Lawyers from Carey Olsen’s corporate team have played a key role in a transaction involving Germany1 Acquisition, a special purpose acquisition company registered in Guernsey and listed
Lawyers from Carey Olsen’s corporate team have played a key role in a transaction involving Germany1 Acquisition, a special purpose acquisition company registered in Guernsey and listed on Euronext.
Germany1 agreed to acquire all the shares of AEG Power Solutions for EUR200m in cash and 19,208,955 Germany1 shares, plus a further number of Germany1 shares depending upon the future performance of AEG.
The use of SPACs for this type of transaction is common in the US but has been rarely used in Europe.
Corporate partner Tom Carey led the transaction, assisted by senior associates Tony Lane and David Crosland.
Carey says: ‘We have worked closely with the principal advisers CMS, to provide expertise on those aspects of the transaction that are impacted by Guernsey law. It has been an extremely interesting project for the corporate team at Carey Olsen.’
AEG Power Solutions is a power and electronics company headquartered in Belecke, Germany. The company generated sales of EUR343m in 2008.
