PRK Partners, working alongside Luther, has advised the shareholder of the I.G. Bauherin Group on its sale to US automotive supplier Lear Corporation. Mayer Brown reportedly advised the Lear Corporation.
The transaction remains contingent on regulatory approval.
Located in the greater Frankfurt area, the IGB Group has been supplying the automotive industry with electric seat heating systems since 1976. In addition to seat heaters, IGB also offers ventilation systems, active cooling systems, steering wheel heaters, HOD systems, seat sensors, and electronic control modules.
According to PRK Partners, “the transaction covers all locations of the IGB Group in Germany, Canada, China, the Czech Republic, Mexico, Serbia, and Vietnam with more than 4,000 employees and, in particular, the existing customer contracts and customer relationships.”
PRK Partners’ team included Senior partner Jan Kohout and Attorneys Norbert Hink and Shiyang Zhang.