With the support of CERHA HEMPEL, AT&S signed an agreement on 23 September 2024 for the sale of AT&S Korea to SO.MA.CI.S. The sale includes all shares held by AT&S in AT&S Korea CO., LTD. (and thus also includes the plant in Ansan, South Korea). The purchase price (equity value) amounts to EUR 405 million, plus interest and minus dividend payments. The transaction is subject to closing of the acquisition of SO.MA.CI.S. by Bain Capital Private Equity (Europe) LLP, as well as merger control approvals, and is expected to complete by March 2025.
Headquartered in Leoben, Austria, AT&S is a publicly listed leading global manufacturer of high-end IC substrates and printed circuit boards. AT&S industrializes leading-edge technologies for its core business segments Mobile Devices & Substrates, Automotive & Aerospace, Industrial and Medical. AT&S has a global presence with production sites in Austria (Leoben, Fehring) and plants in India (Nanjangud), China (Shanghai, Chongqing) and South Korea (Ansan, near Seoul). The company employs a workforce of approximately 14,000.
Commenting on the transaction, Clemens Hasenauer, Managing Partner at CERHA HEMPEL, said: "We're extremely pleased to have been able to demonstrate our skills, expertise and dedication as lead counsel in an international outbound transaction of this magnitude also considering the capital markets regulatory environment."
Robert Ranftler, General Counsel and SVP at AT&S Group, added: "Our long-standing trusted cooperation with the team at CERHA HEMPEL, has once again proven to be of utmost importance, particularly in this transaction."
AT&S wast advised by a team led by Clemens Hasenauer (Managing Partner, Corporate/M&A) and also including Harald Stingl (Partner, Corporate/M&A), Lorenz Pracht (Partner, Corporate/M&A), Johannes Prinz (Partner, Corporate/M&A, Tax), Benjamin Twardosz (Partner, Tax), Anna Wolf-Posch (Partner, Competition Law), Philipp Schaubach (Senior Associate, Competition Law), Sophie Stock (Associate, Corporate/M&A), Hannah Gerbl (Associate, Corporate/M&A), Alexander Kainz (Associate, Corporate/M&A) and Denise Runceanu (Associate, Corporate/M&A).