KPS Capital Partners, LP agreed to acquire Innomotics GmbH from Siemens Aktiengesellschaft (XTRA:SIE) for an enterprise value of ?3.5 billion on May 16, 2024. Committed debt financing to support the transaction has been provided by Barclays, Citibank, Goldman Sachs, Intesa Sanpaolo, Morgan Stanley, MUFG Bank, Standard Chartered Bank, UBS and UniCredit. Innomotics generates approximately ?3.3 billion in annual revenue.

Transaction is subject to is subject to customary foreign-investment and merger control approvals. The Managing Board and Supervisory Board of Siemens AG have approved the sale of Innomotics. Completion of the transaction is expected in calendar Q4 2024 or Q1 2025.

Neel Sachdev, William Aitken-Davies and Angelo Bonvino of Paul Weiss, Rifkind, Wharton & Garrison LLP and Jan Balssen, Olaf Hohlefelder, Christian Cascante, Jacob von Andreae, Matthias Werner, Tim Weber, Ulrich Soltész, Ocka Stumm, Rut Steinhauser and Frank Schlobach of Gleiss Lutz acted as legal counsel and Bank of America and Lazard acted as financial advisors to KPS. Stephen Levy and James Davison of Dentons UK and Middle East LLP acted as advisor to KPS in the transaction.