Wragge & Co LLP Corporate group is advising Swedish company Haldex AB on a cross-border acquisition for a cash consideration of £75 million. The instruction came via leading Swedish firm Mannheimer Swartling.

Haldex is acquiring UK-based Concentric plc from its management and Bridgepoint Capital. The transaction involves net pension liabilities of approximately £15 million. Acquisition related intangibles and net of deferred tax are expected to amount to approximately £90 million. It will be financed through a combination of existing and new credit facilities provided by SEB Group, the Swedish bank.

Corporate partner Andrew Lawton Smith led the team, supported by partner Julian Henwood and solicitor Ann-Marie Davies. Partner Paul Feathers and associate Ben Blunsdon provided advice on the pensions aspects of the deal. The team worked alongside Joakim Olsson, president and CEO of Haldex, and Stefan Johansson, financial director.

Andrew Lawton Smith said: "Our experience in acting for UK and international clients in mid-market transactions made us the natural fit for this instruction. We worked in conjunction with Haldex and Mannheimer Swartling throughout."

Haldex is a global supplier to the vehicle industry. Headquartered in Stockholm, Sweden, it has a yearly turnover of 8 billion SEK and employs 6,100 people.

Concentric is an international supplier of oil, water and fuel pumps for medium and heavy duty diesel engines with a sales turnover of £72 million. Headquartered in Birmingham in the UK, it has a manufacturing and sales network including UK, US, China and India. Concentric will form part of Haldex' Hydraulic Systems Division. The acquisition, subject to regulatory approval in Germany, is expected to close before the end of April 2008.

Travers Smith acted for Bridgepoint Capital. Brown Jacobson acted for Concentric's management team. RSM EquiCo Capital Markets LLC acted as financial advisor to Haldex on this transaction.

Wragge & Co's 70-lawyer Corporate group specialises in mid-market work for companies ranging from global brands to private companies. It has a growing reputation for international work, with headline deals completed for Finnish, Japanese, French, Swiss and German companies. It is supported by specialists in banking, pensions, employment, real estate and tax, ensuring full-service advice and support for every deal. Other M&A highlights include acting for US client Inverness Medical Innovations, Inc. on its takeover of UK-based BBI Holdings PLC for a total consideration of up to £83 million, plus first deals for Carron Energy and Northgate Information Solutions.

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For further information about this press release, contact Kathryn Hobbs on +44 (0)121 685 2785, Amie Ryalls on +44 (0)121 685 2708 or Rebecca Davies on +44 (0)121 685 3819

This press release may contain information of general interest about current legal issues, but does not give legal advice.