Gleiss Lutz advised Siemens on its planned acquisition of the string inverter business of KACO new energy GmbH, a leading manufacturer of power electronics in the energy sector. The parties have agreed not to disclose the purchase price. The transaction is subject to the customary regulatory approvals and is expected to close in the first six months of 2019.
By acquiring KACO new energy, Siemens will strengthen its expertise in decentralised energy systems and expand its portfolio in attractive growth segments at the interface between electricity grids and buildings. KACO new energy will be integrated into the new operating company ‘Smart Infrastructure’, which will be starting up as of 1 April 2019.
Siemens AG is a leading international technology group with a focus on electrification, automation and digitalisation. Siemens is one of the largest producers of energy-efficient, resource-saving technologies as well as a leading supplier of efficient power generation and power transmission solutions.
KACO new energy, based in Neckarsulm, is one of the world’s largest manufacturers of inverters for grid-feed solar power. Its portfolio also includes solutions for photovoltaic panels (private consumption) and energy storage, devices for grid management as well as products and value-added services for utility-scale projects. KACO new energy is the first company in the photovoltaic industry to develop CO2-neutral production.
The following team of Gleiss Lutz lawyers extensively advised Siemens on the transaction: Dr. Ralf Morshäuser (partner, Munich), Dr. Martin Viciano Gofferje (partner, Berlin, both lead), Dr. Micha Pfarr (Berlin), Christopher Köth, Dr. Julius Scheifele, Dr. Tobias Falkner (counsel, all corporate/M&A), Dr. Ingo Brinker (partner), Dr. Iris Benedikt-Buckenleib (counsel, both merger control, all Munich), Dr. Burkhard Jäkel (partner), Dr. Mohamed Assakkali (both Finance), Dr. Stefan Mayer (partner), Dr. Marcel Duplois (both tax), Dr. Tim Weber (partner), Svenja Bender (both real estate, all Frankfurt), Dr. Andreas Neun (partner), Dr. Thomas Fritsche (both environmental, Berlin).
In addition, Gleiss Lutz coordinated a team of international law firms, including partners in France, Italy, Jordan, Canada, South Africa, South Korea, Turkey and the US.
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