12.01.2018 | Deal Notifications, Press releases

KPMG Law advises ElringKlinger on sale of exhaust aftertreatment business

KPMG Law Rechtsanwaltsgesellschaft mbH (KPMG Law) advised ElringKlinger AG on the sale of its exhaust aftertreatment business to the French Faurecia Group.

As a result, ElringKlinger AG, Dettingen an der Erms, is disposing of the Hug Group, based in Elsau, Switzerland. The 93.67 percent stake previously held by ElringKlinger and the 6.33 percent stake in Hug Engineering AG held by a private individual are transferred in full to Faurecia Exhaust International SAS. The parties have agreed not to disclose the sales price. The signing of the purchase agreement took place on December 21, 2017.

The KPMG Law team led by Stuttgart-based M&A Partner Lars-Alexander Meixner supported ElringKlinger in the due diligence process as well as in the drafting and negotiation of all transaction documents. ElringKlinger is once again relying on KPMG and KPMG Law for the transaction. The Stuttgart office of KPMG Law in Germany and the Zurich office of KPMG AG in Switzerland already advised ElringKlinger on the acquisition of a majority stake in the HUG Group in 2011.

The closing of the transaction is subject to regulatory approvals, which are expected to be granted in the first quarter of 2018. As a result of this transaction, ElringKlinger will withdraw from the exhaust aftertreatment business and focus its strategic alignment primarily on the future fields of lightweight construction and electromobility with their three pillars of battery technology, fuel cell technology and electric drive systems.

Advisor ElringKlinger AG:

Law: KPMG Law Rechtsanwaltsgesellschaft mbH (KPMG Law) (Stuttgart): Lars-Alexander Meixner LL.M. (Lead), Alexander Döhl, Dr. Karsten Gschwandtner (all Corporate M&A), Dr. Hannes Schwinn (Antitrust)
KPMG AG (Zurich): Dr. Jörg Kilchmann (Corporate M&A), Daniel Tonks (Pensions)

Taxes: KPMG AG Wirtschaftsprüfungsgesellschaft (Stuttgart): Florian Geiger (Tax Law)

Inhouse ElringKlinger AG: Dr. Christof Dietborn (Vice President Corporate HR & Legal /General Counsel), Dr. Gernot Stellberger (Vice President Business Development), Dr. Christoph Gnauck (Legal Consultant Corporate Legal & Compliance)

Advisors to Faurecia: White & Case LLP (Frankfurt): Andreas Stilcken, Ingrid Wijnmalen (both Corporate M&A) and others

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