Western Star Trucks Holdings Ltd. (Western Trucks), which manufactures heavy duty trucks and transit buses in Canada and the U.S., announced on March 8, 2000 that it had closed the sale of its UK truck subsidiary, ERF Holdings plc (ERF) to MAN Aktiengesellschaft (MAN) for proceeds of approximately $156 million. In addition, MAN will assume ERF’s indebtedness of $108 million of which approximately $55 million represents intercompany debt to be repaid to Western Star on closing. This results in an enterprise value of approximately $264 million.
In a separate transaction, Western Star will purchase MAN’s Australian subsidiary, MAN Automotive (Australia) Pty Ltd. (MAN Australia), for cash and assumed debt of approximately $50 million.
Stikeman Elliot acted for Western Star Trucks on the deals. The team was led by Jonathan Drance and assisted by John Anderson and Argiro Kotsalis of the Vancouver office. The London, England office of Shearman & Sterling acted for MAN, with a team led by Adrian Knight.
In a separate transaction, Western Star will purchase MAN’s Australian subsidiary, MAN Automotive (Australia) Pty Ltd. (MAN Australia), for cash and assumed debt of approximately $50 million.
Stikeman Elliot acted for Western Star Trucks on the deals. The team was led by Jonathan Drance and assisted by John Anderson and Argiro Kotsalis of the Vancouver office. The London, England office of Shearman & Sterling acted for MAN, with a team led by Adrian Knight.
Lawyer(s)
John F. Anderson
Argiro M. Kotsalis
Firm(s)
Stikeman Elliott LLP
Shearman & Sterling LLP