Pryor Cashman Client AKKA Technologies Acquires 65% Interest in MBtech from DaimlerPress Release
Pryor Cashman client AKKA Technologies SA, Paris, a listed French engineering company, has acquired a 65% interest in the MBtech Group from the Daimler group of companies. The acquisition, which creates one of the largest European engineering and technology consultancy companies in the mobility sector, was approved by the antitrust authorities and closed on April 12, 2012.
Pursuant to the December 7, 2011 purchase agreement, the parties have agreed to jointly expand the business of MBtech, an internationally leading engineering and consulting company based in Sindelfingen, Germany and established by Daimler AG in 1995. The company develops, integrates and tests automotive components, systems and modules, and employs 3,000 people at locations in Europe, North America and Asia. In 2011, it posted revenue of 375 million euros.
AKKA offers engineering and technology consultancy for a wide range of sectors, including the aeronautics, automotive, space, transport, telecommunication, chemical and pharmaceutical sectors. The company currently has 5,500 employees in 50 offices worldwide and had 2011 revenue of 545 million euros.
Representing AKKA in the transaction were PwC Legal (Frankfurt) as principal legal advisor and Juergen R. Ostertag, Pryor Cashman Corporate Partner and head of the firm’s German Practice, as special U.S. counsel.