McDermott Advising Evonik Industries AG on $3.8 billion Acquisition of Air Products and Chemicals Materials Division
NEW YORK (May 11, 2016) – In a major cross-border M&A deal, McDermott Will & Emery is representing the leading German specialty chemicals company Evonik Industries AG in its announced acquisition of the worldwide Performance Materials Division of Air Products and Chemicals, Inc. for $3.8 billion. Air Products is based in Allentown, PA.
McDermott is advising Evonik as lead outside counsel on all key aspects of the transaction, which Evonik has said will significantly strengthen its leading position in the attractive growth segment for specialty and coating additives globally for specialty products. The acquisition is expected to be completed by year’s end.
McDermott’s deal team was led by partners Thomas Sauermilch, Brian Hoffmann, Elissa Port and Meir Lewittes (Corporate); Diane Morgenthaler, Maureen O’Brien and Katie Clark (Employee Benefits); Daphne Trotter (Environmental); Raymond Jacobsen, Joel Grosberg and Andrea Hamilton (Antitrust); Daniel Zucker (Tax) and Carey Jordan (IP) and involved numerous other specialists.
“We’re pleased to be working with our client Evonik in this high-profile strategic acquisition,” said Mr. Sauermilch, a New York partner who has led a number of large cross-border M&A deals involving European companies.
“It highlights McDermott’s ability to field a large international deal team covering all key facets of a large cross-border transaction,” he added.
McDermott’s M&A practice combines its market knowledge and deal execution skills to help clients achieve their transactional strategies. Many of our clients’ deals have a cross-border dimension. With offices located in Asia, Europe and the United States, we have the ability to represent clients’ transactional needs globally regardless of jurisdiction. Moreover, we possess deep industry knowledge in key markets, including energy, telecommunications, media and technology, chemicals, aerospace and defense, mining and metals, life sciences, food and beverage, and health care. What distinguishes McDermott’s M&A capabilities is our comprehensive transactional offering—regulatory and antitrust, environmental, tax, labor and employment, intellectual property, financing and, when necessary, litigation—with those services provided by highly recognized and ranked lawyers.
McDermott Will & Emery is a premier international law firm with a diversified business practice. Numbering more than 1,000 lawyers, we have offices in Boston, Brussels, Chicago, Dallas, Düsseldorf, Frankfurt, Houston, London, Los Angeles, Miami, Milan, Munich, New York, Orange County, Paris, Rome, Seoul, Silicon Valley and Washington, D.C. Further extending our reach into Asia, we have a strategic alliance with MWE China Law Offices in Shanghai.