White & Case Advises Continental AG on the Acquisition of the Automotive Business of Elektrobit Corporation
Global law firm White & Case LLP has advised DAX30 listed Continental AG, one of the leading automotive suppliers worldwide, on its €600 million acquisition of the Automotive business of Nasdaq Helsinki listed Elektrobit Corporation, comprising Elektrobit Automotive GmbH and its subsidiaries. The completion of the transaction has been cleared by antitrust authorities and approved by Elektrobit's shareholders.
"White & Case is delighted to advise Continental on the purchase of the Automotive business of Elektrobit Corporation," said White & Case Helsinki partner Petri Haussila, who has led the cross-border team representing Continental. "With each of our offices in Helsinki, Frankfurt and Brussels having an important role in this acquisition and its clearance with the competition authorities, this transaction again demonstrates the European reach of our M&A practice and the strength and depth of our network of offices, which were called upon to advise Continental. Also, it serves as a further demonstration of our strong presence in advising clients in the automotive industry."
Elektrobit's Automotive business offers a range of software products and R&D services for in-car embedded software, such as advanced driver assistance and infotainment systems. Its customers are carmakers, car electronics suppliers and other suppliers to the automotive industry. As of March 31, 2015, the business employed around 1,900 software professionals. With this acquisition, Continental is strengthening its development capacity for current projects while boosting its technology development of systems for automated driving.
The international White & Case team was led by Helsinki partner Petri Haussila. He was assisted by partners Timo Airisto and Petri Avikainen and associate Alli Soralahti in Helsinki. The German aspects of the transaction were led by partner Axel Pajunk. He was supported by partner Frank-Karl Heuchemer, counsel Andreas Klein, local partner Carola Glasauer in Frankfurt, local partner Markus Mette in Hamburg as well as associate Jan-Ole Eichstädt in Frankfurt. The team was further assisted by partner Axel Schulz and associate Marika Harjula in Brussels.
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