Ashurst advises Siemens Energy on sale of Heat Transfer Technology to Mutares

Ashurst advised Siemens Energy AG on the sale of its business division Heat Transfer Technology of Siemens Energy B.V. to Balcke Dürr B.V., a subsidiary of Mutares SE & Co. KGaA (Mutares). Siemens Energy B.V. with headquarters in Zoeterwoude, Netherlands, specialises among other things in the field of heat recovery steam generators for gas-fired power plants and industrial-sized energy efficiency applications. Munich-based private equity investor Mutares will strengthen its Engineering & Technology segment with the acquisition, expecting significant synergies with the business of its subsidiary Balcke-Dürr.

The closing of the transaction is expected in the 4th quarter 2022. The transaction is subject to the fulfilment of customary approvals.

Siemens Energy is one of the world’s leading energy technology companies. Its portfolio of conventional and renewable energy technology covers almost the entire energy value chain from power generation and transmission to storage. The company employs around 91,000 people worldwide in more than 90 countries and generated revenue of EUR 28.5bn in fiscal year 2021.

Siemens Energy was advised in-house by: Christoph Meier (Senior Counsel M&A), Joern Eickhoff (Head of Competition & Regulatory), Tobias Lange (Senior Counsel IP&IT), Thomas Buehrmann (Senior Counsel – Generation Solutions Frankfurt), Dr. Kathrin Beer (In-house Counsel – Labour Law and Labour Relations Germany).

Ashurst advised Siemens Energy for the first time with a team led by partner Dr Thomas Sacher (Corporate/M&A, Munich). He was assisted by partners Dr Andreas Mauroschat (Employment, Frankfurt) and Dr Karsten Raupach (RSSG, Munich), counsel Volker Germann (Corporate/M&A, Munich), Dr Fabian Klein (IP, Frankfurt) and Lukas Müller (Employment, Frankfurt), senior associate Dr Susanne Knoch (Tax, Frankfurt) as well as associates Konstantin Filbinger (Corporate/M&A, Munich) and Lena Kühnberger (Employment, Frankfurt).

Dutch law firm AKD Benelux Lawyers assisted Ashurst in all matters concerning Dutch law. The AKD team was led by managing partner and Corporate partner Erwin Rademakers. His team comprised in particular Jeroen Pop (M&A), Pascal van Schaik, Henrike van de Laar and Jorn de Bruin (all Employment).

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