News & Events
Țuca Zbârcea & Asociații acts on a EUR 706 million cross-border deal in aerospace
Țuca Zbârcea & Asociații has acted on yet another cross-border deal by which GKN plc acquired Fokker Technologies Group BV, also present in Romania, from Arle Capital.
GKN plc is a global engineering group that designs, manufactures, and services systems and components for the world’s manufacturers. GKN Aerospace, one of GKN’s four divisions, is a world leading global first tier supplier of airframe and engine structures, components, assemblies, and transparencies to a wide range of aircraft and engine prime contractors and other first tier suppliers.
Headquartered in the Netherlands, Fokker Technologies Group BV is a specialist tier one aerospace supplier in aerostructures, electrical wiring systems, landing gear and associated services, across commercial, military, and business jet end markets.
The acquisition of Fokker Technologies Group BV further enhances GKN’s position as a leading global supplier to the aerospace industry. GKN Aerospace moves to #2 in aerostructures and becomes #3 in electrical wiring systems. The combination brings together two leading technology companies with broad product portfolios and established positions on major aircraft platforms.
The acquisition enterprise value is EUR 706 million and comprises EUR 500 million of consideration for the share capital of Fokker Technologies Group BV.
According to the company’s representatives, this deal is an excellent fit for GKN plc, enabling the company to further extend global footprint with presence in China, Turkey, India and Mexico, to expand technology and product capabilities and to enhance positions on key growth platforms.
International law firm Greenberg Traurig Maher LLP advised the buyer on this acquisition, with Bucharest based Țuca Zbârcea & Asociații acting on the applicable Romanian legal issues surrounding the transaction. The local team of lawyers advising GKN plc was led by Partner Cătălin Băiculescu. An authority in aviation law related issues, Cătălin Băiculescu has been assisting international aircraft owners and financing banks for 17 years, in connection with aircraft lease agreements and mortgage agreements signed with local airlines.
Completion of the acquisition is expected to take place in the fourth quarter of 2015 following completion of the consultation and information procedures with the Fokker Works Council and trade unions, ITAR and CFIUS regulatory clearances and anti-trust clearance in the EU and the US.
GKN plc is a global engineering group, employing over 50,000 people and recording sales of GBP 7.5 billion in the year to 31 December 2014. GKN Aerospace is a global first tier supplier of airframe structures, engine components, transparencies and fuel/flotation systems, with sales of GBP 2.2 billion in 2014 and a global workforce of over 12,000 employees. It has a significant participation on all major aircraft programmes today and a broad customer base spanning commercial, military, business aerospace and space markets.
Fokker Technologies B.V. is a leading global aerospace specialist that develops and manufactures highly engineered advanced aircraft systems and components for aircraft manufacturers and provides integrated maintenance services and products for aircraft owners and operators. The company was founded in 1919. Headquartered in Papendrecht, the Netherlands, Fokker operates facilities in Romania, the Netherlands, Turkey, Canada, Mexico, USA, China, India and Singapore, and employs approximately 4,900 people. For the year ended 31 December 2014, reported revenue was EUR 758 million.