The international law firm Milbank, Tweed, Hadley & McCloy LLP has advised the engineering and services group Bilfinger SE on the sale of its Building and Facility business segment to EQT. EQT is a leading private equity group and acquires Building and Facility through its fund EQT VII. The purchase price amounts to approximately 1.2 billion euros, which corresponds to an enterprise value of around 1.4 billion euros. The agreement comprises two purchase price components that are payable when EQT re-sells the company. On the one hand, Bilfinger and the acquiring company have agreed on a vendor claim agreement for a portion of the purchase price in the amount of 100 million euros with annual interest of 10 percent upon maturity. On the other hand, a further portion of the purchase price in the amount of approximately 200 million euros will be transformed into an instrument similar to an earn-out. This entitles Bilfinger to 49 percent of the resale proceeds from EQT.
The transaction remains subject to approval from the responsible authorities.
A Milbank team led by Norbert Rieger and Andrea Eggenstein comprehensively advised Bilfinger on corporate, finance, tax and competition law in relation to the transaction.
Advisor to Bilfinger SE: Milbank, Tweed, Hadley & McCloy LLP
Norbert Rieger (Corporate/M&A, Munich), Andrea Eggenstein (Corporate/M&A, Frankfurt, joint lead), Ulrike Friese-Dormann, Christoph Rothenfusser (both Corporate/M&A, Munich), Thomas Kleinheisterkamp (Tax, Munich), Alexander Rinne (Competition, Munich), Mathias Eisen, Thomas Ingenhoven (both Finance, Frankfurt), Andreas Boos (Competition, Munich), Leopold Riedl, Markus Messinger (both Corporate/M&A, Frankfurt), Patrick Droese, Sebastian Reiner-Pechtl (both Corporate/M&A, Munich), Chiara Balbinot (Tax, Munich), Katja Lehr (Finance, Frankfurt)
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