Shearman & Sterling has advised Landesbank Baden-Württemberg, ING Bank, BNP Paribas and Deutsche Bank as arrangers in connection with the financing of the acquisition of the global filtration business of US Affinia Group by German-based MANN+HUMMEL Group. The transaction is subject to customary regulatory approvals.
Cypress, Affinia’s private equity owner, announced the sale of the filtration business, valued at up to USD 1.4 billion, in spring 2015. Last year, Affinia’s fuel, oil and air filter business generated sales of USD 967 million and an operating profit of USD 156 million.
The MANN+HUMMEL Group is a leading global expert for filtration solutions and a development partner and original equipment supplier to the international automotive and mechanical engineering industries. Employing 16,000 people and operating in more than 60 locations, the company recorded approximately 2.8 billion euros of sales in 2014.
The acquisition of Affinia will provide MANN+HUMMEL with access to larger markets, particularly the US heavy duty and hydraulic filtration market.
The Shearman & Sterling team was led by partner Winfried M. Carli and included counsel Matthias Weissinger and associate Andreas Breu (all Frankfurt-Finance). New York law advice was provided by partners Steven Sherman (London/New York-Finance) and Douglas McFadyen (New York-Tax) and associates Antonio Fusco (New York-Finance) and Derek Kershaw (New York-Tax). English law advice was provided by partner Peter Hayes and counsel Luke Jaggar (both London-Finance). Partner Pierre-Nicolas Ferrand and counsel Philippe Wolanski (both Paris-Finance) provided French law advice.