International legal practice Osborne Clarke has advised the shareholders of Cloud Savings Company on its acquisition by Groupon. Cloud Savings Company is the parent company of online discount code platform Vouchercloud and brand loyalty provider Giftcloud. The enterprise value of the transaction is $65 million.

For Vouchercloud and Giftcloud, the acquisition represents the opportunity to continue to develop their growing businesses while benefiting from Groupon’s local expertise and significant customer and merchant scale.

Heuking Kühn Lüer Wojtek comprehensively advised the shareholders of Leipzig-based company FIO Systems AG on the sale and partial contribution of all their shares to Hypoport AG. As part of the transaction, some of FIO SYSTEMS AG’s existing shareholders will assume Hypoport AG shares as part of a non-cash capital increase using authorized capital at Hypoport AG.
 

DLA Piper has advised the sellers in relation to the acquisition of Swedish cloud-based communications service Efftel by NetNordic, an Oslo-based network, communications, security and cloud services provider backed by Norvestor Equity.

The deal is part of NetNordic's consolidation strategy in the Nordic countries and complements the company's existing service offering.

Following the acquisition of Efftel, NetNordic expects to have a technical platform and organisation that will contribute to its growth expectations.

Freshfields Bruckhaus Deringer LLP (‘Freshfields’) has advised KLX Inc. on the sale of its Aerospace Solutions Group to The Boeing Company and the spin-off of its Energy Services Group (ESG) business to KLX shareholders.

Hill Dickinson’s corporate team has advised the shareholders of EU Fire & Security on its sale to Newbury Investments, a Berkshire-based privately owned trade buyer. 

Rochdale-based EU Fire and Security is the UK’s largest independent fire alarm distributor. Alongside fire alarms, the firm also distributes a wide range of life safety and security products. It offers an integrated service to customers which includes fire alarm design, supply and commissioning.

Hogan Lovells is advising LabCorp, a leading global life sciences company, in an agreement to sell its Covance Food Solutions business to Eurofins Scientific, a global group of laboratories active in food, environment and pharma product testing. The all-cash purchase price of the transaction is US$670 million.

The transaction is expected to close in the third quarter of 2018, subject to customary closing conditions and regulatory approvals.

Herbert Smith Freehills has advised Bank of Queensland Ltd on the sale of its St Andrew’s insurance business to listed company, Freedom Insurance Group Ltd (FIG) for A$65 million.

St Andrew’s was acquired by Bank of Queensland in 2010 and has become a market leader in corporate distribution and life insurance underwriting.

FIG is a publicly listed insurance group that specialises in developing, distributing and administering life insurance products in Australia.

Global law firm White & Case LLP has advised leading alternative investments firm EQT on the sale of Sweden-headquartered Piab Group AB, a global technology pioneer in industrial automation and robot components, to Patricia Industries for an enterprise value of SEK 6,950 million ( around €661 million).

EQT has approximately €49 billion in raised capital across 26 funds and works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

Linklaters has advised Whirlpool Corporation on the sale of its Brazilian compressor business, Embraco, to Japanese motor manufacturer Nidec for US$1.08 billion in cash.

Embraco has been a Whirlpool majority-owned business unit since 1997 and has eight global manufacturing facilities in Brazil, Italy, China, Slovakia and Mexico, with commercial offices in the United States and Russia.

The acquisition agreement was signed on April 24, 2018. The transaction is expected to close in early 2019, subject to regulatory approvals and other customary closing conditions.

DLA Piper has advised the drinks group Conviviality in connection with the sale of its retail business, which includes the Bargain Booze and Wine Rack brands, to the grocery wholesaler Bestway. The transaction will save approximately 1,700 jobs. DLA Piper also advised on the sale of Conviviality's wholesale business to the C&C Group, a deal that closed last week saving nearly 2,000 jobs.