Noerr advises Lear Corporation on strategic acquisition of Kongsberg Automotive’s Interior Comfort Systems Business Unit

Noerr has advised Lear Corporation (NYSE: LEA), a global automotive technology leader in Seating and E-Systems, on its agreement with Kongsberg Automotive ASA to acquire substantially all of Kongsberg Automotive’s Interior Comfort Systems (ICS) business unit. Noerr handled all global merger control filings (including EU Commission) and advised on antitrust transaction compliance matters.

Kongsberg Automotive’s ICS business unit specializes in comfort seating solutions. It brings operational leadership personnel and more than 3,800 employees globally from its production, engineering and sales facilities throughout Asia, Europe and North America and is expected to generate approximately $300 million in revenue this year.

Lear serves every major automaker in the world and ranks 179 on the Fortune 500. The acquisition will further advance Lear’s vertical integration and expand its product offerings.

Under the terms of the deal, Lear will acquire Kongsberg Automotive’s ICS business unit for €175 million, on a cash and debt free basis. The transaction, subject to regulatory approvals and other customary closing conditions and adjustments, is expected to close in the first quarter of 2022.

Antitrust & Merger Control Advisors to Lear Corporation: Noerr

Jens Peter Schmidt, Fabian Hübener, Philipp Studt-Tartarotti (all Antitrust, Brussels), Jochen Hegener (Antitrust, Munich)