GÖRG Advises Punch Powertrain Group on Acquisition of Insolvent Automotive Supplier TEG

20.10.2017

[Hamburg, ] GÖRG Partnerschaft von Rechtsanwälten mbB advised Belgium’s Punch Powertrain N.V. (Punch Powertrain) on the acquisition of the entire assets of the insolvent automotive supplier TEG Technische Entwicklungsgesellschaft mbH (TEG). TEG maintains its principal place of business in Lehre, which is located near Braunschweig in the state of Lower Saxony.

GÖRG structured and established Punch Powertrain Germany GmbH, the German acquisition vehicle for the client. Additionally, GÖRG handled the due diligence review of the target company for the buyer and negotiated and notarized the purchase agreement with the insolvency administrator. As in the case of many distressed M&A transactions, the biggest challenge here was to complete the transaction as quickly as possible in order to be able to retain as many of the company’s highly qualified employees as possible.

GÖRG’s practitioners devoted special attention to agreements with automotive customers and the company’s own suppliers in the course of the transaction as well as to real estate issues. The focus of the review of labor issues and structuring was intended to retain the company’s entire workforce and avoid the loss of employees to other companies. 

The Punch Powertrain Group

Punch Powertrain is an independent single-source supplier of complete, fuel-saving powertrains. With over 40 years’ experience in the production of continuously variable transmissions (CVTs), Punch Powertrain also markets electric powertrains for new energy vehicles such as plugin hybrids (PHEVs) and electrical vehicles (EVs) as well as dual-clutch transmissions (DCTs).

Advisors

GÖRG Partnerschaft von Rechtsanwälten mbB
Dr. Frank Evers, Partner, M&A / Corporate, Hamburg
Burkhard Fabritius, Partner, Labour and Employment, Hamburg
Dr. John-Patrick Bischoff, LL.M., Associated Partner, M&A / Corporate, Hamburg
Adrian Kesting, Associate, M&A / Corporate, Hamburg
Rolf-Alexander Markgraf, Associate, Labour and Employment, Hamburg

GÖRG Newsletter

We inform you about current legal developments in the areas that are relevant to you.

Please subscribe to receive our newsletter.

We're using cookies to statistically monitor the usage of our website.

OK Deny tracking Privacy policy