Baker McKenzie acted as lead legal advisor to Canadian off-the-road (OTR) tire and track maker Camso on its sale to French tire maker Michelin for an enterprise value of USD 1.7 billion.

Post-acquisition, the OTR operations of Michelin and Camso will be combined to form a new division to be managed from Camso’s Quebec headquarters. This combination will benefit from the complementary positioning of the two companies’ product and service offerings, creating a leading global player in the OTR market. 

In operation since 1982, Camso is a leader in designing, manufacturing and marketing OTR mobility solutions, including tracks and tires. Reporting net sales of USD 1 billion, Camso has grown at an average pace of 7 percent a year since 2012.

Commenting on the deal, corporate partner Charles Magerman said, “We are delighted to have worked with Camso on this highly important transaction, which sees Camso and Michelin joining forces to create the global leader in OTR mobility solutions. The transaction has illustrated the ability of Baker McKenzie to work across practice areas and borders to successfully execute a multijurisdictional, market-leading M&A deal in the manufacturing sector.  I am very proud of our team and the value that we delivered to the client.”   

Catherine Conides, Camso’s General Counsel, said, “The Baker McKenzie team were instrumental in helping us negotiate and close the transaction. Their vast experience with multijurisdictional transactions was a huge plus, they were practical and helped us to smoothly navigate complex issues.”     

The Baker McKenzie team advised on all aspects of the transaction, which spanned 28 jurisdictions worldwide. The team was led by corporate partners Charles Magerman and Nancy Hamzo in Toronto, with support from, among others, corporate associates Bonnie Tsui and Haran Viswanathan in Toronto, employment partner Chris Guldberg and associates Elizabeth Ebersole and Jenna Neumann in Chicago, tax partners Peter Clark in Toronto and Imke Gerdes in New York, antitrust and competition partner Gavin Bushell and associate Luca Montani in Brussels, real estate counsel Anne Sedgwick in Toronto, environmental partner Jonathan Cocker in Toronto and intellectual property partners Stephanie Vaccari and Christopher Aide in Toronto. Local Quebec firm Lavery DeBilly also assisted in the transaction.

This transaction is the latest example of the work of Baker McKenzie and its associated offices in acting as lead legal advisor on strategic, high value M&A transactions, following on from Unilever’s recent USD 5.2 billion agreement to acquire the Health Food Drinks portfolio of GlaxoSmithKline in India, Bangladesh and 20 other predominantly Asian markets; the USD 4.9 billion merger of Alawwal bank and The Saudi British Bank; Thor Industries, Inc’s acquisition of Germany-based Erwin Hymer Group for EUR 2.1 billion; Mitsubishi UFJ Trust and Banking Corporation’s USD 2.9 billion acquisition of Colonial First State Global Asset Management; and LafargeHolcim’s USD 1.75 billion disposal of its interest in Holcim Indonesia to Semen Indonesia.

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 provide an end-to-end service that helps 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.
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