DĂĽsseldorf-based Rheinmetall Group has announced that it has signed an agreement to acquire all equity interests in Loc Performance Products, LLC, a renowned vehicle specialist based in Plymouth, Michigan, expanding its position in the world’s largest defense market and strengthening its core business in the field of land vehicles for military customers worldwide. The purchase price agreed for Loc Performance, which will become due upon closing, is based on an enterprise value of US$950 million. Closing of the transaction is subject to regulatory approvals.
Latham & Watkins LLP represents Loc Performance in the transaction with a corporate deal team led by Chicago partner Shaun Hartley and Washington, D.C. partner Mariclaire Petty Brewer. Advice was also provided on tax matters by New York partner David Raab; on environmental matters by Washington, D.C. partner James Barrett; and on employee benefits and executive compensation matters by Washington, D.C. partners David Della Rocca and Nikhil Kumar.
