Wienerberger A.G., an Austrian provider of smart solutions for the entire building envelope and innovative infrastructure solutions listed on the Austrian Traded Index (ATX), has acquired the businesses of Terreal located in France, Germany, Italy, Spain, and the USA, as well as the German and Benelux businesses of Creaton, acquired by Terreal in 2020.
Over 150 years old, Terreal is a European supplier of innovative roof and solar solutions headquartered in France with 3,300 employees globally. The acquisition of the Terreal businesses would represent annual revenues of approximately €740 million in 2022.
The transaction, which is expected to close in the course of 2023, will be financed by cash-on-hand, bank loans, and Wienerberger Treasury stock and is subject to approval by the competition authorities.
The transaction was led by E+H partner Josef Schmidt, member of the Corporate + M&A practice group, and attorney-at-law Steve Jeitler, who jointly coordinated a team of law firms in various jurisdictions. Cross-border advice was provided in France in cooperation with Latham & Watkins and ADVANT Altana, in Germany with ADVANT Beiten, in Spain with Garrigues, in Italy with Masotti Cassella, in the US with Holland & Knight, and in Belgium with Stibbe. The merger control work stream was led by ADVANT Beiten (Berlin, Munich)
Latham & Watkins advised Wienerberger on the Corporate French Law aspects with a Paris team led by partners Thomas Forschbach and Alexander Benedetti, together with associates François Blanchet and Eliott Fourcade.
ADVANT Beiten advised Wienerberger with partner Dr. Mario Weichel took over the German part, together with a multidisciplinary team.
Garrigues advised Wienerberger in Spain with a team made up of partner Silvestre Arana, principal associate Teresa Bocos and associate Sofía Rubiales.