Gleiss Lutz has advised SLM Solutions Group AG, a leading provider of metal-based additive manufacturing technology (3D printing), on the conclusion of a business combination agreement with GE Aviation, a division of the US-based General Electric Group. SLM Solutions’ shares are traded in the Prime Standard segment of the Frankfurt Stock Exchange and have been listed in the TecDAX since 21 March 2016.
Under the business combination agreement GE Aviation will, via its subsidiary GE Germany Holdings AG, make a voluntary public tender offer to all shareholders of SLM Solutions Group AG for a cash consideration of EUR 38 per share. The offer values SLM Solutions’ equity at approximately EUR 683 million. In the business combination agreement, GE Aviation assured to support SLM’s further development on a long-term basis and to preserve and expand the existing sites of the company, including the size of the workforce.
The public tender offer is subject to few customary conditions, in particular reaching a minimum acceptance threshold of 75% and obtaining the approval of the competent cartel authorities.
At the same time as the public tender offer for SLM Solutions Group AG, GE announced plans to acquire the Swedish provider of additive manufacturing equipment Arcam AB. According to GE, the two companies will be acquired for a total of USD 1.4 billion.
SLM Solutions was represented by a team of lawyers led by Dr. Stephan Aubel (partner, capital markets, Frankfurt) and Martin Hitzer (partner, corporate/M&A, Düsseldorf). The following Gleiss Lutz lawyers were involved: Dr. Johann Wagner (partner, tax, Hamburg), Dr. Wolfgang Bosch (partner, Frankfurt), Antonia Harbusch (Düsseldorf) (both antitrust), Dr. Burghard Hildebrandt (partner), Dr. Eva Koch (both public law, Düsseldorf), Dr. Hilmar Hütten, Katharina Müller (both corporate/M&A, Düsseldorf), Jan-Rasmus Roßkamp, Marina Stoklasa (both capital markets, Frankfurt).
Gleiss Lutz previously advised SLM Solutions on its IPO in April 2014 coordinated by the joint global coordinators and joint bookrunners Credit Suisse and Deutsche Bank.
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