Long-standing S&C client and one of the world’s largest family companies, Schaeffler AG, initiated the first step of a planned three-step transaction towards a business combination with Vitesco Technologies AG, a developer and manufacturer of drive systems for sustainable mobility, to create a leading motion technology company.
Schaeffler, a global tech company focusing on automotive and industrial applications and solutions, launched a public tender offer to Vitesco shareholders, offering a cash consideration in the amount of €91 per share, valuing Vitesco’s equity at €3.6 billion. Schaeffler also intends to convert its non-voting common shares to common shares with full voting rights.
Once completed, the merger will create a combined company with revenues of approximately €25 billion and significant growth potential in the e-mobility industry.
The transaction will simplify Schaeffler’s shareholding structure and increase liquidity driven by a larger free float.
The Sullivan & Cromwell team advising Schaeffler AG on all M&A, corporate and regulatory matters in this high-profile transaction is led by Carsten Berrar and includes Konstantin Technau, Stephan Rauch, Michael Haase, Frederick Eggert, Ozan Yildirim and Lea Detambel. Michael Rosenthal and Kolja Ortmann are advising on competition matters.