Latham & Watkins advised Carco PRP Limited, a leading manufacturer of sealing components, on a definitive agreement to acquire from SKF, the world’s biggest maker of industrial bearings, SKF’s ring and seal operation located in Hanover, Pennsylvania, USA.

The Hanover ring and seal operation is divested to Carco PRP through Carco’s US aerospace subsidiary, PCTI, for a total enterprise value of up to US$220 million, corresponding to approximately SEK 2.3 billion. The Hanover facility manufactures mechanical seals and rings, representing 2023 annual sales of approximately SEK 700 million.

Latham & Watkins LLP represents CARCO PRP Limited in the transaction with a corporate deal team led by Milan partner Antonio Coletti, Boston partner Todd Gleason, and Boston counsel Stefanie Vincent, with associates Christopher Lloyd, Andrew Rondeau, Samantha Hehir, and Michael Pioso. Advice was also provided on UK corporate matters by London partner Shing Lo, with associate Toni Adejuyigbe; on tax matters by New York partner David Raab, with associate Ashley Flor; on intellectual property matters by Washington, D.C. counsel Kieran Dickinson, with associate Kellye Quirk; on data privacy matters by Bay Area partner Heather Deixler, with associate Priyanka Krishnamurthy; on EU data privacy matters by London partner Fiona Maclean, with associate Calum Docherty; on compensation and benefits matters by New York partner Max Raskin, with associate Rebecca Fishbein; on labor matters by Chicago partner Nineveh Alkhas, with associate Jocelyn Wexler; on CFIUS matters by Washington, D.C. counsel Ruchi Gill, with associates Elliot Hecht and Julie Choi; on export controls matters by Washington, D.C. counsel Andrew Galdes, with associate Matthew Crawford; on anti-corruption matters by Washington, D.C. partner Joseph Bargnesi, with associate Jay Winkelman; on environmental matters by Washington, D.C. partners James Barrett and Devin O’Connor and Washington, D.C. counsel Allison In, with associate Bruce Johnson; on US antitrust matters by Washington, D.C. partner Peter Todaro and Washington, D.C. counsel Keith Klovers, with associate Sean Mulloy; on ex-US antitrust matters by Brussels partner Héctor Armengod and Hamburg partner Jana Dammann; on government contracts matters by Washington, D.C. partner Kyle Jefcoat, with associate Genevieve Hoffman; on insurance matters by Los Angeles partner Harrison White; on real estate matters by San Diego partner Stephanie Fontanes; and on finance matters by London partner Angel Quek, Washington, D.C./New York partner Jason Licht, and Washington, D.C. partner Christopher Clark, with associate Bryce McCarthy.