Milbank LLP advised DEUTZ AG on the financing for the acquisition of FFG Flensburger Fahrzeugbau Gesellschaft mbH (“FFG”) and the refinancing of DEUTZ. Through the acquisition of FFG, DEUTZ significantly expands its presence in the defense sector and positions itself to capitalize on the structural long-term growth dynamics of the defense industry.
The financing package is intended for the acquisition of FFG and to support DEUTZ’s and FFG’s ongoing general corporate financing requirements. The transaction is expected to close end of 2026 or in the first quarter of 2027.
Founded in 1872 and headquartered in Flensburg, Germany, FFG is an OEM and system integrator for defense tracked and wheeled vehicles. The company generated around €760 million of annual revenue in 2025 and employs more than 1,100 people. FFG serves international customers, NATO members as well as the Ukraine. FFG is a certified partner for the majority of the German Armed Forces' principal land platforms.
Founded in 1864 and headquartered in Cologne, Germany, DEUTZ has evolved over the past several years from a manufacturer of traditional drive systems into a systems provider of innovative and sustainable mobility and energy solutions for applications across construction, material handling, agriculture, energy and defense. The company generated nearly €2.1 billion of annual revenue in 2025 and employs around 6,000 people. DEUTZ is listed on the Frankfurt Stock Exchange and has been a constituent of the MDAX since March 2026.
The Milbank team that advised DEUTZ on this transaction was led by partner Thomas Ingenhoven (Banking & Finance, Frankfurt) and included special counsel Thomas Möller as well as associates Miriam Arimond and Jan-Henrik Busch (all Banking & Finance, Frankfurt). Tax advice was provided by partner Thomas Kleinheisterkamp and associate Christoph Wolf (both Tax, Munich).
