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News from Members Mușat & Asociații advises Brookfield Business Partners L.P. on the project to acquire Power Solutions Business from Johnson Controls

Mușat & Asociații advises Brookfield Business Partners L.P. on the project to acquire Power Solutions Business from Johnson Controls

by Musat & Asociatii November 21, 2018

Teaming up with Baker & McKenzie LLP, as international counsel, MUȘAT & ASOCIAȚII provides local law advice to Brookfield Business Partners L.P., the flagship listed business services and industrials company of Brookfield Asset Management Inc., in connection with the $13.2 billion acquisition of 100% of Johnson Controls’ Power Solutions (JCPS) business.

The team, coordinated by Monia Dobrescu (Partner) is formed of a number of experienced lawyers, counselling on a wide range of legal issues, among which Mădălina Trifan (Managing Associate), Simona Anton (Managing Associate), Anca Simeria (Senior Associate) and Ana Maria Abrudan (Senior Associate).

The transaction is expected to close by June 30, 2019, but remains subject to customary closing conditions, including regulatory approvals. It is expected to be funded with approximately $3 billion of equity and approximately $10.2 billion of long-term debt financing.

The JCPS business produces batteries for global automakers and aftermarket distributors and retailers for use in nearly all types of vehicles, including hybrid and electrical models. Also, it is positioned as the market leader in automotive batteries, with significant global reach and market share in both original equipment manufacturers and aftermarket channels.

Brookfield Business Partners is a business services and industrials company focused on owning and operating high-quality businesses that benefit from barriers to entry and/or low production costs. Brookfield Business Partners is listed on the New York and Toronto stock exchanges. By this transaction, Brookfield Business Partners is well positioned to benefit from growth in demand for advanced batteries in all vehicle powertrains including electric vehicles.

About MUŞAT & ASOCIAŢII

MUŞAT & ASOCIAŢII (www.musat.ro) is one of the first law firms established in Romania after 1 January 1990. With 16 partners and over 100 attorneys and advisors, MUŞAT & ASOCIAŢII provides consulting services in all business law areas, including Mergers & Acquisitions, Privatization, Banking, Energy & Natural Resources, Competition, Corporate, Telecommunications & IT, Labour, Tax, Capital Markets, Real Estate, Environmental Law, Litigation & Commercial Arbitration, Criminal Law.

Recognized as one of the pillars of Romania’s business law practice, MUŞAT & ASOCIAŢII is constantly recommended by international specialized publications (Chambers & Partners, International Financial Law Review, Legal 500 etc.) as a leading law firm in Romania. Besides, many of its attorneys have been nominated by such publications among the elite of business law in Romania. 

In 2015, MUŞAT & ASOCIAŢII won the “Law Firm of the Year in Romania” award, a distinction handed out annually by the reputed British publisher “The Lawyer” to European law firms with outstanding achievements in the reference year.

In 2013, MUŞAT & ASOCIAŢII won the “The Law Firm of the Year in Romania” award granted by the International Financial Law Review. That was the second time that Muşat & Asociaţii was granted this prestigious award, after the distinction received in 2011, when Romania was included for the first time on the list of countries nominated for the International Financial Law Review (IFLR) awards.

Moreover, in 2012 MUŞAT & ASOCIAŢII won the Gold Award for the “Best Law Firm in Central and Eastern Europe”, an accolade awarded by the 2012 International Legal Alliance Summit & Awards, for excellent results obtained on the Romanian market by the MUŞAT & ASOCIAŢII team, both with regard to the mandates portfolio in the Mergers & Acquisitions area of practice, and to the management strategy adopted.

Furthermore, the renowned publication Chambers Europe awarded the “Romanian Law Firm of the Year” trophy to MUŞAT & ASOCIAŢII, the law firm with the best performance in Romania, during the “Chambers Europe Awards for Excellence 2011” gala.

On a regular basis, MUŞAT & ASOCIAŢII provides the most renowned and valued corporations in Romania, as well as local public and financial institutions with legal advice on intricate corporate and financial transactions and complex dispute resolution procedures. The law firm’s portfolio includes over 3,000 clients, most of which are foreign investors and multinational corporations.

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