Latham & Watkins Advises Siemens on the Planned Acquisition of Mechanical Engineering Supplier Dresser-Rand

Deal value totals approximately $7.6 billion.

September 24, 2014

Latham & Watkins LLP advised Siemens AG on the agreement to acquire NYSE-listed mechanical engineering manufacturer Dresser-Rand (NYSE: DRC) in close cooperation with Siemens’ in-house legal team. Dresser-Rand, based out of Houston, Texas, specializes in custom-engineered high-speed rotating equipment, such as compressors, steam and gas turbines, chiefly for the oil, gas and energy industries. In a friendly takeover bid, Siemens proposes to purchase all issued and outstanding common shares of Dresser-Rand at a price of USD 83 per share in cash, totaling a transaction value of approx. USD 7.6 billion. The transaction is expected to be completed by summer 2015. 

Siemens AG (Berlin and Munich) is a global powerhouse in electronics and electrical engineering, operating in the fields of industry, energy and healthcare as well as providing infrastructure solutions, primarily for cities and metropolitan areas. In fiscal 2013, which ended on September 30, 2013, revenue from continuing operations totaled EUR 74.4 billion and income from continuing operations EUR 4.2 billion. At the end of September 2013, Siemens had around 362,000 employees worldwide on the basis of continuing operations. 

Together with the Siemens in-house legal team, the Latham & Watkins team spanned the firm’s New York, Munich, Los Angeles, Washington, D.C., Brussels, Paris, and Madrid offices. 

The Latham team was led by mergers and acquisitions partners Joerg Kirchner and Volkmar Bruckner in Munich and Adel M. Aslani-Far and Eli Hunt in New York. Advice was also provided by Brussels partners Sven Völcker, Michael Egge and Lars Kjølbye on competition matters and New York counsel Ilan Katz and Munich associate Sebastian Pauls on corporate matters. 

The core in-house team at Siemens AG included Andreas C. Hoffmann, General Counsel, and Anton Steiger, Chief Counsel – Corporate and M&A.

 
 
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