E+H advises the leading international manufacturer of building materials and infrastructure solutions, Wienerberger AG, on acquiring major business units of the Terreal Group, a French headquartered provider of roofing and solar solutions. The acquisition involves the Terreal operations in France, Italy, Spain, and the USA, and the Creaton business in Germany and the Benelux countries.
The Terreal business to be acquired by Wienerberger is expected to generate revenues of EUR 740 million and run-rate EBITDA of EUR 100 million in the 2022 financial year. The enterprise value of the Terreal businesses concerned is EUR 600 million, subject to customary closing adjustments.
The acquisition agreement was signed at the end of December, marking the start of the exclusive negotiation phase. The closing is expected to take place over the course of 2023. 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).
E+H Team
Lead: Josef Schmidt (partner, Corporate + M&A), Steve Jeitler (attorney-at-law ("ständiger Subsitut"), Corporate + M&A)
Team: Peter Winkler (partner, Corporate + M&A), Dominik Juster (partner, Corporate + M&A), Philipp Schrader (partner, Corporate + M&A), Alina Holzer (associate, Corporate + M&A), Alexander Koschell (associate, Corporate + M&A)