Triton Fund V L.P., managed by Triton signed a share purchase agreement to acquire 76% stake in Renk Aktiengesellschaft (DB:ZAR) from Volkswagen Automobile Stuttgart GmbH for approximately €520 million on January 30, 2020. The purchase price amounts to €97.8 per share and is subject to adjustments in relation to dividend. If the transactions contemplated under the agreement are consummated prior to the annual general meeting of RENK AG in 2020 resolving on the dividend for the fiscal year 2019 of RENK AG (the Dividend 2019), the purchase price payable under the transaction will be increased by an amount of €2.2 per sold RENK Share. On the other hand, if closing takes place after the annual general meeting of RENK AG in 2020 and a Dividend 2019 is resolved in an amount other than €2.2 per RENK Share, this will result in a corresponding reduction or increase of the total purchase price payable by the Triton for the RENK Shares sold under the agreement. In a related transaction, Triton Fund V L.P., managed by Triton made an offer to acquire remaining 24% stake in Renk Aktiengesellschaft on January 30 , 2020. In addition, Triton Fund V L.P., managed by Triton and RENK AG entered into an investment agreement which specifies certain terms and conditions of the investment in RENK AG, including commitments regarding the continuity of its workforce and its German sites until the end of 2026. The transaction is subject to approval by the relevant regulatory authorities. The closing of the transaction is also subject to closing conditions that correspond to offer conditions under the takeover offer. The transaction is also subject to foreign investment control and merger control approvals. The Board of Management and Supervisory Board of Volkswagen AG have approved the transaction. The European Commission approved the transaction on May 7, 2020. The transaction is expected to be completed by early 2021. Citi acted as financial advisor to Volkswagen, parent of Volkswagen Automobile Stuttgart GmbH. Rainer Traugott, Dirk Kocher, Andreas Lönner, Stefan Süss, Anne Kleffmann, Alexandra Hagelueken, Jana Dammann and Joachim Grittmann of Latham & Watkins acted as legal advisors to Triton. Achim Kirchfeld, Sebastian Klingen, Christoph Barth, David-Julien dos Santos Goncalves, Timon Grau and Julian Böhmer of Linklaters acted as legal advisors to Volkswagen Automobile Stuttgart GmbH. Christof Schneider, Andrea Panzer-Heemeier and Hendrik von Mellenthin of ARQIS Rechtsanwälte, Evelyn Niitväli of RCAA, and Malte Jaguttis of Held Jaguttis acted as legal advisors to Renk Aktiengesellschaft. Vogel, Christian, Heß, Dominik, Kamerling, Tobia, Maier, Mario, Fischer, Christopher; Holstein, Christoph, Simon, Stefan, Cazello, Philippe, Evans, Lauren, Farmine, François, Hagneau, Jocelyn, Hoxey, Clare, Kameche, Wassilla, Patterson and Andrew of Clifford Chance LLP acted as legal advisors to Renk Aktiengesellschaft. Goldman Sachs Bank Europe SE acted as financial advisor to Triton Fund V L.P., managed by Triton in the transaction.