Gleiss Lutz advises NICE in connection with sale of shares in BBS
A Gleiss Lutz team has advised the Korean conglomerate NICE Holdings on the sale of its majority shareholding in BBS GmbH. The sale leaves NICE Holdings with a 40.01 per cent stake.
Listed on the Korean stock exchange, NICE Group operates in the areas of ratings, financial services and various industrial products. It is split into three divisions, namely financial information, financial infrastructure and manufacturing. NICE had been BBS GmbH’s majority shareholder since June 2015.
Based in Schiltach in Baden-Württemberg, BBS GmbH is a leading manufacturer of forged and light alloy wheels. Following the formation of the company in 1970, it was not long before it was heavily involved in motor sports, equipping successful Formula 1 teams, among others. One of the company’s core segments today is supplying original equipment for leading carmakers’ premium models.
In 2018, BBS GmbH generated sales of 97.3 million US-Dollar and a net loss of 12.6 million US-Dollar.
Gleiss Lutz has a leading Asia desk and frequently advises investors from Asia, especially China, Japan and Korea, on investments in Germany.
The following Gleiss Lutz team, led by Dr. Michael Burian (partner) and Dr. Anselm Christiansen, advised NICE on the transaction: Friedrich Baumgärtel (M&A), Dr. Matthias Tresselt (partner), Friedrich Schlott (both restructuring, all Stuttgart), Dr. Kai Birke (partner), Dr. Jan-Alexander Lange (both finance), Dr. Stefan Mayer (partner), Marcel Duplois (both tax, all Frankfurt).