You are here:
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.



newsflash-third-country-investment-Luxembourg-finance

CSSF clarifies provision of investment services in Luxembourg

CSSF published a circular that aimed at clarifying the legal regime for third-country firms intending to provide investment services in Luxembourg. read more
people-move-banking-regulation-q&a-luxembourg

Banking regulation Q&A

The banking regulation Q&A series provides a comprehensive overview of the rules governing the banking sector in Luxembourg. read more
Walk

Michael Schweiger appointed Local Partner

Loyens & Loeff Luxembourg is delighted to announce the appointment of Michael Schweiger as Local Partner, Banking & Finance, as of 1st of July. read more