Hitachi’s Acquisition Of Thales’ Ground Transportation Systems Business

Clifford Chance and McCarthy Tétrault advised Hitachi on the deal. BDGS Associés, August Debouzy and Baker McKenzie advised Thales.

Hitachi, Ltd. through Hitachi Rail (“Hitachi”) has entered into exclusive negotiations with Thales with a view to acquire its Ground Transportation Systems business (“GTS”) for an enterprise value of €1,660 m.

The acquisition is expected to close in late FY2022 / early FY2023, subject to the usual conditions including regulatory clearances.

Hitachi, Ltd. is a Japanese multinational conglomerate corporation headquartered in Chiyoda, Tokyo, Japan. It is the parent company of the Hitachi Group and had formed part of the Nissan zaibatsu and later DKB Group and Fuyo Group of companies before DKB and Fuji Bank merged into the Mizuho Financial Group.

Clifford Chance advised Hitachi on this transaction with a team led in Paris by Laurent Schoenstein (Picture), partner, and consisting of Marianne Pezant, partner, Xavier Petet, counsel, and Valentin Morichon, associate, on the transactional M&A aspects; David Tayar, partner, and Amélie Lavenir, associate, on the antitrust aspects; Dessislava Savova, partner, Alexander Kennedy, counsel and Jérémy Guilbault, associate, on commercial contracts, Pierre Goyat, counsel, on tax, David Gerard, counsel, on real estate; as well as Emily Xueref-Poviac, counsel, on the foreign investment control aspects. Claudia Milbradt (Düsseldorf), Anselm Raddatz (Düsseldorf), Stefan Simon (Frankfort), Michael Pearson (London), Benjamin Sibbett (New York), Kelly Gregory (Shanghai), and Emma Davies (Hong Kong) and their teams were involved too. 

Baker McKenzie’s team was led by Marie-Françoise Bréchignac, Aurélie Goville, Damien Berruyer and Johanna Federspiel for M&A aspectsFor tax aspects Guillaume Le Camus, Charles Baudoin and Samuel Tourot. On Labor aspects Olivier Vasset, Jérémie Paubel and Roxane Raissi.

BDGS Associés a conseillé Thales, société cotée sur Euronext Paris, dans le cadre de la cession de son activité de systèmes de transport terrestre (GTS) à Hitachi Rail, filiale ferroviaire d’Hitachi, société cotée à la bourse de Tokyo, via un processus d’offre compétitive, avec une équipe composée d’Antoine Bonnasse, Thomas Méli, associés, Louis FRIDMAN et Florian Benard, pour les aspects corporate, Antoine Gosset-Grainville, Maria Trabucchi, associés, et Camille Petiau, pour les aspects de droit de la concurrence, et Yaelle Cohen, associée, et Jules Brizi, pour les aspects financement.

The BDGS Associés team included Antoine Bonnasse, Thomas Méli, Louis FRIDMAN, Florian Benard, Antoine Gosset-Grainville, Maria Trabucchi, Camille Petiau, Yaelle Cohen, Jules Brizi.

Involved fees earner: Charles Baudoin – Baker McKenzie; Damien Berruyer – Baker McKenzie; Marie-Françoise Bréchignac – Baker McKenzie; Johanna Federspiel – Baker McKenzie; Aurelie Goville – Baker McKenzie; Guillaume le Camus – Baker McKenzie; Jérémie Paubel – Baker McKenzie; Roxane Raissi – Baker McKenzie; Samuel Tourot – Baker McKenzie; Olivier Vasset – Baker McKenzie; Florian Benard – BDGS Partners; Antoine Bonnasse – BDGS Partners; Jules Brizi – BDGS Partners; Yaëlle Cohen – BDGS Partners; Louis Fridman – BDGS Partners; Antoine Gosset-Grainville – BDGS Partners; Thomas Méli – BDGS Partners; Maria Trabucchi – BDGS Partners; Camille Petiau – Bredin Prat; Emma Davies – Clifford Chance; David Gérard – Clifford Chance; Pierre Goyat – Clifford Chance; Kelly Gregory – Clifford Chance; Jérémy Guilbault – Clifford Chance; Alexander Kennedy – Clifford Chance; Amélie Lavenir – Clifford Chance; Claudia Milbradt – Clifford Chance; Valentin Morichon – Clifford Chance; Michael Pearson – Clifford Chance; Xavier Petet – Clifford Chance; Marianne Pezant – Clifford Chance; Anselm Raddatz – Clifford Chance; Dessislava Savova – Clifford Chance; Laurent Schoenstein – Clifford Chance; Benjamin Sibbett – Clifford Chance; Stefan Simon – Clifford Chance; David Tayar – Clifford Chance; Emily Xueref-Poviac – Clifford Chance;

Law Firms: Baker McKenzie; BDGS Partners; Bredin Prat; Clifford Chance;

Clients: Hitachi Ltd; Thales S.A.;

Giulia Di Palma

Author: Giulia Di Palma