CMS advises SGB-SMIT on the acquisition of a majority stake in the Serbian transformer manufacturer COMEL Transformatori

Hamburg/Belgrade – SGB-SMIT International GmbH has signed an agreement to acquire a majority stake in COMEL Transformatori d.o.o., based in Belgrade (Serbia). With this transaction, the SGB-SMIT Group is strengthening its presence in the European market for power transformers and consistently pursuing its international growth strategy. The transaction is currently still subject to approval by the competition authorities. The transaction is expected to close in the second half of 2026.

A CMS team led by Dr Jacob Siebert and Tobias Kalski provided comprehensive legal advice to the SGB-SMIT Group on the cross-border transaction. The Serbian CMS team was led by Maja Stepanović. CMS's advice focused in particular on the legal structuring and negotiation of the transaction, as well as on clarifying issues relating to company law, competition law and tax law.

The partnership combines COMEL's regional market presence and technical expertise with the SGB-SMIT Group's global engineering expertise, international sales network and production and supply chain capabilities. The aim is to further strengthen the company's market position, particularly in the area of power transformers, and to tap into additional growth opportunities in South-Eastern and Eastern Europe.

COMEL Transformatori d.o.o. develops, produces and markets power transformers for energy suppliers, industrial companies and infrastructure projects across Europe. 

SGB-SMIT GmbH, with its headquarters in Regensburg, Germany, is a portfolio company of One Equity Partners, a globally operating US-based private equity investor. The SGB-SMIT Group is one of Europe's leading independent transformer manufacturers.

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