KPS Capital Partners’ EUR 1.38 Billion Acquisition Of Hydro’s Rolling Business

Clifford Chance has advised Norsk Hydro ASA on the deal. Law Firm Wikborg Rein acted in respect of Norwegian law matters and O’Melveny & Myers acted in respect of Antitrust matters. Noerr, Paul Weiss, Wiersholm, Vangard, Littler and Deloitte advised KPS Capital Partners.Norsk Hydro ASA sold its Rolling business to private equity firm KPS Capital Partners. The transaction is subject to customary approvals from competition authorities and is expected to be completed during the second half of 2021.

The sale includes seven plants, one R&D center, global sales offices, and around 5,000 employees, of which 650 employees are in Norway and the remaining mainly in Germany. In 2020, Hydro Rolling contributed approximately NOK 24 billion in revenue, 17 percent of Hydro total and NOK 1.3 billion in underlying EBITDA, 9 percent of Hydro total. The sales of Hydro Rolling amounted to 864,000 tonnes, serving segments including Can, Foil, Lithography, Automotive and General Engineering.

The international Clifford Chance team comprised partner David Lewis (Picture – Corporate/M&A, London), senior associates Niall O’Shea and Harriet Martin as well as associate Andrew Quaile (all Corporate/M&A, London), partner Anselm Raddatz (Düsseldorf/Frankfurt), senior associate Liza Laube (Frankfurt) and associate Denise Rosenau (Düsseldorf, all Corporate/Private Equity). The carve-out aspects were led by partner André Duminy with associates Herbert Swaniker and Nicole Kidney (all Corporate, London) and the tax aspects were handled by partner Dominik Engl (Frankfurt) and senior associate Nicola Helmsley (London; both Tax). In addition the team was supported by a range of Clifford Chance specialists including in connection with IP, employment, energy, environmental, real estate and hedging arrangements.

The Wikborg Rein team included Alexander B. Wintervold, Ine Osland, Martin H. Bryde, Hans Jørgen Langeland, Simen Lium, Sigurd Opedal and Ingeborg Vestvik Aavatsmark.

The Noerr team was led by Dr Tibor Fedke and Dr Benedikt Vogt, and further included Dr Alexander Ritvay, Florian Döpking, Dr Marco Tucci, Dr Benjamin Jahn, Dr Michael Weber, Natalie Kibler, Dr Nikolai Warneke, Dr Fabian Radke, Dr Julia Sophia Habbe, Dr Philipp Gergen, Dr Daniel Rücker, Alexander Brandt, Dr Niclas Gajeck, Dr Fabian Kunkel, Katja Schmitt, Natalie Oei, Manuela Wickenhöfer, Sarah Bettio, Gregor Barbers, Dr Henrik Dornscheidt, Dr Jens Peter Schmidt, Sarah Blazek, Dr Fabian Hübener, Philipp Studt-Tartarotti, Dr Holger Schmitz, Dr Max Helleberg, Dr Claus Zimmermann, Dr Felix Muhl, Dr Jasmin Schulzweida, Michaela Athmer.

The Paul Weiss team was led by Alvaro Membrillera.

The Wiersholm team was led by Kristian Lind.

The Deloitte team included Clemens Petersen and Michael Mariani.

The Littler team was led by Robert Long.

The Vangard team was led by Matthias Sandmaier.

The Inhouse at Norsk Hydro was headed by Karsten Winter and Daniel Lindebjerg Wegner.

Involved fees earner: André Duminy – Clifford Chance; Dominik Engl – Clifford Chance; Nicola Helmsley – Clifford Chance; Nicole Kidney – Clifford Chance; Liza Laube – Clifford Chance; David Lewis – Clifford Chance; Harriet Martin – Clifford Chance; Niall O’Shea – Clifford Chance; Andrew Quaile – Clifford Chance; Anselm Raddatz – Clifford Chance; Denise Rosenau – Clifford Chance; Herbert Swaniker – Clifford Chance; Michael Mariani – Deloitte Tax & Legal; Clemens Petersen – Deloitte Tax & Legal; Robert Long – Littler; Michaela Athmer – Noerr; Gregor Barbers – Noerr; Sarah Bettio – Noerr; Sarah Blazek – Noerr; Alexander Brandt – Noerr; Natalie Daghles – Noerr; Florian Döpking – Noerr; Henrik Dornscheidt – Noerr; Tibor Fedke – Noerr; Niclas Gajeck – Noerr; Martin Geipel – Noerr; Philipp Gergen – Noerr; Julia Sophia Habbe – Noerr; Max Helleberg – Noerr; Fabian Hübener – Noerr; Benjamin Jahn – Noerr; Fabian Kunkel – Noerr; Felix Muhl – Noerr; Natalie Oei – Noerr; Fabian Raddatz – Noerr; Alexander Ritvay – Noerr; Daniel Rücker – Noerr; Jens Peter Schmidt – Noerr; Katja Schmitt – Noerr; Holger Schmitz – Noerr; Jasmin Schulzweida – Noerr; Philipp Studt-Tartarotti – Noerr; Marco Tucci – Noerr; Benedikt Vogt – Noerr; Nikolai Warneke – Noerr; Manuela Wickenhöfer – Noerr; Michael Wilhelm Weber – Noerr; Claus Zimmermann – Noerr; Riccardo Celli – O’Melveny & Myers LLP; Christian Peeters – O’Melveny & Myers LLP; Alvaro Membrillera – Paul Weiss Rifkind Wharton & Garrison; Matthias Sandmaier – Vangard Arbeitsrecht; Kristian Martin Lind – Wiersholm; Ingeborg Vestvik Aavatsmark – Wikborg Rein; Martin Bryde – Wikborg Rein; Hans Jørgen Langeland – Wikborg Rein; Simen Lium – Wikborg Rein; Sigurd Opedal – Wikborg Rein; Alexander Wintervold – Wikborg Rein;

Law Firms: Clifford Chance; Deloitte Tax & Legal; Littler; Noerr; O’Melveny & Myers LLP; Paul Weiss Rifkind Wharton & Garrison; Vangard Arbeitsrecht; Wiersholm; Wikborg Rein;

Clients: KPS Capital Partners, LP; Norsk Hydro ASA;

Author: Federica Tiefenthaler