A Heuking team led by Munich-based M&A partner Boris Dürr GmbH advised Solarpark Blautal GmbH on the acquisition of 80 percent of centrotherm photovoltaics AG. The purchase price was not disclosed. In addition to the purchase of the share package, centrotherm photovoltaics AG concluded a financing agreement that secures the company’s funding.
The lawyers of Heuking Kühn Lüer Wojtek comprehensively advised the acquisition vehicle and the two backing investors. In addition to structuring the transaction and accompanying the entire M&A process, the advice also focused on issues related to the earlier self-administered insolvency. "An essential factor for successfully completing the transaction was the good and close cooperation with our reorganization experts Prof. Streit and Dr. Degen," said Boris Dürr, Heuking’s lead counsel on the transaction.
Investors of Solarpark Blautal GmbH are company founder Robert M. Hartung and Qatar Solar Technologies (QSTec). QSTec is part of Qatar Foundation that invests in solar technology worldwide. The share package was sold by Sol Futura GmbH, which had acquired it in early 2013 in a debt-to-equity swap as part of the self-administered insolvency as trustee on behalf of the creditors of centrotherm group. Ten percent of centrotherm shares are in free float, the remaining ten percent had already been held by the Hartung family via holding company TCH GmbH. A takeover offer to the outside shareholders was not required, because the company stock had moved from the regulated market to the Entry Standard of Frankfurt Stock Exchange in the meantime.
centrotherm photovoltaics AG is a globally leading technology and equipment provider for the photovoltaics sector. The company develops, manufactures, and sells production equipment and process technology for the manufacturing of solar cells and semiconductors and provides various other services to customers. Turnkey production lines for the manufacturing of silicon, solar cells, and modules are particularly provided to solar companies. centrotherm group employs about 700 and generates revenue of EUR 150 million to EUR 200 million.
Boris Dürr had already advised centrotherm group when it was reorganized as part of self-administered insolvency in 2012/2013. As part of a Heuking team at the time, he had advised controlling shareholder TCH GmbH, which was backed by the founder family Hartung.
Counsel to Solarpark /Robert Hartung/QSTec (on the transaction):
Heuking Kühn Lüer Wojtek (Munich)
Boris Dürr (Lead, M&A/Capital Markets)
Prof. Dr. Georg Streit (Restructuring)
Dr. Stephan Degen (Restructuring)
Dr. Frank Metz (M&A/Corporate)
Daniela Rinke (M&A/ Corporate)
Dr. Reinhard Siegert (Antitrust)
Peter Schäffler (Tax)
Ricarda Marschall (M&A/ Capital Markets)
Christian Schild (M&A/Corporate)
Anita Bohn (Antitrust)