Gleiss Lutz has advised the US technology group L-3 Communications on the sale of its Marine Systems International (L-3 MSI) business. The business is being purchased by the Finnish Wärtsilä Corporation, which will be paying 285 million euros.
The transaction is expected to be closed during the second quarter of 2015 and is still subject to approval by the regulatory authorities.
The L-3 MSI business is headquartered in Hamburg. It currently has more than 1,700 employees in 14 countries around the world. L-3 MSI delivers automation, navigation and electrical systems, dynamic positioning technology, as well as sonar and underwater communications technology for the marine and offshore markets. L-3 MSI is expected to generate approximately 400 million euros of sales in 2014.
L-3 Communications has a total of 48,000 employees worldwide. Gleiss Lutz has already advised the New York-based group on various transactions, including on the acquisition of SAM Electronics GmbH in 2006 and on the purchase of the German Funa Group in 2011.
L-3 Communications was advised by the following team of Gleiss Lutz lawyers: Dr. Rainer Loges (lead, partner), Dr. Ralf Morshäuser (partner), Roland Sterr, Johannes Wittmann (all corporate/M&A, Munich), Dr. Stefan Mayer (partner), Dr. Ocka Stumm (both tax, Frankfurt), Dr. Jens Günther (partner, employment, Munich), Dr. Ingo Brinker (partner), Dr. Iris Benedikt-Buckenleib (both antitrust, Munich), Dr. Matthias Werner (counsel, IP/commercial, Munich), Dr. Jacob von Andreae (public law, Düsseldorf), Steffen Carl (partner), Dr. Marlene Hanloser (both corporate, Munich).
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