Travers Smith LLP has acted on the £1.07 billion acquisition of HellermannTyton Group plc by global auto supplier Delphi Automotive plc. Working alongside lead counsel Skadden, Arps, Slate, Meagher & Flom LLP, Travers Smith’s team, comprised of partner Mahesh Varia and associate Kevin Donegan, advised HellermannTyton, a global manufacturer of cable management solutions, on the employee incentives aspects of the transaction.
Delphi has agreed to acquire HellermannTyton for 480 pence in cash per share, which values the transaction at approximately £1.07 billion. The transaction is expected to close in the fourth quarter of 2015, subject to regulatory consents and approval by HellermannTyton’s shareholders. Upon completion, HellermannTyton will become part of Delphi’s Electrical/Electronic Architecture segment.
The acquisition of HellermannTyton will enhance Delphi’s already strong relationships with key global automakers and provide access to HellermannTyton’s non-automotive end markets. The company has a strong track record of successfully integrating new businesses and believes it will be able to achieve synergies of approximately $50 million per year by the end of 2018 through sourcing savings, supply chain savings and leveraging the combined product portfolio.
Other advisers on the transaction included Linklaters who acted for Delphi.