Allen & Overy has advised Saudi Arabian solar company Sun & Life, a subsidiary of ACWA Holding, on the acquisition of the insolvent solar division of the Flabeg Group.
The sellers of the leading solar-mirror manufacturer based in Furth im Wald are Flabeg GmbH, which is managed under a debtor-in-possession scheme, and the insolvency administrator of Flabeg Holding GmbH. The parties agreed not to disclose the purchase price. The transaction is expected to be completed in December 2013.
The Allen & Overy team was led by partner Dr Michael J Ulmer and includes senior associate Dr Sandra Link (both corporate/mergers and acquisitions, Frankfurt), partner Dr Jens Matthes (intellectual property, Düsseldorf), partner Tobias Neufeld and associate Yukiko Hitzelberger-Kijima (both employment and benefits, Düsseldorf), partner Dr Asmus Mihm (tax, Frankfurt) and associate Dr Thorsten Thaysen (public law, Frankfurt).