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CMS advises Germany1 on acquisition of AEG Power Solutions

CMS has advised Germany1 Acquisition Limited on the proposed acquisition of AEG Power Solutions B.V. ("AEG PS"). On 23 July 2009 Germany1 Acquisition Limited (“Germany1”), a special purpose acquisition company, has signed an agreement to acquire 100% of the shares of AEG PS for cash and shares assuming an enterprise value of €532 million.

The base consideration payable to the sellers consists of €200 million in cash and 19,208,955 registered convertible shares in Germany1.

A cross-border team of CMS lawyers from the Netherlands, Germany, France and the UK acted for Germany1. The Dutch team comprised Reinout Slot, Clair Wermers, Laurens Dalmijn, Cars-Jan van Gool, Katja van Kranenburg, Rogier de Vrey and Gordon Tichelaar.

For over 60 years, AEG PS has been a world leading power electronics company built on world class German and pan European engineering and operational expertise providing market leading technology from its historical base in Belecke, Germany and throughout Europe. With 1,600 employees across 16 countries, AEG PS provides precision, mission critical, highly engineered power electronics solutions for industrial, renewable and infrastructure applications. AEG PS is the world leading supplier of power controllers to manufacturers of polysilicon, a major component of the solar energy industry. In 2008, AEG PS generated revenues of €343 million and EBIT of €56 million.

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