International law firm Clifford Chance has advised Norwegian energy and aluminium company Norsk Hydro ASA on the EUR 1.38 billion sale of 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.
Headquartered in Norway, Hydro is a leading company in the global aluminium industry with operations in 40 countries all over the world. With around 35,000 employees, the company is present in all market segments for aluminium, from the production of primary metal to its recycling and repurposing. The transaction constitutes a major step in Hydro’s strategy to improve profitability and drive sustainability.
The international Clifford Chance team comprised partner David Lewis (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.
Law Firm Wikborg Rein acted in respect of Norwegian law matters and O’Melveny & Myers acted in respect of Antitrust matters.
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