Lear Corporation (NYSE:LEA) entered into a definitive agreement to acquire Substantially all of the Interior Comfort Systems business unit from Kongsberg Automotive ASA (OB:KOA) for approximately €180 million on October 28, 2021. The consideration is to be paid on cash and debt free basis. Lear Corporation plans to fund the purchase through debt financing. As of November 5, 2021, Lear Corporation commenced an offering with expected net proceeds of €597.9 million, part of which may be used to fund the acquisition. Kongsberg reported approximately €260 million of annual revenue. Approximately 3,800 Kongsberg Automotive ASA employees from Asia, Europe and North America will be integrated into Lear Corporation. The proceeds from the sale will be used to further strengthening the balance sheet, provide more flexibility for the company to focus on profitable growth with a strong focus on products and attractive innovations. The transaction is subjected to regulatory approvals and other customary closing conditions and adjustments and is expected to close in the first quarter of 2022. As of February 25, 2022, the transaction is approved by European Commission. The closing of the transaction is due to take place on February 28, 2022. Sunil Sachan and Martin Bauhuber of Rothschild & Co SCA (ENXTPA:ROTH) acted as financial advisor and Tony Reed of Squire Patton Boggs acted as legal advisor to Kongsberg Automotive ASA. Mayer Brown LLP acted as legal advisor to Lear Corporation. The Mayer Brown LLP team includes Marco Wilhelm, Bob Palmer, Richard Smith, Andrew Stewart, Ulrike Binder, Esther Chang, Volker Junge, Simon Rose, Zal A. Kumar, Remmelt Reigersman, Christopher Fisher, Miriam Bruce, Jay Doraisamy, Ryan Liebl, Christoph J. Crützen, Mark Prinsley, Clayton McCraw, Tripp Fussell, Kristine M. Young, Luiz Aboim, Elmar Günther and Andreas Hilfrich. Noerr LLP acted as a legal advisor to Lear Corporation,Khaitan & Co acted as legal advisor to Khaitan & Co advised Kongsberg Automotive,Khaitan & Co team includes Anshul Prakash, Radhika Agarwal, Shabnam Shaikh, Sudipta Bhattacharjee Amit Wadhwani , Shailendra Bhandare and Supratim Chakraborty.

Lear Corporation (NYSE:LEA) completed the acquisition of Substantially all of the Interior Comfort Systems business unit from Kongsberg Automotive ASA (OB:KOA) on February 28, 2022. Interior Comfort Systems team will join Lear Corporation.