Hogan Lovells advises Saurer on termination of preliminary self-administration proceedings and sale of Accotex, Temco and winder businesses

Led by Munich partner Heiko Tschauner international law firm Hogan Lovells has advised Saurer Netherlands Machinery Company BV (Saurer Netherlands) on an agreement to terminate the preliminary self-administration proceedings of its German subsidiaries.

For a purchase price of EUR 300m, Rieter Holding AG, a leading supplier of systems for short-staple fiber spinning, acquires the Accotex and Temco businesses from Saurer Technologies GmbH & Co. KG and the automatic winder business from Saurer Spinning Solutions GmbH & Co. KG. 

Saurer is a leading global technology company focusing on machines, components and software for processing fibres and yarns. The German subsidiaries under Saurer Netherlands had applied for preliminary self-administration proceedings in June 2021. Through Saurer Netherlands’ transaction with Rieter, Saurer can terminate the preliminary self-administration proceedings and will regain control over the German entities. The transaction will be accomplished by Rieter investing EUR 300 million into Saurer Netherlands in a first step. Rieter will hold 57% of the shares in Saurer Netherlands for a limited period of time. The Accotex and Temco businesses from Saurer Technologies and the automatic winder business from Saurer Spinning Solutions will be carved out in a second step. The 57% of the shares held by Rieter in Saurer Netherlands will be returned to Saurer after the carve out of the three businesses to Rieter has been accomplished within approx. six months.

With a an international cross border team, Hogan Lovells provided extensive advice to Saurer Netherlands. In addition to the insolvency and restructuring process, the advice also included antitrust and regulatory matters, as well as corporate and labour law.

Hogan Lovells team for Saurer Netherlands Machinery Company BV

Munich

Dr. Heiko Tschauner (Partner), Christine Borries (Counsel), Dr. Maximilian Baier (Counsel), Dr. Jan Fürbaß, Dr. Constanze Ort (Associates) (all Insolvency and Restructuring); 

Dr. Olaf Gärtner (Partner), Dr. Martin Strauch (Counsel) (both Litigation);

Dr. Ingmar Doerr (Partner, Tax); 

Moritz Langemann (Counsel), Yannick Kwast (Associate) (both Employment); 

Dr. Thomas Frank (Senior Assoicate, Pensions);

Dusseldorf

Birgit Reese (Partner, Corporate M&A); 

Sebastian Faust (Counsel, Antitrust);

Amsterdam

Jan de Snaijer (Partner), Peter Stokking (Counsel), Maartje Dieben (Senior Associate) (all Corporate); 

Shanghai

Yu-An Chang (Counsel, Intellectual Property);

Wensheng Ren (Senior Associate, Corporate M&A); 

Hongkong

Eugene Low (Partner, Intellectual Property).


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