Private equity fund PAI partners, owner of R&R Ice Cream and Nestlé will form a new entity called “Froneri”. The two are some of the world's top ice cream companies and the joint venture will cover markets in Europe, the Middle East, Africa, South America and the Philippines. 

The deal is expected to close around the end of the year, subject to employee consultations and regulatory approval, and will employ 15 000 people.  

Stephen Lloyd, London corporate PE partner leading on this transaction comments that this will be “a highly complex and high value joint venture that will create a global leader, whilst realizing substantial synergies.”  

At local level RTPR Allen & Overy has advised on Romanian law aspects of this deal, the team comprising Counsel Loredana Chitu (Boeru), Associate Adrian Cristea and Junior Associate Andrada Rusan. According to Loredana Chitu, “Such a huge deal is exactly what A&O is all about, combining global reach and local depth. Just to give some flavour on this, think of a due diligence report on Nestlé covering 25 jurisdictions.”

by Mihaela Constantin