Transaction: Brose and Volkswagen
Wardyński & Partners is advising the German group Brose in a planned joint venture with Volkswagen to establish a key global system supplier for vehicle seats and interior concepts.
The Volkswagen subsidiary Sitech will become part of the joint venture, and Brose will hold a 50% stake in the company. The parties have agreed that Brose will take over industrial leadership and consolidate the joint venture for accounting purposes.
The joint venture’s business is expected to double by the end of the decade compared to Sitech’s current sales, and the workforce is expected to grow by a third during the same period. Sitech anticipates sales of around EUR 1.4 billion during the current fiscal year, generated by a workforce of over 5,200. The joint venture is expected to double business volume to EUR 2.8 billion by 2030. The number of employees is expected to rise to around 7,000.
In cooperation with Gleiss Lutz and Hennerkes Kirchdörfer & Lorz, the firm is advising Brose on all Polish aspects of the transaction, led by Anna Dąbrowska and Bartosz Kuraś with the help of, among others, Kinga Ziemnicka, corporate, Katarzyna Magnuska, employment, Dominik Wałkowski, environment, Olga Połowianiuk, real estate, and Lena Marcinoska-Boulangé , intellectual property.
The transaction is still pending antitrust approvals and other standard closing conditions.