Samsung SDI Co. Ltd – a subsidiary of the South Korean technology group Samsung and well-known in the market as a global leader in energy solutions and electronics as well as battery technology – has acquired Magna Steyr Systems GmbH & Co OG. The battery pack business of Magna Steyr, which was part of the Austrian company purchased, itself a subsidiary of Magna International, was acquired under the terms of the transaction. The objectives of the transaction are to strengthen Samsung SDI’s production of electric vehicle battery packs, achieve greater product flexibility and meet customer needs as effectively as possible.
The transaction aims to combine Samsung SDI’s leading position in battery cells with Magna's expertise in automotive batteries. In addition to this, Samsung SDI will gain access to markets in Europe, China and North America. Two sites in Austria – one in Graz and one in Zettling – were acquired as part of the transaction, which was realised as a combined share and asset deal.
Conclusion of the transaction is still subject to regulatory approval from the anti-trust authorities.
Legal advice on the global transaction was provided by Allen & Overy, with Dr. Sven Prüfer acting as lead counsel. The Austrian transaction was structured and coordinated by a team at CHSH led by managing partner Dr. Albert Birkner (Corporate/M&A) and Senior Associate Mag. Elisabeth Strobl (Corporate/M&A, Real Estate). The team also consisted of CHSH partner Mag. Mark Krenn (IP), Dr. Stephan Huber (Public Sector) as well as senior associates Mag. Barbara Klinger (Employment), Dr. Michael Mayer (Merger Control) and Dr. Katerina Schenkova (Merger Control) and associates Mag. Christopher Peitsch (Employment) and Mag. Nadine Leitner (Corporate/M&A).