Monday, April 15, 2024

DLA Piper advises Knorr-Bremse on the acquisition of a majority stake in Cojali

DLA Piper has advised Knorr-Bremse and its subsidiary Knorr-Bremse Systeme für Nutzfahrzeuge GmbH, a leading global manufacturer of braking systems for rail and commercial vehicles, on the acquisition of a majority stake in Cojali, with part of the sellers counselled by TKL Abogados and DJV Abogados


The parties have agreed on a purchase price of €200 million for the 55% majority shareholding. Completion of the transaction is subject to customary conditions, including approval by the relevant antitrust authorities.

With this acquisition, Knorr-Bremse is investing in the growing market for connectivity applications, while continuing to develop its own digitalisation expertise. In addition to organic growth, Knorr-Bremse seeks to access external technological expertise through mergers and acquisitions, taking advantage of growing markets and emerging developments in the transport industry.

Cojali is a Spanish company operating in more than 115 countries around the world. It is a world leader in the development of technological solutions for traditional diagnostics, remote diagnostics, predictive maintenance, and telematics. It also manufactures components for commercial vehicles. The company currently employs around 495 people.

Joaquín Echánove, the Corporate/M&A partner who led the transaction, commented: “We are delighted to be able to assist Knorr-Bremse in its strategic M&A transactions.”

Knorr-Bremse’s in-house legal team advising on the transaction was led by Christian Vornehm, Head of Corporate Legal M&A/Antitrust.

The DLA Piper team advising on the transaction was led by Joaquín Echánove, Corporate/M&A partner in Spain, together with Gerald Schumann, Corporate/M&A partner in Munich. The transaction has also been advised by Luis Borrero, legal director, and Cristina Quintana, associate, both from the Corporate/M&A department of the Madrid office. Joaquín Hervada, partner in the Litigation and Regulatory department, and senior associate Rafael Maldonado advised on Competition matters.

On the other side, TKL Abogados– Think Legal advised some of the sellers (Cojali’s stakeholders) on the sale and purchase agreement (SPA) and the Shareholders Agreement, with a Corporate / M&A team led by partner Eduardo Lucas, and associate Marta Ocaña. DJV Abogados also advised sellers with a team led by Alberto Suárez Tramón and associate Natalia Area Lecanda.

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