Allianz sells Hansen Transmissions

Allianz Capital Partners and Apax Partners have sold their interest in Hansen Transmissions to Suzlon Energy’s Dutch subsidiary Rotor Holdings for €435m in an all cash deal. Allianz Capital Partners and Apax Partners first invested in Hansen Transmissions when they bought it out of Invensys PLC in May 2004 in an all cash transaction valued at €132m.

Hansen Transmissions is one of the largest wind energy and industrial gearbox manufacturers in the world; it employs 1,200 staff and had total sales to the year ending March 2005 of €213m. Suzlon Energy, which is funding the purchase through a combination of cash reserves and acquisition financing, is a wind turbine manufacturer with operations in Australia, China, the EU, India, South Korea and the US.

Acquisition financing for this transaction is being underwritten and syndicated by Barclays Capital, Deutsche Bank AG and ICICI Bank. YES Bank is the sole financial advisor with Linklaters Oppenhoff & Radler, Cologne and Khaintan & Co as legal counsel to Suzlon. UBS Investment Bank is acting as financial advisor and Hengeler Mueller as the legal counsel to the sellers.

The transaction is subject to usual merger control approvals.