Edscha Group Sells Vehicle Design Division to Semcon AB
Milbank Represented Edscha in the Divestiture
MUNICH, March 21, 2007 – Edscha Group has sold its interest in IVM Automotive Beteiligungs GmbH to the Swedish company Semcon AB and, therewith, divests itself of its vehicle design division which last accounted for sales of around EUR 92 million. The acquiror is Semcon AB, a design and development company that operates globally within the Automotive, Telecom, Medical & LifeScience industry sectors. The international law firm Milbank, Tweed, Hadley & McCloy LLP advised Edscha, a portfolio company of the Carlyle Group, on all corporate, tax and finance law matters of the transaction.
Upon completion of the share transfer, which is expected to become effective on April 1, 2007, the Edscha Group will comprise the two business units Body Components and Convertible Roof Systems with a total of 5,400 employees.
The Milbank attorneys who represented Edscha consisted of corporate/M&A partners Dr. Norbert Rieger (Munich and Frankfurt) and Dr. Ulrike Friese-Dormann (Munich); and Munich-based tax partner Dr. Rolf Füger as well as Munich-based associates Dr. Martin Erhardt and Dr. Daniel Gubitz (both corporate/M&A), Dr. Thomas Kleinheisterkamp (tax) and Frankfurt-based associates Dr. Thomas Ingenhoven and Stephan Dulitz (both finance).
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