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Clifford Chance Advises Bang & Olufsen on the Divestment of Czech Subsidiary

Clifford Chance Advises Bang & Olufsen on the Divestment of Czech Subsidiary

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Clifford Chance's Prague office has advised Danish electronics company Bang & Olufsen on the divestment of its Czech subsidiary, Bang & Olufsen, s.r.o., to its long-term partner Tymphany Acoustic Technology HK Limited.

According to a Clifford Chance press release, as part of the transaction, Tymphany Acoustic Technology will produce Bang & Olufsen products in the factory in Koprivnice, in the Czech Republic, "as a trusted and selected supplier of Bang & Olufsen." All of Bang & Olufsen's Czech workforce will be transferred to Tymphany Acoustic Technology, Clifford Chance reports, "ensuring the delivery of the innovative, high-end audiovisual solutions for which the Bang & Olufsen brand is renowned."

The closing of the transaction is subject to the approval of the Czech competition authorities and is expected in Q2 2017.

The Clifford Chance team was led by Partner David Kolacek, supported by Associate Aneta Sosnovcova and Tax Advisor Petr Sebesta.

Image Source: bang-olufsen.com

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Our clients include large international companies, leading Czech and Slovak firms, including strategic state-owned companies and public sector authorities, as well as medium-size businesses, individual entrepreneurs, and investors. We advise approximately 100 of the Fortune 500 companies, and almost 50 of the Czech Top 100 companies. HAVEL & PARTNERS currently provides its services to a total of 2,000 clients. We have the most comprehensive international support available to both Czech and Slovak law firms. We provide legal and tax advice in 12 world languages in more than 90 countries around the globe. Up to 70 % of the transactions we deal with involve an international aspect.

HAVEL & PARTNERS was named the best law firm operating in the Czech Republic by the prestigious British rating agencies Chambers and Partners (2020) and Who’s Who Legal (2018, 2019). It is also the most successful law firm, providing the most comprehensive legal services in the Czech Republic and Slovakia, based on the total number of all nominations and awards in all years of the Law Firm of the Year awards. The firm became the absolute winner of this competition four times in the last six years, receiving the main award Domestic Law Firm of the Year in the Czech Republic (2015, 2017, 2018, 2020) and ranking as one of the most recommended law firms in all categories of law. Our company is also a three-time winner of the Law Firm of the Year award for Best Client Services (2015, 2016, 2019). In the field of M&A, HAVEL & PARTNERS is the best law firm in the Czech Republic based on the annual International Advisory Experts awards (2018, 2019). In Slovakia, it also won the prestigious global M&A Today Awards (2013–2018) for Mergers & Acquisitions six times in a row, and repeatedly won first place in the ranking by Lawyer International Legal 100 (2017, 2018). Prestigious international rating agencies EMIS DealWatch and Mergermarket have ranked HAVEL & PARTNERS among the leading law firms by the number of transactions completed in the entire CEE region since 2009. Based on annual awards of the Acquisition International magazine, HAVEL & PARTNERS has become the Law Firm of the Year 2019 in the M&A category in the CEE region.

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