The Clifford Chance Prague Corporate team has advised ASSA ABLOY, which it describes as "the international market leader in door opening solutions operating in more than 70 countries,” on the successful conclusion of an agreement for the sale of its global car lock business to Alpha Corporation, a Japanese manufacturer of lock and key products for the automobile, housing, and industrial sectors. Allen & Overy represented Alpha on the deal. The sale remains subject to regulatory approval and is expected to close in the second quarter of 2016.
The ASSA ABLOY car lock business, headquartered in the Czech Republic, employs over 450 people and in 2015 had an annual turnover in excess of EUR 60 million. In addition to its presence in the Czech Republic, the operations of the car lock business extend to territories that include China, Mexico, Germany, and Switzerland.
The Clifford Chance team that advised on the divestment was led by Senior Associate Michal Jasek supported by the Prague office's Managing Partner Alex Cook and assisted by Associates Aneta Sosnovcova, Stanislav Holec, and Jakub Vesely. On the signing of the transaction Jasek commented: ''It was an exciting opportunity for our team to be involved in such a wide-ranging and extensive transaction. The benefits to both businesses are manifest and we look forward to the closing later in the year." The Prague based-team coordinated the assistance of Clifford Chance offices in Frankfurt, Shanghai, and Tokyo and external legal advisors in the remaining jurisdictions.
The A&O team was led by Tokyo Partner Nick Wall. Prague Corporate Counsel Prokop Verner provided Czech law advice and was in charge of the Czech part of due diligence, with support from Associate Ondrej Kramolis.
