Leonardo S.p.A.’s €606 Million Acquisition Of 25.1% Interest In Hensoldt AG

Hengeler Mueller advises KKR on the transaction. Clifford Chance acted as legal advisor to Italian Leonardo S.p.A.

Italian Leonardo S.p.A. acquired 25.1% of the shares of HENSOLDT AG from a holding company of investment funds advised by Kohlberg Kravis Roberts & Co. L.P. (KKR). The acquisition is subject to customary closing conditions, in particular clearance of the acquisition under German merger control and foreign trade laws.

Already today, Leonardo and HENSOLDT have a well-established relationship, including collaboration on the Eurofighter Typhoon program as independent operators within the consortium model. The envisioned closer cooperation will be based on a strong complementarity of the two companies in terms of geography, product portfolio, end markets, customers and suppliers in the Air Land and Naval domains and will allow them to deepen access to their respective markets, offer complete solutions to their customers and share best practices for the development of future technologies.

Upon closing of the transaction, Leonardo will propose two candidates to be nominated as members of the Supervisory Board of HENSOLDT.

Leonardo will maintain a solid capital structure also through disposals and DRS listing.

The closing of the transaction remains subject to customary conditions, including regulatory clearances in Germany and a selected number of countries, and is expected to take place in the second half of 2021.

The Hengeler Mueller team was led by partners Christian Schwandtner and Martin Ulbrich (both Corporate/M&A) and included partners Alf-Henrik Bischke (Merger Control), Dirk Uwer (Regulatory), Dirk Busch (Capital Markets) (all Düsseldorf) and Markus Ernst (Tax, Munich), counsel Caspar Haarmann (Capital Markets) and Matthias Cloppenburg (Corporate) as well as associates Tobias Schneiders, Hanna Gotta (both Corporate /M&A), Anja Balitzki, Kyra Brinkmann (both Merger Control), Thomas Ruthemeyer and Carsten Bormann (both Regulatory) (all Düsseldorf).

The Clifford Chance team advising Leonardo on this transaction was led by partner Thomas Krecek (Frankfurt) and comprised partner Anselm Raddatz, counsel Dominik Heß (both Düsseldorf), senior associate Sina Schwirz and associate Katharina Feraric (both Munich) (all Corporate M&A); for capital markets matters partner Philipp Klöckner (Frankfurt); and for FDI and merger control matters partner Marc Besen, counsel Dimitri Slobodenjuk and senior associates Ulrich Pfeffer, Johannes Lüer and Arne Gayk (all Düsseldorf). The team also included partner Giuseppe De Palma (Finance/Picture) acting in the Milan office, as well as legal advisors from Clifford Chance offices London, Washington, Barcelona and Sydney.

Involved fees earner: Marc Besen – Clifford Chance; Giuseppe De Palma – Clifford Chance; Katharina Feraric – Clifford Chance; Arne Gayk – Clifford Chance; Dominik Heß – Clifford Chance; Philipp Klöckner – Clifford Chance; Thomas Krecek – Clifford Chance; Johannes Lüer – Clifford Chance; Ulrich Pfeffer – Clifford Chance; Anselm Raddatz – Clifford Chance; Sina Schwirz – Clifford Chance; Dimitri Slobodenjuk – Clifford Chance; Anja Balitzki – Hengeler Mueller; Alf-Henrik Bischke – Hengeler Mueller; Carsten Bormann – Hengeler Mueller; Kyra Brinkmann – Hengeler Mueller; Dirk Busch – Hengeler Mueller; Matthias Cloppenburg – Hengeler Mueller; Markus Ernst – Hengeler Mueller; Hanna Gotta – Hengeler Mueller; Caspar Haarmann – Hengeler Mueller; Thomas Ruthemeyer – Hengeler Mueller; Tobias Schneiders – Hengeler Mueller; Christian Schwandtner – Hengeler Mueller; Martin Ulbrich – Hengeler Mueller; Dirk Uwer – Hengeler Mueller;

Law Firms: Clifford Chance; Hengeler Mueller;

Clients: KKR; Leonardo – Finmeccanica;

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