Milbank LLP has advised the underwriters and take-and-hold investors of the €1.32B (including a RMB tranche of the equivalent of EUR €80m) senior credit facilities with ESG-linked pricing in relation to The Carlyle Group’s acquisition of all of the shares in Flender GmbH, a market leader in mechanical drive technology, from Siemens.
The Carlyle Group acquired Siemens AG’s mechanical-drive unit Flender for more than €2 billion (US$2.4 billion).
Headquartered in Bocholt, Germany, with operations across 35 countries and approximately 8,600 employees, Flender is a global leader in drive technology that reached two billion euro in sales in 2019. The company’s comprehensive product and service portfolio includes gearboxes, couplings, and generators used in a wide variety of industries. The business is particularly strong in wind, a sector benefitting from secular tailwinds given its increasing importance in the renewable energy mix.
The Milbank team was led by European Leveraged Finance and Capital Markets partners Suhrud Mehta and Alexandra Grant, and included partners Thomas Ingenhoven and Michael Bellucci, associates Tom Neilson, Odilo Wallner, Gerrit Merkel, Sebastian Trompler and Will Winsett, and trainee solicitor Eugenia Lau, with tax assistance from partner Eschi Rahimi-Laridjani, Munich partner Thomas Kleinheisterkamp, London associates Steve Quinn and Cosmos Fung, and New York associate Corey Spector.