White & Case advises Alfa Laval on €800 million acquisition of Fives Cryogenics

Global law firm White & Case LLP has advised Alfa Laval on its entry into exclusive negotiations with Fives Group to acquire Fives Cryogenics for an enterprise value of €800 million.

The proposed acquisition will provide Alfa Laval with a strong portfolio of heat transfer and pump products for gas liquefaction. The transaction remains subject to consultation with relevant works councils, its expected closure during 2025 and is subject to necessary regulatory approvals.

Nasdaq Stockholm-listed Alfa Laval is a leading global provider of heat transfer, separation and fluid handling products with customers in 100 countries, more than 22,300 employees and annual sales during 2024 of SEK 66.9 billion (€5.8 billion).

Fives Cryogenics is a world leader in cryogenic heat transfer and pump technologies. Fives Group is an international leader in industrial engineering that is owned by its management, the Caisse de dépôt et placement du Quebec, PSP, Ardian and Bpifrance.

The White & Case team which advised on the transaction was led by partner Franck De Vita (Paris) and included partners Estelle Philippi, Brice Engel, Clara Hainsdorf, Quirec de Kersauson, Jérémie Marthan, Orion Berg, Alexandre Jaurett (all Paris), Francis Lupinacci, Steven Gee (both New York) and Z. Alex Zhang (Shanghai & Beijing), counsel Henri Bousseau (Paris) and Amy Yang (Shanghai), associates Nicolas Alfonsi, Tali Cohen-Levy, Sarah Kouchad, Clément Bellaclas, Rahel Wendebourg, Arthur-Hippolyte Michaut, Cécilia Grosjean, Tamila Bellache (all Paris), Cristen Callan, M.K. Kang, Jason Dong (all New York) and Rosie Wang (Shanghai) and international law clerk Louis Roussier (Washington, DC).

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