IEE finalizes acquisition by HiWing, SAIC and Ascend

en

Luxembourg-based sensing specialist IEE today announced that a consortium of Chinese investors has acquired the company, IEE S.A.

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  • IEE-O-004-LU-2006

The consortium consists of two strategic investors: HiWing, a high-tech industrial group and SAIC Luxembourg, a subsidiary of SAIC Hong Kong from the automotive industry; and a financial investor: Ascend Capital together with OFFHAM Technology.

Guangrong Han, IEE’s new Chairman representing the investor consortium, stated: “The new shareholders will focus on keeping IEE on a path of sustainable development. We will maintain IEE's brand and operations as an independent entity. There will be no reduction in the number of employees as a result of the acquisition and we will not relocate the Luxembourg production facilities to China. We will support IEE's long-term business development by continuing and increasing IEE’s investment in research and development. Our vision is for IEE to expand their global resources, strengthen their European and US market shares and enlarge their Chinese and Asian market shares. This will ensure the company continues to operate profitably and with stability.”

IEE’s CEO, Hubert Jacobs van Merlen commented: “I believe this transaction marks the beginning of an exciting new chapter for IEE. With the new shareholders, IEE will be able to gain a stronger foothold in the growing Asian automotive market. We will also be able to enlarge our product portfolio, offering new opportunities for our employees, and an enhanced offer for our customers worldwide. We will continue to execute our long-term strategy of developing innovative sensing solutions and I believe our efforts will be well supported by the new shareholders.”

Under the agreement, HiWing (55%) acquires together with Ascend Capital (30%) and SAIC Luxembourg (15%), the entire equity of IEE.

Previous shareholders of IEE S.A. are Paris-based Apax Partners as majority shareholders, alongside European Capital, the IEE Management and two Luxembourg-based investment companies Luxempart and BGL Investment partners.

Ascend Capital together with OFFHAM Technology, Deloitte and Arendt & Medernach acted as advisors for the purchasers on this transaction.

Houlihan Lokey and Linklaters LLP acted as advisors for the sellers on this transaction.

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