Our corporate team has advised integrated manufacturing specialist Volex on its proposed acquisition of Murat Ticaret Kablo Sanayi A.Ş. ("Murat Ticaret") - a leading manufacturer of complex wire harnesses, for approximately €178.1 million. The acquisition is expected to complete later in 2023 when relevant approvals have been obtained from competition authorities. The acquisition comes with a placing and retail offer to raise gross proceeds of approximately £60 million in aggregate.
The acquisition of Murat Ticaret is in line with Volex's strategy of organic growth and represents a significant step in achieving its five-year plan. This includes broadening its product offering and customer base, as well as expanding its manufacturing footprint.
The team advising Volex was led by partner Stuart Young and associate Annabel Brown (both corporate), with support from partner Samuel Beighton (competition), principal associate Tom Rank (tax) and trainee solicitor Anna Plenderleith (competition) out of our UK offices, Vivian Desmonts (corporate) and Jiayi He (corporate) out of our China offices, Andreas Woelfle (corporate), and Florian Holfeld (legal director) out of our offices in Germany.
Further international legal support was provided by Bojana Paneva and Veton Qoku of Karanovic Partners (North Macedonia), Elias Zaga and Jorge Leon-Orantes of Santamarina Y Steta (Mexico), and Nick Corbett, Adam Weinstock and Luc Attlan of Faegre Drinker Biddle & Reath LLP (US). Volex were also supported by Travers Smith on the £60 million cashbox placing with a team consisting of Spencer Summerfield (partner), Tom Coulter (partner), Fabian McNeilly (senior associate), Marie Morazzani (associate) and Katherine Duffy (trainee solicitor).
Commenting, Stuart Young said: "It has been a pleasure to work with the senior team at Volex. Our international experience and sector focus were put to good use in this transaction and we wish Volex every success with the new business."
Christian Bedford, Group General Counsel at Volex said: "Delivering a significant international transaction required a great team effort and we were really pleased to have Gowling WLG working with us. Their hard work and commercially pragmatic advice were very valuable and the whole team here found them very easy to work with."