Noerr advises AVIC on the takeover of automotive supplier Hilite
The law firm Noerr LLP has acted for the purchaser with regard to the sale by 3i of Hilite, a global supplier of highly innovative automotive components, to Avic Electromechanical Systems Co., Ltd. (“AVICEM”). AVICEM relied on a team led by corporate partner Dr Till Kosche, which advised the Chinese group comprehensively on the transaction together with Simpson Thacher Bartlett LLP (Beijing and New York). The enterprise value is approximately EUR 473 million.
Hilite is a global supplier of leading automotive system solutions which control transmission and emission to improve fuel efficiency and reduce emissions. With its leading position and its technologically highly differentiated products the company is capitalizing on the rise of this technology. The strengths of the company are application development, product design and its innovative production processes, which will facilitate future growth. Hilite has around 1,370 employees and supplies companies including Volkswagen, Daimler, BMW and General Motors. Hilite generated revenues of around EUR 400 million in 2013.
AVICEM is an industrial conglomerate based in Beijing, wholly owned by Aviation Industry Corporation of China (“AVIC”), a Fortune 500 company. AVICEM’s business mainly focuses on electromechanical aviation products, special purpose equipment and key systems for vehicles / carriers, refrigeration, medical and electrical equipment. 2014 revenue is expected to reach EUR 5.0 billion. Noerr already advised AVIC in 2013 on the takeover of the aircraft engines manufacturer Thielert.
The transaction is subject to customary formal approval by the relevant competition authorities.
Advisor to AVIC: Noerr LLP
Dr Till Kosche (leading, Corporate, Frankfurt), Dr Thomas Schulz (Corporate, Munich), Dr Alexander Birnstiel (Antitrust, Munich), Sebastian Bock (Corporate, Frankfurt), Dr Alexander Jänecke (Real Estate, Frankfurt), Dr Patrick Mückl (Employment, Düsseldorf), Dr Ralph Nack (IP law, Munich), Dr Mansour Pour Rafsendjani (Commercial, Munich), Dr Oliver Trautmann (Tax, Frankfurt)
Dr Jan Dinter (Regulation, Frankfurt), Ricardo Einfeldt (Düsseldorf), Martin Gliewe (both Employment, Frankfurt), Nikolay Herber (Tax, Frankfurt), Katharina Klett (IP law, Dresden), Dr Florian Niermeier (Litigation, Munich), Natalie Oei (IP law, Munich), Dr Andrea Petsch (Corporate, Berlin), Dr Maximilian Uibeleisen (Regulation, Frankfurt), Yifan Zhu (Corporate, Frankfurt)