Here's the lowdown
Frankfurt & Hong Kong ? March 28, 2013 ? The Frankfurt and Hong Kong offices of Debevoise & Plimpton LLP have advised MAG Group on the sale of its subsidiary MAG IAS LLC ("MAG Americas") to Paris based Fives Group.
MAG Americas is a global supplier of high-performance machining solutions and composite processing. The acquisition includes MAG Americas' 38% ownership stake in the French aerospace machine tool manufacturer Forest-Lin?. In parallel, MAG Europe has entered into an agreement to sell its 62% ownership stake in Forest-Lin? to Fives.
In 2012, MAG Americas reported a turnover of approximately $500m, of which 67% was generated in North America.
Fives Group is an industrial engineering group, with 2012 sales of ?1.5 billion. It employs more than 6,500 people in about 30 countries.
The Debevoise deal team was led by Frankfurt based partner Friedrich Hey (corporate, tax) and international counsel Philipp von Holst (corporate, M&A), with assistance from Frankfurt associate Esther Hackl (corporate, M&A). The team also included Hong Kong based partner Drew Dutton and associates Tingtin Wu and Fengjian Ao (all corporate, M&A).
Debevoise & Plimpton LLP is a leading international law firm, representing a wide range of clients around the world. Founded in 1931, the firm has offices in New York, Washington, D.C., London, Paris, Frankfurt, Moscow, Hong Kong and Shanghai.
Completion of the transaction is subject to customary closing conditions and regulatory approvals.
