Financing the acquisition of the Philips quartz glass production by Thuringian quartz glass producer
With a Frankfurt-based team led by partner Thomas K. Schrell, the business law firm of Heuking Kühn Lüer Wojtek advised a banking syndicate on financing the acquisition of the quartz glass plant of Dutch technology group Philips by Thuringian quartz glass manufacturer QSIL. The syndicate of lenders, headed by Helaba, consists of savings banks. The financing volume was not disclosed.
Heuking Kühn Lüer Wojtek comprehensively supported the consortium banks from structuring to drafting of the entire contract documentation and negotiation up to the payout of consortium financing.
The Philips quartz glass plant in Winschoten/The Netherlands generates annual revenue of EUR 38 million with a staff of about 135. With the expanded product range, QSIL will now generate annual revenue of EUR 65 million and have some 300 employees. The acquisition price was not disclosed. The Ilmenau-based company exports its products to Europe, Asia, and North America.
Counsel to banking syndicate
Heuking Kühn Lüer Wojtek:
Thomas K. Schrell, Frankfurt