Herbert Smith Freehills advises Rheinmetall on the take-over of Spain’s Expal

Herbert Smith Freehills has advised Düsseldorf-based Rheinmetall AG on the conclusion of a purchase contract with MaxamCorp. Holding S.L. of Madrid to acquire the entire share capital of Expal Systems S.A of Madrid, a globally active ammunition maker. Completion of the transaction, for which a closing date in summer 2023 is sought, is subject to approval by the competition authorities and other regulatory checks. The purchase price agreed between Rheinmetall and MaxamCorp. is based on an enterprise value of €1.2 billion.

The global Herbert Smith Freehills team advising Rheinmetall was jointly led by corporate/M&A partners Dr Sönke Becker (Düsseldorf) and Alberto Frasquet (Madrid).

Advisor Rheinmetall:

Herbert Smith Freehills:

Düsseldorf/Frankfurt: Dr Sönke Becker (Lead, Corporate/M&A), Dr Marcel Nuys (Competition), Dr Marius Boewe (Regulatory), Dr Steffen Hoerner (Tax), Dr Julius Brandt (Corporate/Capital Markets), Marjel Dema (Senior Associate, Corporate/M&A); Counsels: Dr Christian Johnen, Lena von Richthofen (both Corporate/M&A), Dr Florian Huerkamp (Competition); Associates: Tatiana Guenster (Tax), Mirko Gleitsmann, Caroline Wendt (both Competition), Kristin Kattwinkel, David Rasche (both Regulatory)

Madrid: Alberto Frasquet (Lead, Corporate/M&A), Henar Gonzalez (Competition), Tomas Diaz Mielenhausen (Real Estate), Iria Calviño (Public Law); Counsels: Marta Esteban (Corporate/M&A), Pablo Garcia Mexia (Disputes), Álvaro Gross (Real Estate), Esther Lumbreras (Public Law); Associates: Amparo de Leyva, Alejandro Hillage, Jacobo Jiménez-Poyato Narváez, Carmen Muñoz, Alvaro Silva (all Corporate/M&A), Ignacio Jiménez-Poyato Narváez, Pablo de Vega Tremps (both Employment), Beatriz Madrigal, Lucía Tarracena Figar (both Real Estate), Miguel Ángel Barroso López, Monica de Hevia, Catalina Hierro (all Public Law), Jose Munoz (Competition), Miguel Alvargonzalez, Christina Diez de Rivera, Jose Maria Faz (all Finance)

New York: James Robinson (Corporate/M&A), Joseph Falcone (Disputes); Associates: Lina Velez (Finance, Corporate/M&A), Tyler Hendry (Employment)

Milan: Francesca Morra; Associate: Giacomo Gavotti (all Corporate/M&A)

London: Veronica Roberts; Associates: Max Kaufman, Agostino Bignardi (all Regulatory)

Singapore & Kuala Lumpur: Glynn Cooper (Singapore); Associates: Prakash Selvam (Kuala Lumpur), John Ling (Singapore, all Corporate/M&A)

Brussels: Kyriakos Fountoukakos (Competition)