Gleiss Lutz advises on further multi-billion transaction in the automotive sector: Magna acquires GETRAG
Gleiss Lutz has been advising the GETRAG shareholders on the sale of their shares to a subsidiary of Magna International Inc., a listed Canadian company.
The GETRAG Group is one of the largest systems suppliers for transmissions worldwide. In 2014, the GETRAG Group produced 3.9 million transmissions, generating revenue of over three billion euros together with its joint ventures. Including its joint venture sites, GETRAG employs around 13,500 staff at 13 production sites and ten development centres in nine countries in Europe, Asia and North America. Magna International is one of the world’s largest automotive suppliers and is listed on the Toronto and New York stock exchanges.
The purchase price is subject to customary purchase price adjustments. The purchase price is expected to be in the region of 1.75 billion euros. This represents an enterprise value of approximately EUR 2.45 billion less net debt and pension liabilities, which together are estimated to be approximately EUR 700 million at closing.
Gleiss Lutz provided extensive advice to the GETRAG shareholders on the transaction. The Gleiss Lutz team consisted of: Dr. Christian Cascante, Dr. Adrian Bingel (both lead, partner, Corporate/M&A), Nico Holtkamp, Maike Sauter, Dr. Markus Martin, Lucie von Haller, Dr. Jan Stenger (all Stuttgart), Christian Zimmermann (Hamburg, all Corporate/M&A), Dr. Alexander Werder (partner, Stuttgart), Dr. Stefan Mayer (partner, Frankfurt), Dr. Markus Wystrcil (Stuttgart, all Tax,) Dr. Herwig Lux (counsel), Dr. Dennis Amschewitz (both Intellectual Property, Stuttgart), Dr. Burghard Hildebrandt (partner, Public Law), Dr. Jacob von Andreae (both Public Law, Düsseldorf), Prof. Dr. Gerhard Röder (partner), Stefan Kleimaier (Employment, Stuttgart), Florian Stark (all Employment, Stuttgart), Dr. Eva Reudelhuber, Dr. Kai Birke (both partner), Nikolos Tsagareli (all Banking and Finance, Frankfurt), Dr. Johannes Niewerth (partner), Dr. Fabian Kutz (both Real Estate, Berlin).
Gleiss Lutz regularly advises companies in the automotive and automotive supplier industry on all areas of business law, recently assisting the US TRW Automotive Group, for example, in its merger with ZF Friedrichshafen with a volume of 13.5 billion US dollars.