Mayer Brown advises Lear Corporation on acquisition of Kongsberg Automotive’s Interior Comfort Systems Business Unit

Mayer Brown has advised Lear Corporation (NYSE: LEA), a global automotive technology leader in Seating and E-Systems, on its acquisition of substantially all of Kongsberg Automotive’s Interior Comfort Systems (ICS) business unit.

Kongsberg Automotive’s ICS business unit is a leader in automotive comfort seating solutions, including massage, lumbar, seat heat and ventilation, with production sites across Europe, China, India and the US.

Under the terms of the deal, Lear will acquire Kongsberg Automotive’s ICS business unit for €175 million, on a cash and debt free basis. The transaction, subject to regulatory approvals and other customary closing conditions and adjustments, is expected to close in the first quarter of 2022. Market dependent, the acquisition is expected to be funded through debt financing.

Kongsberg Automotive’s ICS business unit brings operational leadership personnel and more than 3,800 employees globally from its production, engineering and sales facilities throughout Asia, Europe and North America and is expected to generate approximately US$300 million in revenue in 2021.

Mayer Brown has successfully advised Lear Corporation in Germany and UK for several years on several M&A transactions, joint ventures corporate and commercial matters.

The Mayer Brown team was led by Corporate & Securities partners Dr. Marco Wilhelm (Frankfurt) and Bob Palmer (London) and included: Corporate & Securities – partners Richard Smith and Andrew Stewart (both London), Dr. Ulrike Binder (Frankfurt), , Esther Chang (Chicago), counsel Dr. Malte Richter (Frankfurt), senior associates Tina Hoffmann, Stefanie Skoruppa (both Frankfurt) and Katrina Murphy, associates Priya Mistry and Alexander Sperling (all London), Stephanie Coirin (Chicago) and Thomas Wu (Palo Alto); Tax Transactions & Consulting – partners Volker Junge (Frankfurt), Simon Rose (London), Zal A. Kumar (New York), Remmelt Reigersman (Palo Alto), counsel Kitty Swanson and senior associate Kirsten Hunt (both London); Employment & Benefits – partners Christopher Fisher, Miriam Bruce, Jay Doraisamy (all London) and Ryan Liebl (Chicago), counsel Vanessa Klesy and Björn Vollmuth (both Frankfurt), senior associates Svenja Fries (Frankfurt), George Carr, Katherine Fox and Liam Kellett (all London), associates Marius Höfler (Frankfurt), Allegra Dowley and Ann Robson (both London); Intellectual Property – partners Christoph J. Crützen (Frankfurt), Mark Prinsley (London), Clayton McCraw and Tripp Fussell (both New York) and Kristine M. Young (Chicago), counsel Konstantin von Werder (Frankfurt), associates Benjamin Beck (Düsseldorf), Seth Bruneel (Washington) and Leigh K.Y. Tong (Hong Kong); Litigation & Dispute Resolution – partner Luiz Aboim (London), senior associate Christine Merkel (Frankfurt), associates Matthias Jannausch (Düsseldorf), Samantha Green and Rhys Morgan (both London); Real Estate – counsel Elmar Günther and Andreas Hilfrich (both Frankfurt), Robert Patterson (London) and Philip Runkel (Charlotte), senior associate Benjamin Schulz (Frankfurt), associates Hannah Bommes, Christian Gerhards (both Frankfurt) and Isabel Hershman (London).