Baker McKenzie Austria has advised Worthington Enterprises (NYSE: WOR), a leading designer and manufacturer of consumer and building products, on the sale of a 49% stake in its alternative fuels business, Sustainable Energy Solutions (SES), to Norway based Hexagon Composites ASA (OSE: HEX).
This transaction follows the successful formation of a joint venture in May 2024, in which Hexagon Composites acquired a 49% stake in Worthington’s Sustainable Energy Solutions business segment.
SES is a leading European supplier of high-pressure cylinders and systems for the storage and distribution of compressed gases. Its alternative fuels business, SES Composites, manufactures composite cylinders and systems in Słupsk, Poland, and operates a valve assembly facility in Burscheid, Germany. The industrial gas business, which produces steel cylinders from SES’ facility in Kienberg, Austria, will remain in joint ownership.
The transaction involves a complex carve-out and pre-closing demerger procedure and is expected to close by the end of Q3 2025.
The transaction is valued at an enterprise value of EUR 11.7 million (100% basis) and will be settled through a combination of Hexagon Composites and Hexagon Purus shares.
The Baker McKenzie team included Claudia Fochtmann-Tischler (Partner, Corporate / M&A, Vienna), Edmund Schuster (Counsel, Corporate / M&A, Vienna), Sophie Schubert (Senior Associate, Corporate / M&A, Vienna), Jakob Jaritz (Associate, Vienna), Ladislav Bulajcsik (Senior Associate, Corporate / M&A, Vienna), Philipp Stanek (Counsel, Tax, Vienna) and Nina Lenhard (Senior Associate, Antitrust/FDI, Vienna).
This transaction follows the successful formation of a joint venture in May 2024, in which Hexagon Composites acquired a 49% stake in Worthington’s Sustainable Energy Solutions business segment.
SES is a leading European supplier of high-pressure cylinders and systems for the storage and distribution of compressed gases. Its alternative fuels business, SES Composites, manufactures composite cylinders and systems in Słupsk, Poland, and operates a valve assembly facility in Burscheid, Germany. The industrial gas business, which produces steel cylinders from SES’ facility in Kienberg, Austria, will remain in joint ownership.
The transaction involves a complex carve-out and pre-closing demerger procedure and is expected to close by the end of Q3 2025.
The transaction is valued at an enterprise value of EUR 11.7 million (100% basis) and will be settled through a combination of Hexagon Composites and Hexagon Purus shares.
The Baker McKenzie team included Claudia Fochtmann-Tischler (Partner, Corporate / M&A, Vienna), Edmund Schuster (Counsel, Corporate / M&A, Vienna), Sophie Schubert (Senior Associate, Corporate / M&A, Vienna), Jakob Jaritz (Associate, Vienna), Ladislav Bulajcsik (Senior Associate, Corporate / M&A, Vienna), Philipp Stanek (Counsel, Tax, Vienna) and Nina Lenhard (Senior Associate, Antitrust/FDI, Vienna).
Explore Our Newsroom