Allen & Overy advises Schaeffler on the acquisition of drive-by-wire technology
06 August 2018
The object of the joint venture company is the further development of Paravan’s SPACE DRIVE drive-by-wire technology and the development and sale of mobility systems.
The transaction is pending regulatory approval by Germany’s Federal Cartel Office. The parties have agreed not to disclose the financial details of the deal.
The joint venture company will be called Schaeffler Paravan Technologie GmbH & Co. KG and will acquire SPACE DRIVE drive-by-wire technology from Paravan and Mover activities from Schaeffler. SPACE DRIVE was developed by Paravan GmbH to help drivers with physical disabilities by replacing cumbersome mechanical vehicle control systems with 100%-reliable, fully electronic systems. Mover is a concept for a small and highly versatile rolling chassis that is fully electric and can be combined with various body versions to support a range of different urban mobility and transport applications.
Schaeffler Technologies AG & Co. KG will have a 90 percent stake in the new joint venture company. The company will have its operational headquarters in Aichelau and Herzogenaurach and will be headed by a team comprising Paravan founder Roland Arnold as CEO, and Dr Dirk Kesselgruber, head of the business division Chassis Systems at Schaeffler, and one other, yet-to-be-decided, employee of the Schaeffler Group.
The Allen & Overy team was led by partner Dr Walter Uebelhoer (Banking and Finance, Munich) and included partners Dr Jens Matthes (IP, Düsseldorf), Dr Ellen Braun (Antitrust/Competition, Hamburg) and Dr Michael Ehret (Tax, Frankfurt), counsel Dr Ilja Baudisch (Banking and Finance) and counsel Dr Kai Terstiege (Corporate/M&A), senior associates Tobias Hoppe (Corporate/M&A, all Munich), Dr Marcus Grühn (Real Estate, Hamburg) and Dr Vera Luickhardt (Employment and Benefits, Düsseldorf), associates Dr Rauni Ahammer (Banking and Finance), Elisabeth Pichler (Corporate/M&A, both Munich), Yves Holle (Antitrust/Competition, Hamburg), Dr Anna Opel (Public Law, Frankfurt) and Anna Kräling (IP, Düsseldorf) as well as transaction support lawyer Angelika Pikulska (Banking and Finance, Munich).