US duo rev up for Fiat Chrysler's €6.2bn car component business sale
The company is selling its car components business, Magnetti Marelli, to Japanese parts manufacturer Calsonic Kansei
October 22, 2018 at 08:24 AM
2 minute read
US firms Simpson Thacher & Bartlett and Sullivan & Cromwell are advising on the €6.2bn (£5.5bn) sale of Fiat Chrysler Automotive's (FCA) car components business, Magnetti Marelli, to Japanese parts manufacturer Calsonic Kansei.
The new company will operate under the name Magneti Marelli CK Holdings and, according to FCA, will create the world's seventh largest global automotive components supplier, based on total revenues of €15.2bn.
Head of Simpson Thacher's Tokyo office David Sneider and Hong Kong partner Ian Ho are advising Calsonic Kansei, which is owned by US private equity firm Kohlberg Kravis Roberts (KKR).
Dentons is also advising Calsonic Kansei with a team led by London corporate partners Jayne Schnider and Stephen Levy and including Italian head of corporate Stefano Speroni and Berlin corporate partner Thomas Schubert.
Sullivan & Cromwell is advising FCA, with New York partners Scott Miller and Davis Wang, and London partner Juan Rodriguez, acting for the company. Miller has a longstanding relationship with the company, having represened legacy company Fiat since Sergio Marchionne took over as Fiat's chief executive in 2004. Miller later advised on the merger between Fiat and Chrysler in 2009.
KKR is a longstanding client of Simpson Thacher. Last month, the firm's London office advised the company on the €2.6bn sale of a majority stake in media and comms company United Group with a team led by high yield partner Nick Shaw. London private equity partner Ian Barratt and M&A partner Clare Gaskell also advised the company on its £6.5bn acquisition of Unilever's spreads division in 2017.
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