[August 02, 2011] Martinrea International and Anchorage Capital acquire assets of Honsel Tweet Aug 02, 2011 (Datamonitor Financial Deals Tracker via COMTEX) -- Martinrea International, Inc. and Anchorage Capital Group, L.L.C. have acquired all the assets of Honsel AG, a Germany-based supplier of aluminum components for the automotive and industrial sectors, for a consideration of EUR130 million. Martinrea is engaged in production of metal parts, assemblies and modules and fluid systems focused on the automotive sector, while Anchorage Capital is a firm which manages private investment funds. Both the acquirers are based in the US. Updated on May 17, 2011: Martinrea and Anchorage have signed an agreement to acquire all the assets of Honsel for a consideration of EUR130 million. The consideration comprises EUR101 million in cash and the balance in assumed liabilities. Martinrea's cash contribution to the consideration will be approximately EUR56 million. Upon closing, Martinrea will own 55% of the Honsel, with Anchorage owning the remaining 45%. Announcement (May 5, 2011): Martinrea and Anchorage Capital have made a bid to acquire the assets of Honsel. Kirkland & Ellis LLP is acting as legal advisor to Anchorage. Freshfields Bruckhaus Deringer LLP is acting as legal advisor to Honsel. CNC - Communications & Network Consulting AG is acting as PR advisor on this transaction. The transaction is expected to close in July 2011. Deal Value (US$ Million) 183.7 Deal Type Private Equity Sub-Category Institutional Buy-out (IBO) Deal Status Completed: 2011-08-02 Deal Participants Target (Company) Honsel AG - Assets - Germany Acquirer (Company) Martinrea International, Inc. Vendor (Company) HONSEL AG Deal Rationale The acquisition will enable Martinrea to expand geographically into Europe primarily, and also expands its product mix in metal forming. [ Back To TMCnet.com's Homepage ]