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