CMS has advised Andlinger & Company (A&C) on its acquisition of a majority interest in the Slovenian Eti Elektroelement d.d., a leading manufacturer of fuses and modular protection devices, from a sale consortium of 950 Eti shareholders, which also includes the company's employees. The consortium was advised by the Slovenia's Ulcar & Partnerji.
CMS reports that A&C has agreed to pay EUR 55.00 per share and that the share transfer will take place at the end of November 2016. According to CMS, A&C has the option of acquiring up to 100% of the shares in subsequent public takeover proceedings, and the purchase price for the complete acquisition is approximately EUR 27.5 million.
The sale consortium represents the largest shareholder group to be formed in Slovenia for the sale of a block of shares, leading CMS Partner Peter Huber, who headed the firm's team on the transaction, to state that, "we are very pleased that we were able to successfully transact this purchase for our clients in a very ambitious timeframe, despite the complex shareholders structure."
Huber was supported in the Vienna CMS office by Partner Clemens Grossmayer and Attorneys Anna Wieser and Dieter Zandler and Associate Bartholomaus Matt. The Slovenian CMS transactions team consisted of Partners Ales Lunder and Tomaz Petrovic, Senior Associates Vesna Tisler and Amela Zrt, and Associates Katja Balazic, Maja Pukl, and Tajda Vrhovec.
Editor's Note: After this article was published Ulcar & Partnerji confirmed its involvement in the matter. The firm's team consisted of Partners Matjaz Ulcar and Maja Menard and Senior Associate Glorija Dominko.
In addition, Selih & Patrnerji announced that Jean Mueller GmbH -- advised by the firm -- had also sold its shares in Eti Elektroelement to A&C as part of the same SPA (though it renegotiated the SPA's contents separately from the consortium). The Selih & Partnerji team consisted of Partners Tilen Terlep and Natasa Pipan Nahtigal.