Noerr advises Elektrobit on the sale of its automotive division to Continental
Noerr advises the Finish Elektrobit Group on the sale of its automotive division to Continental AG. The purchase price is 600 million euros.
As part of the transaction, Continental will take over Elektrobit Automotive GmbH from the Helsinki-listed Elektrobit Corporation. The automotive division specialises in developing software for complex driver assistant and infotainment systems, with a workforce of ca. 1,900 at sites in Europe, Asia and North America. The management board of Elektrobit has approved the transaction and will invite the shareholders to a general meeting in June. The sale can be approved by the shareholders with a simple majority. Binding commitments to approve the sale have already been obtained from shareholders representing 46% of the issued shares.
Continental will also acquire the trademark rights, and the Elektrobit Group will in the future operate on the market as Bittium Corporation. Elektrobit originally considered spinning off its automotive division.
A Noerr team led by the London partner Dr. Thomas Schulz has advised Elektrobit on the comprehensive German law aspects in this transaction. Internationally, the transaction has been coordinated by the Finish Lex Mundi law firm Roschier.
Advisors to Elektrobit Oyj: Noerr LLP
Dr. Thomas Schulz (London, lead), Dr. Thorsten Reinhard (Frankfurt)
Associates: Robert Korndörfer, Sebastian Diehl (both London, all Corporate)
International coordination: Roschier
Tero Jormanainen (lead)
Associates: Elina Peltokorpi, Marcin Sopyllo