DLA Piper has advised Indian solar glass manufacturer Borosil Renewables (“BRL”) on its acquisition of Interfloat Group, Europe’s largest solar glass producer. Interfloat Group consists of the two companies Glasmanufaktur Brandenburg GmbH based in Tschernitz/Brandenburg and Interfloat Corporation based in Liechtenstein. The sellers are HSTG Glasholding GmbH and Blue Minds IF Beteiligungs GmbH. As compensation, BRL will grant equity shares to the sellers as part of a swap and pay cash purchase prices. The parties have executed a binding share purchase agreement for the acquisition and the closing of the transaction shall be subject to completion of certain conditions precedents.
Against the background of rising energy prices in Europe and the expansion of renewable energies, BRL is expanding its capacities in India and Europe and will invest in new manufacturing technologies in Tschernitz. The Indian stock exchange-listed company manufactures specialty glass for photovoltaic systems, flat-plate collectors and greenhouses.
The EU “Solar Manufacturing Accelerator” program is expected to massively increase the production of solar photovoltaic modules and the necessary components within Europe in the future, leading to increased demand in the European market. European customers of solar glass are dependent on a diversified and reliable supply from Europe, which is reinforced by current failures in global supply chains. The acquisition will immediately increase BRL’s production capacity in India and Europe to 750 tons per day, providing an immediate boost to the supply of much needed solar glass in the European market.
The DLA Piper team for this transaction was led by partner Dr Benjamin Parameswaran (Hamburg) and counsel Timo Betjemann (both Corporate/M&A, Cologne). In addition, partners Dr Henriette Norda (Employment), Verena Grentzenberg (Data Protection, both Hamburg), Dr Burkhard Führmeyer (IPT), Semin O (Antitrust, both Frankfurt), Lars Reubekeul (Real Estate, Munich), Dr Cornelius Frie (Corporate/M&A), Prof Dr Ludger Giesberts (Public Commercial Law, both Cologne), counsel Dr Susanne Weckbach (Commercial, Munich), Dr Mirjam Rüve (Corporate/M&A, Hamburg), Miray Kavruk (IPT, Frankfurt), Dr Thilo Streit (Public Commercial Law, Cologne), Dr Raimund Behnes (Tax, Frankfurt), Dr Enno Ahlenstiel (Antitrust), Dr Dominique Ferrari (Insurance Law, both Cologne), Dr Isaschar Nicolaysen, senior associates Friederike Rickers (both Corporate/M&A, Hamburg), Raffaella Rusin (Tax), Michael Georg Ziegaus (Real Estate, both Munich), Jan Schürmann (Corporate/M&A, Hamburg), associates Julia Kolbe (Corporate/M&A, Cologne), Dr Richard Falk (IPT, Munich), David Sanchio Schele (Data Protection, Hamburg), Alexander Hagikian (IPT, Frankfurt), Svenja Mayer (Public Commercial Law, Cologne) and Betina Fischer (Commercial, Munich) were involved.
DLA Piper advised BRL in cooperation with the Indian law firm Khaitan & Co. under the leadership of partners Haigreve Khaitan and Kapish Mandhyan. In addition, senior associates Pritali Patil, Eshita Jain and associate Madhav Chandan were involved.
