BaFin approves for the first time unpaid equity commitment as a Tier 2 ancillary own-fund item, creating a cash-efficient alternative to group-internal own-fund financing
17 May 2024
Danfoss A/S (Denmark) has entered into an agreement with Interpump Group S.p.A. (Italy) on the sale of White Drive Motors & Steering. The purchase price will be based on an enterprise value of EUR 230 million, plus a variable part (currently estimated at EUR 40 million). The transaction is a step towards the closing of Danfoss A/S's acquisition of Eaton Corporation plc's global hydraulics business (headquartered in the US).
Hengeler Mueller advises Danfoss A/S on the transaction. The team is led by Markus Röhrig (EU Competition Law, Brussels) and Jens Wenzel (M&A, Berlin) and includes partners Hendrik Bockenheimer (Employment, Frankfurt), Markus Ernst (Tax, Munich) and Fabian Quast (Regulatory, Berlin) as well as associates Philipp Neideck (EU Competition Law, Düsseldorf), Ansgar Jahnke and Alexander Orlowski (both M&A, Berlin), Verena Klosterkemper (Tax, Munich) and Michael Schramm (Regulatory, Düsseldorf).
