Simpson Thacher Represents Teleflex Incorporated in Sale of $300 Million Joint Venture Interest to General Electric Company
The firm is representing Teleflex Incorporated in the announced sale of its 51% joint venture holding in Airfoil Technologies International - Singapore Pte. Ltd. (ATI) to General Electric Co. The purchase agreement provides for a cash payment of $300 million to Teleflex for its remaining interest in ATI. The transaction is expected to close by the end of the first quarter.
ATI is a joint venture between Teleflex and GE Aviation and was formed in 1995. ATI provides repair technologies and services for commercial flight and ground-based turbines from service facilities in ATI-United Kingdom, ATI-Singapore and PTI-Florida. Teleflex has also agreed to transfer its ownership interest in the remaining ATI business to GE by the end of 2009.
The Simpson Thacher attorneys working on the deal are: Mario Ponce, Joel Karansky and Michelle Murphy (M&A); John Creed and Kurt Dudas (Tax); Greg Grogan and Beth Understahl (Executive Compensation & Employee Benefits); Joe Tringali, Michael Naughton and Ken Ehrhard (Antitrust); and Peter Kazanoff and Michael Ybarra (Litigation).