Rieter Holding AG (SWX:RIEN) agreed to acquire Schlafhorst automatic winder, Accotex and Temco Business from Saurer Netherlands Machinery Company B.V. and Saurer Spinning Solutions Gmbh & Co. Kg for €300 million on August 13, 2021. The consideration shall be cash and debt free basis. In the first step of the transaction, Rieter will acquire 57% of the shares of Saurer Netherlands. The shares will be returned to Saurer after the implementation of the transaction in six to nine months. In connection with the transaction, it is envisaged that Rieter will supply automatic winders to Saurer in the future. Rieter has financed the purchase price by cash and available credit lines. The combined turnover of these businesses for 2020 is €142 million. The combined total asset €218.1 million and combined total common equity €115.2 million for these business till May 31, 2021. The deal is expected to close during the month of August. Henning Graw, Christoph Gluschke, Carsten Biel of IMAP M&A Consultants AG acted as exclusive financial advisor to Saurer Spinning Solutions. CMS von Erlach Poncet acted as legal advisor to Rieter Holding AG. Heiko Tschauner, Olaf Gärtner, Ingmar Doerr and Birgit Reese of Hogan Lovells International LLP Germany, Jan de Snaijer of Hogan Lovells International Llp Netherlands and Eugene Low of Hogan Lovells Hong Kong acted as legal advisor to Saurer Netherlands Machinery Company B.V.

Rieter Holding AG (SWX:RIEN) completed the acquisition of Schlafhorst automatic winder, Accotex and Temco Business from Saurer Netherlands Machinery Company B.V. and Saurer Spinning Solutions Gmbh & Co. Kg on April 1, 2022.