Hengeler Mueller, together with the law firm Davis Polk & Wardwell LLP, has advised AUO Corporation (“AUO”) on its acquisition of 100% equity interest in the German company Behr-Hella Thermocontrol GmbH (“BHTC”) at an enterprise value of EUR 600 million.


Through the combination, AUO will be able to integrate resources from both platforms and generate significant synergies through future operations, underscoring AUO’s commitment to its globalization and development strategy of cultivating a smart mobility ecosystem. AUO, based in Taiwan, specializes in particular in display panel products and solutions.


BHTC is a joint venture of MAHLE Behr GmbH & Co. KG and HELLA GmbH & Co. KGaA, with each holding a 50% equity stake. BHTC specializes in the development, manufacturing, and sales of Human Machine Interfaces (HMI), Climate Control (CC) and Electronic Control Units (ECU) for the automotive industry.


The transaction is currently still subject to approval by the relevant foreign trade and antitrust authorities; closing is expected to take place by mid-2024.

 


Hengeler Mueller team for AUO


M&A: Annika Clauss, Frank Burmeister (both partners, both lead), Guglielmo Ziani, Niklas Lewicki, Laurids Schommers (all associates, all Frankfurt),


Employment: Hendrik Bockenheimer (partner), Musa Müjdeci (associate, both Frankfurt),


Antitrust: Christoph Wilken (partner, Brussels), Christian Dankerl (associate, Dusseldorf),


Tax: Gunther Wagner (partner, Munich), Sebastian Adam (associate, Frankfurt),


FDI/Public Law: Jan D. Bonhage (partner), Tassilo Keiber (associate, both Berlin),


IP/IT: Matthias Rothkopf, Andrea Schlaffge (both counsels), Kira Fritsche (associate, all Dusseldorf).


AUO was also advised on this transaction by local counsels Lee and Li (Taiwan), Gonzalez Calvillo (Mexico), Schoenherr (Bulgaria), Cyrill Shroff (India), and Haiwen (China).