DLA Piper Advises GE on Acquisition of Italian Engine Manufacturer Avio
DLA Piper advised US-corporation General Electric (GE) on the acquisition of the aviation segment of the Italian engine manufacturer Avio S.P.A. The purchase price was $ 4.3 billion (€ 3.3 billion).
GE takes over the Italian supplier from its current owner, the British Private Equity House Cinven. Nine DLA Piper offices were involved in the cross-border project. Vienna DLA Piper partner David Bauer and senior associate Johannes Kunz were responsible for the advice according to Austrian law. "Tight deadlines as well as the international orientation - besides Austria, DLA Piper offices in Italy, the UK, Germany, Spain, Poland, the Netherlands, Saudi Arabia and Brazil were involved - made this project a very special one. Once more our global team was able to demonstrate its expertise in handling projects of this size," says David Christian Bauer.
GE is a diversified technology, media and financial services company headquartered in Atlanta, USA. The company currently has over 300,000 employees worldwide and looks back upon a long tradition in Austria. By taking over Kretztechnik AG (2001) and Jenbacher AG (2003) GE further expanded its market position in Austria and has been growing to 2,500 employees.
The Avio Group has been a supplier for the GE aviation segment for many years. The company has about 5,300 employees and has been owned by the British Private Equity House Cinven since 2006.