DORDA's M&A and restructuring experts assisted ZF in the successful acquisition of the financially distressed intellic Germany GmbH including assets of the insolvent Austrian intellic GmbH.
Through this acquisition, ZF succeeded in expanding the digital fleet management segment and further strengthening its leading position as a 'one-stop shop' for commercial vehicle manufacturers, fleets, and industrial partners. The DORDA team, led by Christian Ritschka (Partner, M&A) and Magdalena Nitsche (Attorney, Insolvency & Restructuring), once again demonstrated their expertise and experience in distressed M&A transactions in this deal in the automotive sector.
The Intellic Group is a high-tech company with headquarters in Austria and a competence and research centre in Germany. As one of the European market leaders, Intellic develops and manufactures digital tachographs (trip recorders) and distributes them to the intelligent traffic systems sector. The intelligent tachograph is the product of the future and will ensure that commercial vehicles will be managed effectively. From Autumn 2023, European manufacturers are required to use the next generation of smart tachographs in newly registered trucks.
ZF is a globally active technology group and supplies systems for the mobility of passenger cars, commercial vehicles, and industrial technology. The acquisition of Intellic is another strategically important step for ZF to drive the "Next Generation Mobility" in the commercial vehicle industry. The company’s tachograph business will now be continued exclusively from Germany under the ZF name.
Partner and M&A expert Christian Ritschka: "Transactions in an distressed situation require quick action, close coordination with the various stakeholders and good nerves. We are pleased to have successfully closed the deal."
DORDA assisted in all relevant Austrian legal aspects of the transaction, including conducting the legal due diligence, negotiating, and finalising the relevant transaction documents. The DORDA team, led by Christian Ritschka (Partner, M&A) and Magdalena Nitsche (Attorney, Insolvency & Restructuring) further consisted of Felix Hörlsberger (Partner, Insolvency & Restructuring), Nino Tlapak (Partner, IT/IP & Data Protection Law), Heinrich Kühnert (Partner, Antitrust & Competition), Veit Öhlberger (Partner, Trade & Distribution), Andreas Seling (Counsel, IP/IT), Emina Dedic (Associate, M&A), Franziska Hauser (Associate, Trade & Distribution), Paul Traar (Associate, Insolvency & Restructuring) and Michael Hardt (Associate, IT/IP & Data Protection).
GRUB BRUGGER's insolvency specialists, led by Jasmin Urlaub, advised on behalf of the German offices.