Busch group publishes document for voluntary public tender offer for Pfeiffer Vacuum Technology AG

Frankfurt, 13 February 2017. Busch group publishes offer document for €665m voluntary public tender offer for Pfeiffer Vacuum Technology AG

  • 2017_02_Busch SE_Pfeiffer_OfferBaFin approves offer document
  • Acceptance period runs from 13 February 2017 to 13 March 2017
  • Offer price of €96.20 per Pfeiffer Vacuum share and total offer value of €665 million
  • No minimum acceptance threshold

Pangea GmbH, a wholly owned subsidiary of Busch SE, today published the offer document for the voluntary public tender offer for the shares of TecDAX-listed Pfeiffer Vacuum Technology AG (ISIN: DE0006916604). Prior to its publication, the offer document was approved by the German Federal Financial Supervisory Authority („BaFin“) in accordance with the German Securities Acquisition and Takeover Act (Wertpapiererwerbs- und Übernahmegesetz – „WpÜG“).

As of today, Pfeiffer Vacuum shareholders can accept the offer and thus tender their shares to Busch group at a price of €96.20 per share. The price represents a premium of about 12 percent on the volume-weighted three-month average price of Pfeiffer Vacuum shares prior to the announcement of the voluntary public tender offer on 24 January 2017. To tender their shares, shareholders must issue a written declaration
to their respective custodian bank. Busch group has commissioned Joh. Berenberg, Gossler &Co. KG to act
as central settlement agent.2017_02_Busch SE_Pfeiffer_Financing

The acceptance period will end at midnight (CET) on 13 March 2017. The offer is not contingent on any minimum acceptance threshold. Busch group received a financing commitment from Landesbank Baden-Württemberg to ensure full funding for the acquisition of all shares.

ACXIT Capital Partners is acting as exclusive M&A and financing advisor to Busch group for the €665m voluntary public tender offer as well as for the corresponding financing facility. Weil, Gotshal & Manges LLP acts as legal advisor.

The tender offer is subject to customary offer conditions, such as obtaining the required clearances from antitrust authorities. Subject to the fulfilment of the offer conditions, closing of the transaction is expected in the second quarter of 2017.

“As part of our investment strategy we would like to invest even more in the field of vacuum technology.
We have held a stake in Pfeiffer Vacuum since 2015, and by increasing our investment, we continue to focus on long-term stability and growth”
, Sami Busch, one of the managing partners of Busch group, said. “Pfeiffer Vacuum in turn benefits since we have known the market for decades and will be able to give positive impetus through the Supervisory Board in order to make even better use of the opportunities in the vacuum market.”

The offer document is available at http://www.offerbuschvacuum.com. A copy of the document can also be obtained free of charge at Joh. Berenberg, Gossler & Co. KG, Dusseldorf (written inquiries to: Joh. Berenberg, Gossler & Co. KG, ECM/DCM-Services, Cecilienallee 10, 40474 Dusseldorf, Germany, by phone: +49 (0) 211540 728643, by fax to: +49 (0) 211 540 728210 or by email to: ECM-DCM-Services@berenberg.de).

ACXIT Capital Partners is acting as exclusive M&A and financing advisor to Busch group.


About Busch group

Busch group is a globally operating manufacturer of vacuum pumps, blowers and compressors. The comprehensive product range comprises solutions for vacuum and overpressure technology in all industry sectors. The Busch group offers one of the largest selections of industrial vacuum technologies worldwide.

The company was founded in 1963 in Maulburg, Baden-Württemberg, where the main German manufacturing facility and the German sales organization are located. Today, the company has 60 subsidiaries in 42 countries and sales agents in further 30 countries, providing sound advice and practical support to customers on-site. The family-owned company has about 3,000 employees worldwide. (www.buschgroup.com)

About Pfeiffer Vacuum

Pfeiffer Vacuum (Stock Exchange Symbol PFV, ISIN DE0006916604) is one of the world’s leading providers of vacuum solutions with net sales of €451m in 2015 and a market capitalization of €1.03bn. In addition to a full range of hybrid and magnetically levitated turbopumps, the product portfolio comprises backing pumps, measurement and analysis devices, components as well as vacuum chambers and systems. Ever since the invention of the turbopump by Pfeiffer Vacuum, the company has stood for innovative solutions and high-tech products that are used in the Analytics, Industry, Research & Development, Coating and Semiconductor markets. Founded in 1890, Pfeiffer Vacuum is active throughout the world today. The company employs a workforce of some 2,350 people and has more than 20 subsidiaries. (www.pfeiffer-vacuum.com)

About ACXIT Capital Partners
ACXIT Capital Partners [ACP] is a leading international corporate finance and investment advisory firm for mid-market clients and entrepreneurs in Europe and beyond. Since 1998, ACP offers its clients comprehensive corporate finance advisory services including M&A and capital markets advisory as well as restructuring, equity/debt and strategic advisory. As an independent, privately owned firm we maintain offices in Frankfurt, Berlin, Munich, Zurich, Vienna and Hong Kong as well as strong alliances in France, China, India and the USA. (www.acxit.com)

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E-mail: Ackermann@acxit.com

Transaction Team

Johannes H. Lucas, Managing Partner
Thomas Klack, Managing Partner
Christian Stippler, Director
Philipp H. Seeck, Associate
Christian Enderichs, Associate
Riham El Ghamrawy, Associate
Dr. Jochen Kasper, Analyst
Diana Prvulovic, Analyst