We advised PALFINGER
PALFINGER AG, Salzburg, Austria
Since many years PALFINGER has been one of the world’s leading manufacturers of hydraulic lifting, loading, and handling systems and generated total sales of approximately EUR 935 million in 2012.The concern possesses production- and assembly bases in Europe, North- and South of America as well as in Asia. Innovations, ongoing Internationalization and Diversification of products and services build the pillars of the company strategy.
Sany Heavy Industry Co.,Ltd, Buyer, P.R.C. Sany Heavy Industry Co., Ltd was established by Sany Group in 1994 with revenue around EUR 5.6bn in 2012. With an average growth rate over 50% for years, It is now the largest construction machinery manufacturer in China and the 5th largest in the world, as well as the world’s largest concrete machinery provider after acquiring Putzmeister in 2012. The company is publically listed in Shanghai Stock Exchange and is the first construction machinery company in China to be included in FT Global 500.
SANY Lifting Solution is the most internationalized business unit within the SANY Group. It specializes in mobile, tower and crawler cranes.
Sany Heavy Industries willl acquire a 10 % stake in PALFINGER AG at € 29 per share valuing the transaction at approx. € 108m and PALFINGER AG will take a 10 % stake in the SANY Lifting Business – consolidated in SANY Automobile Hoisting. Half of the 10 % stake in PALFINGER AG will be new shares issued to SANY from the authorized capital of PALFINGER AG and the other half will be acquired from the Palfinger family. These mutual shareholdings will enable both partners to deepen their strategic cooperation.
The contracts have been finalized. The transaction will be implemented as soon as it has been approved by the supervisory board of PALFINGER AG and the board of SANY Heavy Industries, as well as by the Chinese regulatory authorities and a positive result of the Contribution in kind auditor legally required for the capital increase.
Transaction / Task
The transaction is of a highly complex nature. Tasks performed by Hübner Schlösser & Cie (HSCie) include advice on valuation and Due Diligence of the SANY lifting business, contract negotiations on behalf of PALFINGER with the Chinese counterparties and coordination of negotiations for the sale shares.
Transaction value: not disclosed
Industry: Industrial products
Business Field: Mergers & Acquisitions