October.25.2018
Orrick advised leading private equity investor EQT Mid Market on the foreign trade law proceedings related to the sale of airborne training services business E.I.S. Aircraft Operations, part of E.I.S. Aircraft Group, to UK-based QinetiQ Group.
The sale, which was also advised on by Orrick, was announced in April but still had to be approved by Germany’s Federal Ministry for Economic Affairs and Energy. Following the approximately six-month sector-specific investment review procedure under Section 60 of the German Foreign Trade Ordinance, the transaction has now been approved.
Germany’s E.I.S. Holding GmbH operates a fleet of aircraft that support the mission training of the air force of Germany and allied NATO states. EQT remains invested in E.I.S. Aircraft Group’s light-weight aviation cabin interior products and maintenance services business.
EQT is a leading investment firm with approximately €50 billion in raised capital across 27 funds. EQT funds have portfolio companies in Europe, Asia, and the U.S. with approximately 110,000 employees and total sales of more than €19 billion.
QinetiQ Group is a leading science and engineering company operating primarily in the defense, security and aerospace markets. It is listed on the London Stock Exchange.
In the foreign trade proceedings, EQT was advised by an Orrick team led by partners Christoph Brenner (M&A & Private Equity, Munich), and Till Steinvorth (Antitrust & Competition, Düsseldorf). The team also included managing associate Bernhard Schmaderer (M&A and Private Equity, Munich).
Orrick regularly advises on foreign trade matters, including the 2018 acquisition of COTESA by Changzhou QFAT Composite Material, the first acquisition of a German company by Chinese investors under Germany’s new China-focused foreign trade legislation.