Shearman & Sterling Advises Deutsche Beteiligungs AG on Divestment of Interest in Spheros Group
Shearman & Sterling advised Deutsche Beteiligungs AG (DBAG) and funds managed by it in the sale of all shares in Spheros Group to French-listed automotive supplier Valeo. Closing of the transaction is subject to merger clearance.
Spheros is a global market leader in the development and manufacture of air-conditioning systems and engine-independent heating systems in buses. Air management in buses is the company’s core competence. Spheros covers all specification classes with its premium, standard and basis products and is able to serve demand both in mature Western markets and in strongly growing emerging economies. The group employs a staff of 1,045 at six production sites on three continents. In February, as part of its dynamic growth strategy, Spheros acquired a US company with a similar product range. DBAG had acquired Spheros in 2011. By selling its shares in the company to Valeo, DBAG will end its investment with an attractive return.
Valeo is an automotive supplier and partner to all automakers worldwide. As a technology company, Valeo provides innovative products and systems that contribute to the reduction of CO2 emissions and to the development of intuitive driving. With the acquisition of Spheros, Valeo will strengthen its product portfolio in the area of thermal systems.
The Shearman & Sterling team was led by Thomas König
(Frankfurt-Mergers & Acquisitions) and included partner Esther Jansen
(Frankfurt-Finance), counsel Anders Kraft (Frankfurt-Tax), as well as associates Aliresa Fatemi, Katja Findeisen, Christoph Auchter (all Frankfurt-Mergers & Acquisitions) and Astrid Mayer (Frankfurt-Tax).