COBALT teamed with Baker & McKenzie on advising Sika on the acquisition of AkzoNobel’s building adhesives business

On October 1, 2013 Sika completed the acquisition of AkzoNobel’s Building Adhesives business. The deal in value of €260 million was announced on August 8, 2013.

With this acquisition, Sika increases its product offering for interior finishing, particularly targeting the professional craftsman. With annual sales of CHF 228 million, AkzoNobel Building Adhesives is a top-three player in its core European markets and employs 550 people.

Under the terms of the deal, all of AkzoNobel Building Adhesives business employees, two manufacturing facilities in Rosendahl (Germany) and Damville (France) and its products and brands have transferred to the new owner Sika. The international law firm Baker & McKenzie acted as the legal adviser for the buyer SIKA AG. COBALT teamed up with Baker & McKenzie to perform a due diligence of the Estonian unit of Akzo Nobel and to provide pre-closing advice.

COBALT team consisted of partner Martin Simovart, associates Kris Tammistu and Karl Kull.