Linklaters advises RENK on sale of Slide Bearings to Miba

Linklaters has advised RENK Group AG (“RENK”) on the sale of its Slide Bearings business to Miba AG.

With the sale RENK, a leading provider of propulsion solutions for the military and civilian sectors, is aligning its strategic focus even more consistently on the defence business. Miba AG is a globally active Austrian industrial technology company whose slide bearings division Miba Bearing Group specializes in the development and production of plain bearing technologies for industrial applications and motors. It aims to further develop the Slide Bearings business with the appropriate industry focus.

The Slide Bearings business unit is located in Hanover, Germany, as well as at locations in Brazil, the USA and Asia. Its products include standardized plain bearings for electric motors, generators and pumps and are mainly used in industrial and civil markets.

The parties have agreed to treat the purchase price confidentially. The transaction is subject to customary regulatory approvals.

An international cross-practice Linklaters team led by Corporate/M&A partners Timo Engelhardt (Munich), Klaus von der Linden (Düsseldorf), and Corporate/M&A counsel Ruprecht von Maltzahn (Munich, all lead) advised Renk Group AG on this transaction.

The team also included partners Atif Wolfgang Bhatti (IP), René Döring (Employment & Incentives), Lars Harzmeier (Litigation, Arbitration & Investigations, Frankfurt), Michael Leicht (TMT, all Frankfurt), Andreas Schaflitzl (Tax, Munich), Daniela Seeliger (Antitrust & Foreign Investment, Düsseldorf), senior counsel Sean McKeever (Tax, Washington), counsel Josh Feit (Corporate/M&A, New York), Luca Rawe (Employment & Incentives) and Tobias Rump (Antitrust & Foreign Investment, both Düsseldorf), managing associates Daniel Gloor, Laetitia Aria (both Corporate/M&A), Alexander Zitzl (Tax, all Munich), Cecilia Drepper (IP, Frankfurt), Tom Schäfer (Corporate/M&A, Düsseldorf), André Scheidtmann, Nina Seydel (both Düsseldorf), Giorgio Valoti (all Antitrust/Foreign Investment, Milan), associates Maximilian Huchel (Corporate/M&A) Munich), Jonas Baumann and Antonia Mertens (TMT, Frankfurt), Richard Knaup (Düsseldorf), Sara Luzzatto (both Corporate/M&A, New York), Arvid van Loon, Markus Pohlmann, Patrick Reitner (all Antitrust & Foreign Investment, Düsseldorf), Cornelia Schweigart (Tax, München), junior associate Martina Lopa Antitrust and Foreign Investment, Mailand) and tax assistant Nando Bittorf (München).

Linklaters regularly advises Renk Group AG on M&A transactions, most recently on the acquisition of the UK company David Brown Defence. The company also relies on the firm’s advisory services in other areas, such as general corporate advice, particularly in relation to shareholders’ meetings, as well as financing transactions and capital measures, most recently on a syndicated credit facility of €1.05bn. by an international banking syndicate. Linklaters also advised the banks on the IPO of RENK.

The transaction demonstrates Linklaters’ market-leading expertise in the Aerospace, Defence & Security sector. The firm advises numerous market players such as defence companies, suppliers, investors and financial institutions, as well as industrial and technology companies entering this highly dynamic market.

The firm’s integrated global Defence team is jointly led by the Sector Leaders Timo Engelhardt and Kristina Klaaßen-Kaiser in Germany, together with Georgina Kon and Simon Branigan in London.