KPS Capital Partners, LP entered into a definitive agreement to acquire HARP GmbH and HARP AS from Norsk Hydro ASA for €1.4 billion, on an enterprise value basis on March 5, 2021. The transaction constitutes Rolling business of Norsk Hydro ASA with operations in Germany and Norway and includes seven plants, one R&D center, global sales offices related to HARP GmbH and HARP AS, and around 5,000 employees, of which 650 employees are in Norway and the remaining mainly in Germany. The sale resulted from a competitive auction process. The Rolling business will become an independent company under KPS’ ownership. In 2020, Hydro Rolling contributed approximately NOK 24 billion (€2.3 billion) in revenue and NOK 1.3 billion (€120.8 million) in Underlying EBITDA. Rolling business employees will continue with KPS Capital Partners. Executive Vice President and Head of Hydro Rolling, Einar Glomnes, will become Chief Executive Officer of the new company after closing. KPS Partner Kyle Mumford will lead a KPS team who will work closely with Rolling business’ management team to accelerate growth opportunities driven by substantial investment in Rolling business’ assets and operations. The transaction is subject to customary closing conditions and approvals including approvals from competition authorities and is expected to be completed during second half of 2021. As of April 27, 2021, it is disclosed that completion of the transaction is expected to take place in the second or third quarter of 2021. As of April 29, 2021, the transaction has received the necessary approvals. The transaction is expected to be completed in second quarter of 2021. The agreed transaction price of €1.4 billion will result in a reduction of €856 million in pension liabilities and €435 million cash proceeds. Norsk Hydro is not planning on using the proceeds to return cash to shareholders. As of April 28, 2021 The European Commission has approved Norwegian energy and Norsk Hydro ASA's sale of its rolling business to KPS Capital Partners. KPS Capital Partners LP for EUR 1.38 billion (USD 1.7bn) in enterprise terms, a statement showed on Wednesday. Perella Weinberg Partners acted as financial advisor, Manuel S. Frey, Angelo Bonvino, Mikhel Schecter, David W. Mayo, Peter Jaffe, Rachel Fiorill, Marta P. Kelly, Alvaro Membrillera and David Carmona of Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel to KPS and its affiliates. The Goldman Sachs Group, Inc. (NYSE:GS) acted as financial advisor and David Lewis, Anselm Raddatz, André Duminy and Dominik Engl of Clifford Chance LLP; Hans Jørgen Langeland, Simen Lium, Sigurd Opedal and Ingeborg Vestvik Aavatsmark of Wikborg Rein & Co. and Riccardo Celli and Christian Peeters of O'Melveny & Myers LLP served as legal counsel to Hydro. Tibor Fedke, Benedikt Vogt, Alexander Ritvay, Marco Tucci, Benjamin Jahn, Natalie Kibler, Nikolai Warneke, Julia Sophia Habbe, Philipp Gergen, Daniel Rücker, Martin Geipel, Natalie Oei, Manuela Wickenhöfer, Sarah Bettio, Gregor Barbers, Jens Peter Schmidt, Sarah Blazek, Fabian Hübener, Philipp Studt-Tartarotti, Holger Schmitz, Claus Zimmermann and Felix Muhl of Noerr Partnerschaftsgesellschaft mbB; Kristian Martin Lind of Wiersholm, Mellbye & Bech; Robert Long of Littler Mendelson P.C. and Matthias Sandmaier of Vangard Arbeitsrecht acted as legal advisors while Clemens Petersen and Michael Mariani of Deloitte LLP acted as accountant for KPS Capital. KPS Capital Partners, LP completed the acquisition of HARP GmbH and HARP AS from Norsk Hydro ASA on June 1, 2021.