Leading global law firm Baker McKenzie has advised international automotive parts manufacturer Faurecia on its proposed USD $1.25 billion acquisition of Japanese car navigation system maker Clarion from Hitachi through a cash takeover offer. Hitachi intends to tender its 63.8% controlling stake in Clarion to the takeover offer. The transaction is expected to complete in the first quarter of 2019 subject to customary regulatory approvals.
Founded in 1997, Faurecia has grown to become a major player in the global automotive industry. With 290 sites including 30 R&D centers and 109,000 employees in 35 countries, Faurecia is now a global leader in its three areas of business: automotive seating, interior systems and clean mobility.
Clarion is a major Japanese supplier of in-vehicle-infotainment (IVI) and full digital audio systems, HMI and advanced driver assistance systems, connectivity and cloud-based services.
Commenting on the deal, Stéphane Davin, Head of M&A for EMEA at Baker McKenzie, says "We are delighted to be advising Faurecia in this transaction which will accelerate its strategy to become a world leader in electronic cockpit systems".
Hideo Norikoshi, Head of M&A for Asia Pacific at Baker McKenzie, added "This is another great example of how Baker McKenzie seamlessly combines our expertise across the world to navigate local regulations and provide deal certainty for our clients in strategically important transactions".
The cross-border Baker McKenzie team is led by M&A partners Hideo Norikoshi, Kiyoshi Endo (Tokyo), Stéphane Davin and François-Xavier Naime (Paris). Werner Berg (Brussels) is in charge of the antitrust aspects. Counsel Tetsuro Sato and associates Masahiro Inaba, Aliki Benmayor, Sophia Real, Giuliano Lastrucci and Madalina Asandului also work on the transaction.
Baker McKenzie is one of the leading firms for cross-border transactions, providing strategic advice on deals involving the world’s leading financial institutions and multinational companies. From deal inception to business integration, we help clients bridge the gap between aspiration and achievement. The Firm leads and closes three deals a day with expertise spanning banking and finance, capital markets, corporate finance, funds, M&A, private equity and projects. The combination of deep sector expertise, and our ability to work seamlessly across each of the countries where we operate, means we add unique value in shaping, negotiating and closing the deal.
This is the latest example of the work of Baker McKenzie and its associated offices in advising on high value and complex M&A deals, following on from the recent USD 4.9 billion merger of Alawwal bank and The Saudi British Bank, and the USD 2.1 billion acquisition of Germany-based Erwin Hymer Group by Thor Industries, Inc.