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Baker McKenzie has acted as lead legal counsel to Swiss chemical group Sika in the context of its binding offer for the acquisition of Parex, a France-based business owned by financial sponsor CVC Capital Partners. This transaction is based on a total enterprise value for Parex of CHF 2.5 billion (roughly EUR 2.2 billion).

A leading manufacturer of speciality chemicals, Sika has an international footprint with establishments in more than 100 countries throughout the world. In 2018, the group generated sales of CHF 7.09 billion. 

Parex is one of the leading players in construction chemicals and a supplier of speciality solutions for renovation and new builds, generating CHF 1.2 billion in sales in 2018.

Commenting on the deal, corporate partner Alyssa Auberger said, "We are delighted to have worked with Sika on this strategic transaction, which will further strengthen its leading position in the construction chemicals and industrial adhesives sector."

Stefan Moesli, Group General Counsel of Sika, said, "For the last 20 years I have enjoyed a true partnership with Baker McKenzie. Again with this transaction I have been impressed with the high quality of their work and their outstanding commitment. We look forward to working again with Baker McKenzie on our next project."

The closing of the transaction is expected to take place during the second or third quarter of 2019, subject to approval by regulatory authorities.

Baker McKenzie's international deal team was led by corporate partners Alyssa Auberger (Paris), Guillaume Nataf (Paris), Dr. Florian Kästle (Frankfurt) and Alan Zoccolillo (New York), with support from environmental partner John Watson (Chicago) and antitrust partner Nicolas Kredel (Frankfurt), and associates Markus Broesamle (Frankfurt), Clara Dust (Frankfurt), Solenne Gilles (Paris), Michelle Heisner (New York), Jason Kramer (New York), Anja Palatzke (Frankfurt) and Jessica Wicha (Chicago).

Parex was advised by Weil, Gotshal & Manges.

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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