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Freshfields advises Yokohama Rubber on €2bn acquisition of Sweden’s Trelleborg Wheel Systems Holding

Freshfields Bruckhaus Deringer (‘Freshfields’) has advised The Yokohama Rubber Co., Ltd. (‘Yokohama Rubber’) on acquiring the entire wheel systems business of Swedish-listed Trelleborg AB, for an enterprise value of over €2bn.

The transaction is to be effected via a share purchase of 100 per cent of the shares in Trelleborg Wheel Systems Holding AB (‘TWS’) from Trelleborg AB. TWS manufactures and sells off-highway tyres for agricultural and industrial machinery. A small part of the purchase price is subject to an earnout. The acquisition is expected to complete in the second half of 2022, after completion of necessary procedures required by the competition laws of the European Union and other countries.

A large global and multidisciplinary Freshfields team advised on the transaction, led by the firm’s head of Japan practice and M&A partner Takeshi Nakao, with support from partner Jochen Ellrott and head of Japan M&A Tomoko Nakajima. Partner Helen Buchanan provided tax advice with support from associate Laura McDaniel. Partner Daniel French provided advice on the finance aspects of the transaction. Advice on merger filings and FDI filings was led by partner Kaori Yamada, with support from senior associate Kenji Kawahara and associates Pauline Fliche and Yusuke Kambayashi. Those leading the transaction team were supported by counsel Judit Gajdics, Frank Schaer and Sascha Arnold; senior associate Marcus Wolter; principal associate Sarah Rohmann; associates Sandra Jung, Hugh Goodwin, Wataru Shono, Victoria Muller, Fabian Zopfchen, Gesche Heidorn, Ethan Donovan, Maya Haria, Elisabeth Wulf and Iris Hammerschmid; and transaction lawyer Alexandra Buchanan.