Latham & Watkins provided US law advice to ABB Ltd (ABB), a leading global technology company, in connection with the spin-off and the SIX Swiss Exchange listing of its turbocharging business, Accelleron Industries AG (Accelleron). Formerly known as ABB Turbocharging, Accelleron is a global leader in turbocharging technologies. Accelleron enjoys a global sourcing network, supporting focused manufacturing operations, which delivers around 10,000 turbochargers every year.
In connection with the spin-off, ABB shareholders receive one share in Accelleron for every 20 ABB shares and the holders of ABB ADRs receive one Accelleron ADR for every 20 ABB ADRs, under a specifically established unsponsored Accelleron ADR program. Accelleron shares started traded on the SIX Swiss Exchange on 3 October 2022.
The Latham team was led by London partner Ryan Benedict and Washington, D.C. partner Paul Dudek, with London associates Daria Latysheva and Jason Hyatt. Advice was also provided on selected spin-off tax matters by New York partner Jocelyn Noll and Los Angeles partner Pardis Zomorodi, with New York associate Sam Yang.