DLA Piper and TKL in 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 brake systems for rail and commercial vehicles, on the acquisition of a majority stake in Cojali. The parties have agreed on a purchase price of €200 million for the 55% majority stake. Completion of the transaction is subject to customary conditions, including approval by the appropriate antitrust authorities.

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

Cojali is a Spanish company that operates 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. Currently, the company has a workforce of around 495 employees.

The Knorr-Bremse in-house legal team that has advised on the transaction has been led by Christian Vornehm, Head of Corporate Legal M&A/Antitrust.

The DLA Piper team that has advised on the transaction has been led by Joaquín Echánove, Corporate/M&A partner in Spain, together with Gerald Schumann, Corporate/M&A partner in Munich. Other members of the advisory team include Luis Borrero, legal director, and Cristina Quintana, associate, both from the Corporate/M&A department of the Madrid office. Joaquín Hervada and Rafael Maldonado, Litigation and Regulatory Partner and Senior Associate respectively, have advised on competition matters.

Joaquín Echánove, Corporate/M&A partner who has led the deal, comments: “We are delighted to be able to help Knorr-Bremse in its strategic M&A operations.”

TKL Abogados – Think Legal has advised some of the sellers who are remaining with a minority stake in Cojali. The TKL Abogados – Think Legal team advising on the transaction was led by Eduardo Lucas, Corporate/M&A partner of the firm, and comprised Marta Ocaña, senior associate from the Corporate/M&A department.