyauto123 is Australia's largest independent used car retailer, supported by the national auction business Carlins, with additional operations in Auckland, New Zealand.
Ashurst advised Mitsubishi on all aspects of the transaction, including business restructuring, due diligence, preparation of regulatory approvals, and negotiation of transaction documents. New Zealand law firm Bell Gully advised on New Zealand law aspects of the transaction.
Mitsubishi also invested $50 million in Eagers through a strategic placement as part of Eagers' capital raising to fund its strategic investment in CanadaOne Auto. Ashurst provided ASX advice in connection with the placement.
The Ashurst team was led by partner Natsuko Ogawa, who was assisted by: senior associate Shojeeb Alam, counsel Peter Moh, and associates Phoebe Phan and Janet Chhean (Corporate Transactions); partner Kellech Smith, senior associate Tim Rankin, and associate Isaac Song (IP); partner Jane Harvey, senior associate Alicia Crossley, and associate Elizabeth Melsom (Employment); partner James Clarke, senior associate Dario Aloe, and associate Jasmine Xu (Dispute Resolution); partner Hong-Viet Nguyen and senior associate Kim Yen Nguyen (Finance Regulatory); partner Justin Jones, senior associate Matthew Harper, and associate Yiyun Feng (Competition); partner, Rehana Box and senior associate Kirstie Underwood (Insurance); partner Campbell Johnston and associate Mitchell Maros (Global Loans); partner Jason Cornwall-Jones, senior associate Jake Saccardo, and associates Ingrid Tam and Aileen Lin (Real Estate); and partner Emma Butler, counsel Dora Guslitser, and senior associate Erin Kirker (Digital Economy Transactions).
