Gleiss Lutz advises FAM AB on its acquisition of Sandvik SPS GmbH
The Swedish company FAM AB has acquired the Process Systems division of Sandvik AB. The transaction with a value of approx. SEK 5 billion (approx. EUR 513 million) was agreed in June 2017 and has now been consummated in 17 jurisdictions. Gleiss Lutz advised FAM AB comprehensively on the German law aspects related to the transaction.
Sandvik Process Systems provides its customers with steel belt-based process solutions and related products and services. In 2016, the business division generated sales of approx. EUR 170 million. Germany is the company’s most significant location next to Sweden. In preparation of the closing of the transaction, the German business division was the subject of a carve-out; it was spun off to Sandvik SPS GmbH in which FAM AB has now acquired all shares indirectly through a German subsidiary.
FAM AB is an asset management company of the three largest foundations of the Wallenberg family.
The Swedish law firm Vinge was the lead counsel of the transaction, with Jonas Johansson and Matthias Pannier acting as lead lawyers.
FAM AB was advised by the following team of Gleiss Lutz lawyers led by Dr. Patrick Mossler (partner, lead) and Dr. Daniel Heck (both corporate/M&A, Hamburg): Dr. Stefan Lingemann (partner, Hamburg), Josefine Chakrabarti (Berlin), Dr. Simona Kreis (Hamburg, all employment), Dr. Nadja Al-Wraikat (corporate/M&A, Hamburg), Dr. Jonas Rybarz, Konrad Discher (both real estate, Berlin), Dr. Johann Wagner (partner), Dr. Jens Wrede (both tax, Hamburg) and Dr. Iris Benedikt-Buckenleib (counsel, antitrust, Munich).