Global law firm Norton Rose Fulbright has advised Tenova – a company of the Techint Group specialized in innovative solutions for the metals and mining industries - on the sale of its heat treatment component (HTC) group to a consortium of Chinese investors led by Ningbo Qijing Holding.
The HTC group sold by Tenova’s subsidiary LOI Thermprocess GmbH consisted of IVA Schmetz GmbH and Mahler GmbH (Germany), Fours Industriels B.M.I. S.A.S. (France) and IVA Schmetz Industrial Furnaces (Shanghai) Co. Ltd. (China). The purchasers are Qizhi GmbH and Shanghai Qizhi Information Technologies Co., Ltd. (both members of Ningbo Qijing Holding Co., Ltd.).
The complex cross-border transaction involved Germany, France, China and Hong Kong and included a W&I insurance and a pre-closing restructuring of HTC group. The transaction has been cleared by the German and French foreign investment authorities as well as the Chinese outbound investment authorities.
Heiko Bertelmann, Norton Rose Fulbright’s Hamburg-based corporate partner who led on the deal, commented:
“We are delighted to have advised Tenova on this truly international M&A transaction. With joint efforts and a team spanning four jurisdictions, we were able to navigate this deal through its various complexities as well as a challenging cultural and regulatory landscape.”
Along with Heiko, tax partner Uwe Eppler (Hamburg) co-led on the deal with assistance from corporate, M&A partners Bénédicte Denis (Paris) and Sun Hong (Shanghai). The team further comprised corporate/M&A associates Jan Schneidereit, Malte Meyer and Karsten Alex (Hamburg); counsel Alann Le Guillou (Paris) and Ai Tong (Shanghai); and associates Johnny Liu (Shanghai) and Graeme Mackay (Hong Kong). Associates Julia Gallinger and Judith Kutter (Hamburg) advised on tax-related issues.
Partner Maxim Kleine and counsel Tim Schaper (Hamburg) advised on antitrust and competition and German foreign investment law and merger control. Advice on employment law was provided by partner Frank Weberndörfer and associate Christoph Valentin (Hamburg) as well as partner Laure Joncour and counsel Marie-Thérèse Eugénio (Paris).
Norton Rose Fulbright has a longstanding relationship with Tenova. The firm has previously advised Tenova on the acquisitions of LOI Thermprocess GmbH in 2006, TAKRAF GmbH in 2007 and Metall Technologie Holding group (today’s HTC group) in 2013.