Linklaters advised the state-owned power-station builder Power Construction Corporation of China (PCCC) on the acquisition of the tradition-steeped former Siemens AG subsidiary TLT-Turbo GmbH. The parties agreed not to disclose the purchase price. The completion of the takeover is planned for the beginning of 2014, subject to approval by regulatory authorities. PCCC, headquartered in Beijing, specialises in large projects in the power-generation, infrastructure and mining sectors. Its 210,000 employees in over 120 branches across 60 countries worldwide generate annual revenues of approximately 25 billion euros.

“We are very pleased with this transaction, since it is another example of the trust placed in Linklaters Germany’s China Desk by a large Chinese corporation. As we recently did on the acquisition of ThyssenKrupp Steel Europe’s Tailored Blanks business by Wuhan Iron and Steel (Group) Corp., we were again able to fully exploit our expertise in cross-border teamwork on this deal,” said partner Wolfgang Sturm.

TLT-Turbo GmbH, headquarted in Zweibrücken, manufactures radial and axial ventilators for all industrial applications, as well as ventilation systems. The company employs ca 340 employees at five locations in Germany.

An international Linklaters team led by Wolfgang Sturm and Dr Michael Krömker (both Corporate, Düsseldorf) as well as Jian Fang (Corporate, Shanghai) advised on the deal. Other team member included Kevin Cheung (Corporate, Beijing), Dr Carsten Grave (Competition/Antitrust, Düsseldorf), Oliver Rosenberg (Tax, Düsseldorf), Matthew Devey (Employment, Frankfurt), Dr Markus Appel (Corporate, Berlin), Jingjing Cai (Corporate, Shanghai), Dr René Grafunder (Competition/ Antitrust, Düsseldorf), Kirsten Placke (Tax, Düsseldorf), Thorben Eisenbeiß, Ingo Sappa (both Employment, München), Marc Oliver Banzhaf (Real Estate, Frankfurt), Ricarda Grzeschik, Thorsten Henze, Karin Hribar, Rebecca Ridder (all Corporate, Düsseldorf), Dr André Scheidtmann, Christina Trebing  (both Competition/Antitrust, Düsseldorf), Anna Burghardt (Public Law, Berlin), Nina Hablowetz (Employment, Frankfurt), Dr Janine Osthoff, Stefanie Emrich-Katzin (both Real Estate, Frankfurt) and Derrick Khoo (Corporate, Shanghai).