GKN acquires Volvo Aero for SEK 6.9 billion
GKN plc has agreed to acquire Volvo Aero, the aero engine division of AB Volvo, for SEK 6.9 billion.
Volvo Aero designs, engineers and manufactures components and sub-assemblies for aircraft engine turbines and employs some 3,000 people based in Sweden, Norway and the USA. The transaction supports the growth strategy of GKN Aerospace and the combination of GKN Aerospace and Volvo Aero creates a world leader in both aero structures and aero engine components.
GKN Aerospace is a division within GKN plc, a global engineering business headquartered in England serving the automotive, aerospace and land systems markets. Approximately 44,000 people work in GKN companies and joint ventures in more than 35 countries and the group reported sales of £6.1 billion in 2011.
GKN was advised by Mannheimer Swartling in the transaction. The firm’s team included partners Biörn Riese and Martin Ericsson, primarily assisted by associate Therese Jansson, as well as other lawyers working among the firm's practice groups and offices. GKN also instructed local counsel in relation to US, UK and Norwegian law.