Hengeler Mueller advises Magna on sale of Fluid Pressure & Controls business to Hanon Systems
21. September 2018
Magna announced that its Powertrain unit has signed an agreement to sell its global Fluid Pressure & Controls (FP&C) business to Hanon Systems, a South Korea-based global supplier of thermal and energy management systems. The sale price is approximately USD 1.23 billion, before the assumption of net debt and pension liabilities at closing, and subject to customary closing adjustments for net working capital.
The transaction is expected to close in the first quarter of 2019, subject to a number of customary conditions, including antitrust approvals.
Hengeler Mueller advised Magna on European aspects of the transaction. The team included partners Peter Weyland, Annika Clauss (both M&A), Christian Hoefs (Employment) (all Frankfurt) and Markus Röhrig (Antitrust, Brussels), counsel Peter Wehner (Employment) as well as associates Anja Höfelmeier (M&A) and Eckbert Müller (Employment) (all Frankfurt).
Global lead counsel was Osler, Hoskin & Harcourt, Toronto. Best Friend law firm BonelliErede (partner Gianfranco Veneziano) advised on Italian aspects of the transaction.