Allen & Overy LLP advised Colfax Corporation (Colfax) on the conclusion of a sale and purchase agreement for the acquisition of all shares in Siemens Turbomachinery Equipment GmbH (STE) and STE's international business in Italy, the USA and Denmark from Siemens AG for a cash consideration of approximately €195 million.

Colfax is a global manufacturing and engineering company that provides gas- and fluid-handling and fabrication technology products and services to customers around the world under the Howden, Colfax Fluid Handling and ESAB brands.

STE, based in Frankenthal, Germany, develops, produces and distributes single-stage compressors and small steam turbines for environmental and industrial applications.

The company will be integrated into Colfax's Howden business platform, broadening Howden's range of compression solutions and expanding its product offering into small steam turbines. STE also diversifies Howden's served end-markets and increases its presence in applications with attractive growth potential. For the fiscal year ended September 2016, STE had revenues of €146 million.

Closing of the acquisition is expected in the fourth quarter following completion of carve-out activities and fulfilment of customary closing conditions, including receipt of applicable regulatory approvals.

The Allen & Overy team was led by partner Dr Astrid Krüger (Corporate/M&A, Munich).

The team also included partners Dr Heike Weber (Tax, Frankfurt), Dr Jens Matthes (IP, Düsseldorf), Dr Jan Schröder (Corporate/M&A, Düsseldorf), Tobias Neufeld (Pensions, Düsseldorf), counsel Dr Bettina Scharff (Employment, Munich), Dr Christian Hilmes (Real Estate, Hamburg) and Dr Udo Olgemöller (Public Law, Frankfurt), senior associate Dr Dorothea Tachezy, associate Dr Gregor Janisch (both Corporate/M&A, Munich), senior associates Peter Seidel (Tax, Frankfurt), Miray Kavruk (IP, Düsseldorf), Dr René Galle (Antitrust, Hamburg), Dr Marcus Grühn (Real Estate, Hamburg), Lars Grützner (Employment, Frankfurt) and Stefanie Günther (Public Law, Frankfurt), associates Dr Patrick Flockenhaus (Pensions, Düsseldorf) and Tobias Hugo (Corporate/M&A, Munich).

The team also comprised lawyers from Allen & Overy offices in Barcelona, Hong Kong, Milan, New York, Paris.

Bech Bruun advised on matters of Danish law. Baker Botts advised on competition law.