Gleiss Lutz advised the British engineering group GKN plc on all German law aspects of the sale of its Stromag business. The purchaser is Altra Industrial Motion Corp. The purchase price is 184 million euros plus assumed debts of roughly 14 million euros.
Closing is subject to the satisfaction of consultation and notification duties vis-à-vis the works councils in France and Germany as well as approval by the German Federal Cartel Office, and is expected in the first quarter of 2017.
GKN is globally active in the areas of aerospace, automotive and land systems. The listed company has over 56,000 employees in over 30 countries. It generated sales of GBP 7.7 billion in 2015. Stromag supplies brakes, clutches and highly flexible couplings to the agricultural, construction, industrial and renewable energy markets. The company generated sales of 131 million euros in 2015.
GKN was advised by the following team of Gleiss Lutz lawyers: Dr. Patrick Kaffiné (lead, partner, corporate/M&A), Dr. Wolfgang Bosch (partner, antitrust) (both Frankfurt), Dr. Jörn Wöbke (partner, corporate/M&A, Hamburg), Sergej Bräuer (antitrust), Andreas Knossalla (corporate/M&A) (both Frankfurt).
A team of Gleiss Lutz lawyers, led by Dr. Patrick Kaffiné and Dr. Wolfgang Bosch, had already advised GKN on its acquisition of Stromag in 2011. The seller at that time was EQUITA, an investment company based in Bad Homburg.
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