EUR 277 million deal: CMS advises Kennametal on purchase of Deloro Stellite

Frankfurt – Kennametal Inc. has signed an agreement to acquire the Deloro Stellite Group from Duke Street Capital. The purchase price is around EUR 277 million. The transaction is currently awaiting approval from the competent authorities. 
A large international team drawn from law firms in the CMS organisation advised Kennametal on all aspects of this complex transaction, led by London-based CMS partner Martin Mendelssohn. Frankfurt partners Dr Heike Wagner and Till Liebau from CMS Hasche Sigle played the lead role in advising on the extensive German aspects of the transaction. The ongoing merger control proceedings are being handled by Stefan Lehr, partner at CMS Hasche Sigle in Frankfurt. 
Headquartered in London, the Deloro Stellite Group is a leading manufacturer of wear resistant products and provider of wear solutions. Deloro Stellite has some 1,300 employees at production sites in Germany, Italy, China, the USA, Canada and India and generates annual sales of around EUR 220 million. 
Kennametal Inc. is based in Latrobe, USA, and listed on the New York Stock Exchange (NYSE). The worldwide supplier of tooling, engineered components and modern high-performance materials is the global market leader in tools for the mining and highway construction industries. Kennametal generates annual sales of around USD 2.4 billion and employs more than 11,000 people. 
CMS Hasche Sigle has been advising Kennametal for some time on its extensive German and European operations. 

Advisers CMS Hasche Sigle (Frankfurt)

Dr Heike Wagner, Corporate/M&A 
Till Liebau, Corporate/M&A 
Stefan Lehr, Competition 
Dr Tobias Kilian, Corporate/M&A 
Johanna Hofmann, Real Estate 
Dirk Smielick, IP (Cologne)

Advisers CMS Cameron McKenna (London)

Martin Mendelssohn, Corporate/M&A 
Martin Treagus, Corporate/M&A

Advisers CMS, China (Shanghai)

Andrew Halper, Corporate/M&A 
Michael Wong, Corporate/M&A

Advisers CMS Adonnino Ascoli & Cavasola Scamoni (Rome)

Pietro Cavasola, Corporate/M&A 
Serena Carroli, Corporate/M&A

Advisers Buchanan Ingersoll & Rooney (Pittsburgh)

Ronald Basso, Corporate

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