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12 March 2020 / news

Loyens & Loeff Luxembourg advised on the bid for the EUR 17bln acquisition of the elevator division of Thyssenkrupp AG

Our Banking & Finance and Tax teams advised certain lenders in connection with the financing of a successful bid for the acquisition of the elevator division of Thyssenkrupp AG by a consortium led by Advent, Cinven and the RAG-Stiftung.

Elevator-deal-Thyssenkrupp

Our Banking & Finance team, alongside our Tax team, advised certain lenders in connection with the financing of a competitive, and ultimately successful, bid for the acquisition of the elevator division of Thyssenkrupp AG by a consortium led by Advent, Cinven and the RAG-Stiftung.

The other bidding consortium of investors included Blackstone, Carlyle and Canadian Pension Plan Investment Board (CPPIB). Kone, a Finnish competitor of Thyssenkrupp AG had also made a bid, and subsequently withdrew from the race.

This is expected to be one of the largest-ever buyout transactions in Europe since the financial crisis. Thyssenkrupp AG will reinvest part of the purchase price in a reverse stake in the elevator technology business.

Headquartered in Germany, Thyssenkrupp Elevator is a leading international provider of elevator technology with operations in more than 1,000 locations worldwide and employing more than 10,000 people.

The Loyens & Loeff team was led in Luxembourg by Banking & Finance lawyers Anne-Marie Nicolas (partner), Richard Steichen (associate), Alvaro Garrido-Mesa (senior associate) and Louis-Guillaume Roldan (associate), with the support of Tax lawyers Nadège Le Gouellec (counsel) and Tom Hamen (associate).

 

More details about the deal can be found here and here.



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