Baker McKenzie advised global air conditioning specialist, Trane Technologies, a global publicly traded company (NYSE: TT) for innovative air conditioning technology, on a strategic investment in Kieback&Peter Group (“K&P”), a European market leader in building automation software and solutions based in Berlin.
Trane Technologies will acquire a minority stake of 49% in K&P and has the option to acquire full ownership after three years. The agreement also includes a commercialization agreement. This enables both companies to work together in new ways and to market their complementary solutions to each other’s customers. The transaction is expected to be completed in the coming months. The transaction is subject to regulatory approvals.
Dr. Florian Kästle, one of the lead partners in the transaction, commented:
Thanks to our cross-practice group and cross-country team, we were once again able to support our long-standing client Trane Technologies in a significant transaction for them. The investment in K&P gives Trane Technologies access to innovative building automation software and the opportunity to realize synergies in the development of sustainable climate solutions, and to significantly expand its sales network. We are thus contributing to strengthening our client’s market position and implementing its growth strategy.
Trane Technologies, based in Swords, County Dublin, Ireland, provides efficient and sustainable climate solutions for buildings, homes and the transportation sector through its strategic Trane® and Thermo King® brands, and its portfolio of green products and services. Since 2019, Trane Technologies has reduced its customers’ carbon dioxide emissions by 237 million tons.
K&P combines intelligent building technology, data-based services and multiple synergy effects to create sustainable solutions. Founded in Berlin in 1927, the long-established company with around 1,500 employees and 50 locations worldwide secures and expands the value of buildings and business models.
Baker McKenzie’s Corporate/M&A practice regularly advises on national and international transactions. Most recently, Baker McKenzie advised Copeland on the acquisition of SPH Sustainable Process Heat; ResInvest on the acquisition of Onyx Power; AURELIUS on the acquisition of Landis+Gyr’s EMEA business; Knorr-Bremse on the acquisition of duagon Group; Cheyne Capital on the refinancing of Kaffee Partner; JD.com on the acquisition of Ceconomy; VINCI Energies on the acquisition of the R+S Group and on the acquisition of the Zimmer & Hälbig Group; Bristol Myers Squibb on the transfer of Juno Therapeutics to TQ Therapeutics; Georg Fischer on the acquisition of the VAG Group; AURELIUS on the acquisition of Teijin Automotive Technologies; Centric Software on the acquisition of Contentserv Group; Fagron Group on the acquisition of Euro OTC & Audor Pharma; and Berlin Packaging (a portfolio company of Oak Hill Capital Partners and Canada Pension Plan Investment Board) on the acquisition of RIXIUS AG.
Legal adviser to Trane Technologies
Baker McKenzie
Lead:
Corporate/M&A: Dr. Florian Kästle (partner), Dr. Peter Wand (partner, both Frankfurt)
Team:
Corporate/M&A: Denise Tayler (senior associate), Dominic Böschen (associate) (both Frankfurt)
Real Estate: Dr. Niklas Wielandt (partner, Frankfurt)
Commercial & Trade: Katharina Spenner (partner, Munich), Joachim Fröhlich (counsel, Munich), Dr. Maximilian Voll (counsel, Berlin)
Employment: Dr. Felix Diehl (partner), Dr. Sebastian F. Pfrang (senior associate), Jan Kammler (associate), Annika Kißener (associate) (all Frankfurt)
IP: Dr. Markus Hecht (counsel, Frankfurt)
IT: Dr. Michaela Nebel (partner, Frankfurt)
Public Law: Dr. Alexander Ehrle (senior associate, Berlin)
Support was also provided by over 100 other lawyers in the Baker McKenzie offices in Amsterdam, Brussels, Casablanca, Cairo, Madrid, Milan, Paris, Rome, Shanghai, Vienna and Zurich.