International business law firm Herbert Smith Freehills has advised Lumibird, the European leader in laser technologies, in the completion of the cross-border acquisition of the "Convergent Photonics Business" from Prima Industrie.
The transaction has envisaged a complex structure by combining a share deal on the Italian side with an asset deal for the US part. In particular, Lumibird has acquired Prima Industrie's subsidiary, Convergent Photonics Italia (which, after closing, has been named "Lumibird Photonics Italia"), while Lumibird Photonics USA (formerly Quantel USA), a subsidiary of Lumibird, has acquired the assets and activities relating to the carrying out of the "Convergent Business" from Prima Industrie North America.
The closing of the transaction occurred on 31 August 2023, following the lifting of all conditions precedent and, in particular, the obtainment of the regulatory approvals.
This acquisition is a new step in Lumibird 's investment strategy and has a double strategic interest by strengthening its strategic positioning in semiconductors and very high-power fibre lasers, and by opening up new market segments. This acquisition will enable Lumibird to become an independent supplier of critical components and will give it greater capacity for innovation in terms of materials and components.
The cross-border Herbert Smith Freehills team was composed of: in Paris, partner Hubert Segain and associates Yohann Smadja and Doriane Shannon, on M&A aspects; in Milan, partner Augusto Santoro, and associates Michela Merella and Cesare Saputo on M&A and corporate aspects, and partner Francesca Morra, on regulatory and FDI matters of the transaction; in New York, partner James Robinson, associates Lina Vélez and Sebastian Celis Rodriguez, on M&A and corporate aspects, as well as partner Joe Falcone, on regulatory and FDI matters. The team was further assisted by associates Tyler Hendry and Anastasia Regne, on labour law; and partner Jonathan Cross and associate Brittany Crosby-Banyai, on other regulatory matters, in New York.