By Dr. Michiel Huizinga King & Wood Mallesons’ Frankfurt Office

huizinga_mIn February 2016, Chengdu Techcent Environment Co Ltd (TC), a Chengdu- based environmental technology company listed on the Shenzhen stock exchange, acquired 100% of shares in German company Bilfinger Water Technologies GmbH (BWT). The transaction took place against the background of a limited auction process involving over 30 interested parties.

BWT is a global leader in the supply of systems, components and services in the water and wastewater technology sector, generating revenues of about €300 million in 2015 and employing 1,600 staff.

BWT was sold to TC by Bilfinger SE, a leading German engineering and service group listed on the Frankfurt stock exchange, which is currently undergoing a major strategic repositioning and restructuring. The transaction was financed by North East Securities, a China-based financial institution, who acted as sponsor to TC and bridge financing provider. The ultimate financing of the transaction will be provided through a capital increase and a share issuance at the Shenzhen stock exchange.

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