Faurecia, a company of the FORVIA Group, has received a firm and binding commitment from the Motherson Group to acquire 100% of “SAS” Cockpit Modules division, a leading global provider of assembly and logistics services for the automotive industry, based on an enterprise value of €540 million. Motherson is a diversified manufacturing specialist and one of the world’s leading automotive Group. The transaction would complement its Modules and Polymer Products portfolio.
Faurecia’s SAS cockpit modules division is a leading global provider of assembly and logistics services for the automotive industry. SAS Group has strong customer relationships with leading European and American OEMs and employs more than 5,000 employees in over 24 production sites in Europe, Asia and the Americas.
With the acquisition, Indian Motherson Group, a diversified global manufacturing specialist and one of the world’s largest and fastest-growing automotive suppliers for OEMs, aims to further diversify its customer base and products and become a leading global manufacturer of cockpit modules, with a focus on electronic vehicle models.
The enterprise value is €540 million. The project remains subject to information respectively consultation with employee representatives. The completion of the proposed transaction is subject to regulatory approvals and is expected between July and September 2023.
Hogan Lovells led the advice with Munich partner Dr Nikolas Zirngibl and Paris partner Xavier Doumen, together with teams from Dusseldorf, Frankfurt, Hamburg, Madrid Mexico City, Beijing, São Paulo, Washington and New York.
The Hogan Lovells Madrid team was formed by partner and head of the Corporate and Commercial practice of Hogan Lovells’ Madrid office Alex Dolmans, associate Carlos Beltrán Tárrega and junior associate Eugenia Álvarez-Pedrosa (all Corporate/M&A), along with junior associate Carlos Sánchez (Real Estate), Employment associate Olga Albalá and Energy associate Borja Fernández Burgueño.
The Motherson in-house team included Sandrine Waechter (head of Legal Affairs, chairman office Europe), María Fernanda Gutiérrez Reyes (senior associate Legal Affairs) and Kristina Hagen (director Tax, Europe, chairman’s office Europe)