On 5 April 2021 the European Commission approved up to €4 billion measure of France to recapitalise Air France. The measure was approved under the State aid Temporary Framework, subject to Commitments (see Commission’s decision)
ALCIS is appointed as Monitoring Trustee to oversee the implementation of the Commitments (both behavioral and structural) given by France and Air France-KLM in this respect.
Under the Structural CommitmentsFrance committed that Air France makes available to a remedy taker up to 18 daily slots at Paris Orly airport by way of code-sharing and to definitively transfer the slots (without transferring staff or else) to the remedy taker.
Vueling was selected as the remedy taker and started to operate the remedy slots at Paris Orly airport as from 2 November 2021.
The London Stock Exchange’s acquisition of the Refinitiv business (US) raised competition concerns with the EU Commission (Phase II investigation) and Singapore’s authority CCCS.
As a remedy, LSEG committed to:
divest the Italian Stock Exchange Borsa Italiana (sold to the European exchange operator Euronext)
grant open, non-discriminatory access to its OTC IRD clearing services
and provide open access to financial data services (incl. maintaining service quality and ring-fencing personnel) for 10 years.
ALCIS has been acting as a monitoring trustee for both the EU Commission and CCCS in this process.
The acquisition of Suez’ waste management activities in multiple EU countries by German Mittelstand group Schwarz raised competition concerns with the EU Commission.
As a remedy, Schwarz committed to divest Suez’ Rotterdam based Light Waste Packaging sorting facility – to be carved out and transferred into a new legal entity. The facility was sold to N+P.
ALCIS acted as monitoring trustee of the EU Commission.
Advice on the acquisition of the WestSpiel casinos in North Rhine-Westphalia (NRW)
Gauselmann group, Germany’s largest privately owned gaming business, acquires WestSpiel from NRW.Bank in a public tender process. WestSpiel operates the concessioned casinos in Aachen, Bad Oeynhausen, Dortmund-Hohensyburg and Duisburg.
ALCIS has supported Gauselmann as an M&A advisor in this privatisation.
The merger of two of the leading German and European energy groups E.ON and innogy led to competition concerns in a number of European markets (Phase II investigation).
As a remedy, E.ON offered a complex set of structural and behavioural commitments, including:
the sale of E.ON’s heating electricity contract portfolio in Germany (sold to the German energy group Lichtblick)
the sale of Innogy’s Czech gas and electricity retail activities (sold to the Hungarian energy group MVM)
the sale of E.ON’s electricity retail business in Hungary (sold to the Spanish energy group AUDAX Renovables) and
the termination of certain E.ON e-mobility activities in Germany
ALCIS acted as monitoring trustee of the EU Commission.
GAZPROM’s dominant position in Central and Eastern Europe’s gas supply raised competition concerns with the EU Commission.
As a behavioral remedy, GAZPROM committed to amend their gas supply contracts in several CEE countries to facilitate the free flow of gas in Central and Eastern Europe at competitive prices.
ALCIS has been acting as monitoring trustee of the EU Commission.
ALCIS acted as interim CFO for 3 years, throughout the re-structuring, re-focus and financing process.
Local Motors Inc., the Phoenix based designer and manufacturer of the first 3D-printed car (Strati) and of the autonomous, electric shuttle Olli, needed an experienced CFO to help re-focus its business model and restructure its international operations – in the US and Germany – in order to engage and fund its next growth phase.
The acquisition of Armstrong’s EMEA and APAC business activities by global building materials manufacturer Knauf (D) raised competition concerns with the EU Commission.
As a remedy, Knauf committed to divest the Armstrong’s suspended ceilings business in the mineral fiber tiles and metal grid segments in 11 EU countries in a complex carve-out, including an extensive upgrade of the divestment business production line in the UK. The divestment business was sold to the PE investor Aurelius (D), the committed upgrade investment is being performed.
ALCIS has been acting as monitoring trustee of the EU Commission.
The acquisition of the technology group L3 Technologies (US) by the global military group Harris (US) raised competition concerns with the EU Commission and the DOJ (US) in the segment of night vision devices.
As a remedy, Harris committed to divest its night vision division (US). The Divestment Business was ultimately sold to Elbit (Israel/US).
ALCIS acted as monitoring trustee of the EU Commission.
The acquisition of the automotive parts wholesaler Stahlgruber (D) by the global wholesaler LKQ (US) raised concerns in the EU, and specifically in the Czech Republic.
In order to close the global LQK/Stahlgruber merger, the parties decided to carve out, hold separate and finally divest their Czech activities to Swiss SAG in line with the proceedings of the Czech competition authority. ALCIS acted as monitoring trustee for the parties.
The merger of RHI (A) and Magnesita (BR), two global leaders in the refractories industry, raised competition concerns with the EU Commission.
As a remedy, the merger parties committed to divest several entities and plants of their respective dolomite and magnesite businesses in Germany, Italy and Spain. The carved-out Divestment Business was sold to Intocast (D). ALCIS acted as compliance and trustee adviser to Intocast.
The private shareholders of Lerbs AG, an international wholesaler of industrial supplies (MRO) based in Northern Germany, decided to sell the company to a strategic investor for the company’s next growth phase.
ALCIS advised on the successful sale to the UK based MRO wholesaler Rubix, an investment company of the PE investor Advent.
