Morris Law has together with Squire Patton Boggs acted as Swedish legal advisor to Kongsberg Automotive ASA (“Kongsberg”) in their divestment of the interior comforts systems business unit to Lear Corporation (“Lear”) in relation to the Swedish subsidiaries, Kongsberg Automotive AB and Kongsberg Power Products Systems AB.
Kongsberg provides products to the global vehicle industry and Lear is a global automotive technology leader in seating and E-Systems. The interior comforts systems business unit supplies seat climate and comfort systems to all major car and seat manufacturers.
Lear and Kongsberg have been business partners for many years. The two companies have entered into a master sale agreement in October 28, 2021, for the divestment of the interior comforts systems business unit where Lear will acquire Kongsberg Automotive’s ICS business unit for an Enterprise Value of EUR 175 million.
Kongsberg intends to focus on Couplings, Fluid Transfer Systems, Powertrain & Chassis, and Off-Highway, strengthening and maintaining its competitiveness.
Read more about the divestment here.
Morris Law's project group has mainly consisted of Olof Myhrman, Martin Vildhede, Therese Andersson, Ana Ferreira Rodrigues, and Jesper Almqvist.