Ashurst advised leading aircrete manufacturer H+H International A/S and its German subsidiary H+H Deutschland GmbH (H+H) on the acquisition of HeidelbergCement Group's German and Swiss silicate unit business (HDKS).

The enterprise value of the transaction amounts to about €110 million. Closing is expected in the first quarter of 2018.

With the acquisition, H+H will increase revenue by DKK500 million and EBITDA by DKK100 million and become the second largest European producer of calcium silicate units, focusing on the fast-growing high-rise segment. The strategic acquisition has an excellent geographic fit with H+H’s present business and will supplement H+H’s existing product offering.

Ashurst's multi-practice team was led by Munich-based corporate partner Holger H. Ebersberger, comprising partners Dr Maximilian Uibeleisen (environmental law), Dr Martin Bünning (tax, both Frankfurt) and Ute Zinsmeister (antitrust, Munich). They were assisted by:

    Corporate: associate Nicole Kaps (Munich), counsel Dr Philip Cavaillès, senior associate Dr Ian M. Maywald and associate Jan Ischreyt (all Frankfurt);
    Antitrust, Munich: senior associate Dr Maria Held and associate Franziska Sauer;
    Finance, Munich: counsel Dr Karsten Raupach;
    Employment, Frankfurt: counsel Dr Marius Fritzsche and senior associate Juditha von der Heydt;
    Real estate, Frankfurt: senior associate Michael Mehler and associate Sven Nickel;
    Environmental law, Frankfurt: associate Simon Groneberg; and
    Tax, Frankfurt: associate Philipp Lorberg

H+H’s core activity is the manufacture and sale of autoclaved aerated concrete or aircrete, with a revenue in 2016 of DKK1.6 billion. The Nasdaq Copenhagen listed company has 13 aircrete factories in Northern and Central Europe as well as in Northwest Russia and has a leading position in most of its markets.