The sale followed an announcement in February 2019 that 3stepIT and BNP Paribas Leasing Solutions would create a European strategic alliance: a joint venture company in Western Europe, and a partnership to serve their international customers with Nordic offices.
The alliance will be effective in the 20 European countries where each of the partners operates, as part of a partnership developed under the name “BNP Paribas 3 Step IT”. Within the partnership, a joint venture operation will trade in 11 countries. This joint venture has started trading in France, Italy, Germany, and the United Kingdom; and will open in the remaining countries by mid-2020.
Edwin Richards led the Michelmores Corporate team, supported by Shalini Nilaweera for property advice.
The joint venture was represented by Travers Smith.
Paul Nolan, UK managing director of 3stepIT said:
“Michelmores gave us timely advice, and they worked flexibly to accommodate the needs of a complex international negotiation”
The joint venture company, BNP Paribas 3 Step IT, makes IT more sustainable. Following a circular economy business model, it offers device-as-a-service solutions and refurbishes used technology to find a new user.
The alliance brings BNP Paribas Leasing Solutions, European leader in asset finance, and 3stepIT, seasoned experts in the IT asset management business, together, to provide the most sustainable technology lifecycle solution across Europe.
The partners’ branches in UK, France, and Italy operate under the name BNP Paribas 3 Step IT, with expansion following to serve most of Europe by the mid-2020.