Global law firm White & Case LLP has advised US-based HDT Automotive Solutions (HDT), the main shareholder in which is private equity investor Ardian, on the acquisition of German automotive components group Veritas.
The transaction includes all four Veritas sites in Germany and all its subsidiaries in Europe, Asia and North America. Veritas has been in administration since August 2020. The parties have agreed not to disclose the financial terms of the transaction, which is subject to regulatory approvals and is expected to close at the end of October 2021.
HDT was established following the merger of Huron and Dynamic Technologies. It designs, engineers and manufactures advanced thermal management systems. Through the acquisition of Veritas, HDT will increase its global footprint to 22 locations across North America, Europe and Asia. Founded in 1996, Ardian is a leading global investment firm which manages US$110 billion in assets for more than a thousand investors in Europe, the Americas and Asia.
Veritas is a global automotive supplier with expertise in elastomers, plastics and metal for fluid, thermal and sealing management systems. It employs around 4,400 people at 12 locations in Europe, China and the United States-Mexico-Canada Agreement region.
The White & Case team that advised on the transaction was led by partner Stefan Koch (Frankfurt) and included partners Tobias Heinrich (Frankfurt), Stefan Bressler (Frankfurt & Hamburg), Hendrik Röger, Justus Herrlinger, Martin Munz (all Hamburg) and Sebastian Schrag (Frankfurt), local partners Sebastian Stütze, Lars Petersen (both Hamburg), Andreas van den Eikel (Berlin), Daniel Schwartz (Düsseldorf) and Tim Bracksiek (Frankfurt), associates Xiaofeng Gong (Beijing), Tolga Tezel, Gokcen Durgut, Lidya Ercan (all Istanbul), Eduardo Diego-Fernandez Forseck (Mexico City), Micha Gersdorf, Thorsten Rohde, Agmal Bahrami (all Frankfurt), Christian Crohn (Berlin), Antonia Kapahnke, Tobias Zündorf, Nico Frehse and Louise Maier-Witt (all Hamburg), and legal consultant Tianyu Ding (Beijing) and competition adviser Sezin Elcin-Cengiz (Istanbul).
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