Simmons & Simmons has advised Toshiba Energy Systems & Solutions Corp, a 100% subsidiary of the Toshiba Corporation, on the sale of its entire stake in Toshiba Transmission & Distribution Europe SpA (TTDE) to Mutares SE & Co KGaA (Mutares), a listed private equity holding company headquartered in Munich.
Simmons’ Tokyo and Milan Offices, along with the firm’s Paris Office (in relation to EPC/project matters), advised Toshiba on the transaction.
Based in Genova, Italy, TTDE (now Balcke-Dürr Energy Solutions) is a provider of full turnkey EPC (engineering, procurement, and construction) services for energy transmission and distribution. TTDE delivers HV /MV substations, battery storage systems, smart grid solutions and plants for renewable energy.
Mutares, a listed private equity holding company headquartered in Munich, will acquire TTDE as an add-on for its portfolio company Balcke-Dürr Group, a German-based supplier of components for increasing energy efficiency and reducing environmental impact for the industry.
The matter showcases Simmons’ capabilities in cross-border transactions, with the matter involving more than ten jurisdictions.
Dario Spinella, partner at Simmons Milan Office, said: “I am really proud of our multi-jurisdictional teamwork. This deal has been made possible thanks to the perseverance, hard work and patience of all colleagues involved.”
Aaron Patience, who heads the firm’s Tokyo office, commented “We are pleased to have assisted Toshiba towards its successful sale of TTDE and wish to congratulate the team on the closing of this complex, cross-border transaction. All involved have worked incredibly hard to achieve this result.”
Simmons core team:
- Aaron Patience – Partner, Tokyo
- Dario Spinella – Partner, Milan
- Yves Barratte – Partner, Paris
- Luigi Pontrelli – Of Counsel, Milan
- Moira Gamba – Of Counsel Milan
- Elia Kim – Supervising Associate, Tokyo
- Martina Sayaka Angeletti – Lawyer, Milan
- Ida Montanaro – Lawyer, Milan
- Risako Hijikata – Lawyer, Tokyo
- Mathilde de Brugerolles – Lawyer, Paris