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Latham & Watkins Advises Triton on Acquisition of Majority Stake in Renk AG and Public Takeover Offer of RENK AG Shares

February 4, 2020
German team acts on major private equity deal to acquire manufacturer of special gear units and transmissions for tracked vehicles.

Latham & Watkins advised financial investor Triton on the acquisition of 76% of RENK AG's shares from Volkswagen as well as on a voluntary public tender offer to all shareholders of RENK AG to acquire their shares. 

RENK AG is a manufacturer of special gear units and transmissions for tracked vehicles, industrial applications and the shipbuilding industry, as well as components for propulsion technology and test systems, supplying customers all over the world. The Company holds a globally leading position for automatic transmissions for tracked vehicles, gear systems for navy vessels and horizontal slide bearings.

Since its establishment in 1997, Triton has sponsored nine funds, focusing on businesses in the industrial, business services, consumer and health sectors. The Triton funds invest in and support the positive development of medium-sized businesses headquartered in Europe. The 41 companies currently in Triton's portfolio have combined sales of around €16.5 billion and around 80,000 employees.

Latham advised Triton in the transaction with a team led by Munich partner Rainer Traugott, with associate Stephan Hufnagel, Hamburg partner Dirk Kocher and counsel Andreas Lönner. Advice was also provided on tax matters by Munich partner Stefan Süß; by Munich partner Anne Kleffmann and associate Annika Juds on employment matters; by Frankfurt partner Alexandra Hagelüken on finance matters; on corporate matters by Munich associates Corinna Freudenmacher, Andreas Holzgreve, Hendrik Ley, and by Hamburg associates Daniel Kreutzmann and Maximilian Berenbrok; by counsel Jana Dammann and associate Niklas Brüggemann on antitrust matters; and by Frankfurt counsel Joachim Grittmann on regulatory matters, with advice also provided by colleagues in Washington, D.C.