Baker McKenzie advised MicroVision, a MEMS-based solid-state automotive lidar and advanced driver-assistance systems (ADAS) solutions, on the acquisition (asset deal) of the business of Hamburg based Ibeo Automotive Systems out of insolvency. The acquisition combines MAVIN lidar with Ibeo perception software features into the MicroVision ASIC for automotive OEMs.
The closing of the acquisition, expected to occur during the first half of 2023, is subject to FDI clearance from the German Ministry of Economics and Climate Protection.
"The acquisition will enable MicroVision to accelerate its timeline around the delivery of a complete lidar and perception software solution. With our cross-border team we were able to contribute to the closing of the transaction efficiently and seamlessly across the various jurisdictions according to our client's goals," commented Tino Marz, co-lead of the transaction.
MicroVision is a pioneering company in MEMS-based laser beam scanning technology that integrates MEMS, lasers, optics, hardware, algorithms and machine learning software into its proprietary technology to address existing and emerging markets. MicroVision's integrated approach uses its proprietary technology today to develop automotive lidar sensors and provide solutions for advanced driver-assistance systems (ADAS), leveraging its experience building augmented reality micro-display engines, interactive display modules, and consumer lidar modules.
Ibeo Automotive Systems GmbH is a well-established lidar hardware and software provider with the team that developed and launched the SCALA sensor into serial production with a Tier 1 that is today used by premium OEMs like Audi, Mercedes and Stellantis and software solutions used by BMW and VW, to name a few. The experienced Ibeo team has also innovated in OEM qualified software including auto-annotation, validation, and perception solutions. They have also done advanced development in software required for autonomous driving (AD). Ibeo has a very impressive team, and the combined company has a common DNA in innovation and execution, with more than 700 patents globally.
Baker McKenzie's Corporate/M&A and Restructuring & Insolvency team regularly advises on domestic and international transactions outside and inside of insolvency. Most recently, Baker McKenzie advised, among others, Trane Technologies on the acquisition of AL-KO Air Technology, Pacoma on the sale to L&P, Deutsche Beteiligungs AG (DBAG) on its investment in vhf Group, VINCI Energies S.A. on the acquisition of parts of Kontron AG, AURELIUS on the acquisition of AGFA Offset Solutions and of Footasylum from JD Sports, FUNKE Digital on the acquisition of Baseplus DIGITAL MEDIA GmbH, Knorr-Bremse AG on the sale of its stake in Haldex AB to SAF-Holland SE, Siemens on the sale of its Commercial Vehicles business to Meritor, Kerry Group plc on the acquisition of c-LEcta, Celanese on the acquisition of DuPont's Mobility & Materials business and Sika AG on the acquisition of the MBCC Group.
Legal advisor to MicroVision:
Corporate/M&A: Tino Marz (M&A, counsel,Munich), Artur M. Swierczok (Restructuring & Insolvency, counsel,Frankfurt)
Corporate/M&A: Barry Chang (partner, Palo Alto)
Anti-Trust: Nicolas Kredel (partner, Dusseldorf), Florian Kotman (associate, Dusseldorf), Ricarda Brandhorst (associate, Dusseldorf)
Employment/Pension: Christian Reichel (partner, Frankfurt)
IP: Patrick Wilkening (partner, Dusseldorf)
Public Law/FDI: Kimberley Fischer (associate, Berlin)
Tax: Erik J. Christenson (partner, San Francisco), Imke Gerdes (partner, New York)