Leading global law firm Baker McKenzie has advised international automotive parts manufacturer Faurecia on the antitrust aspects of its proposed EUR 225 million acquisition (excluding cash) of the 50% share capital that it did not own of SAS Automotive Systems, from Continental. As a result, Faurecia will become the sole owner and controller of SAS Automotive Systems.
The transaction was completed on 30 January 2020, having received approval from competition authorities in the EU, Turkey, Mexico and Brazil in barely three months since the announcement of the transaction. The remarkably rapid outcome is testament to the coordinated efforts of Baker McKenzie's offices in Brussels, Istanbul, Mexico City and Sao Paulo, and the invaluable support and trust of our client.
Founded in 1997, Faurecia has grown to become a major player in the global automotive industry. With 300 sites including 35 R&D centres and 122,000 employees in 37 countries, Faurecia is a global leader in its four areas of business: automotive seating, interior systems, clean mobility and electronics.
SAS Automotive Systems, jointly owned to date by Faurecia and Continental, specialises in the assembly of cockpit and other modules for passenger cars and commercial vehicles. It was established in 1996 and has become a key player in complex interior module assembly and logistics. It manages the cockpit assembly process, ensuring efficient and timely delivery of cockpit modules to vehicle manufacturers. Its revenue in 2019 is estimated to have reached around EUR 700 million.
The acquisition of SAS Automotive Systems will enhance Faurecia's cockpit systems expertise for the Cockpit of the Future. It follows Faurecia's USD 1.25 billion acquisition of Japanese car navigation system maker Clarion from Hitachi, leading to the creation of the Faurecia Clarion Electronics Business Group, where Baker McKenzie also advised Faurecia.
Commenting on the present deal, Fiona Carlin, Chief Executive of Baker McKenzie’s EMEA+ Region, said: "We are delighted to be advising Faurecia again on the antitrust aspects of another transaction which will accelerate its strategy to become a world leader in cockpit systems."
The cross-border Baker McKenzie antitrust team was led by partner Werner Berg (Brussels) and comprised counsel Carlos Martinez Rico and associate Aliki Benmayor in Brussels, partner Raymundo E. Enríquez and associate Gerardo Calderon-Villegas in Mexico City, partner Zumrut Esin and associates Sinan Diniz, Ismail Ozgun and Ceren Seymenoglu in Istanbul, and associate Ursula Bassoukou in Sao Paulo.