FRANKFURT, 15th February 2013 – Gentherm Europe GmbH, Gentherm, Inc., and Deutsche Balaton AG agreed on the sale and transfer of all shares in W.E.T. Automotive Systems AG to Gentherm. As consideration Deutsche Balaton will receive common shares in Gentherm, Inc., as well as part of the purchase price in cash. The agreement also settles several legal proceedings between W.E.T. and Deutsche Balaton. Deutsche Balaton was the largest minority shareholder of W.E.T. After closing of this transaction and execution of a sale and purchase agreement, Gentherm has additonally signed with another shareholder of W.E.T., Gentherm will now own more than 90 % of W.E.T.’s share capital. International law firm Milbank, Tweed, Hadley & McCloy LLP advised Gentherm on the acquisition with regard to German corporate law.
Gentherm Europe GmbH with its seat in Augsburg, Germany, is a wholly owned subsidiary of Gentherm, Inc., Northville, Michigan, USA. Gentherm and W.E.T. are global automotive companies and leaders in the field of thermal seat comfort. Deutsche Balaton is an investment company.
Gentherm was advised on the transaction by partners Peter Memminger (Corporate/M&A, Frankfurt, lead) and Christoph Rothenfusser (Corporate/M&A, Munich) as well as associate Markus Messinger (Corporate/M&A, Frankfurt).
