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K&L Gates LLP

06/11/2021 | Press release | Distributed by Public on 06/11/2021 12:57

K&L Gates Advises SPX Corporation on Agreement to Sell SPX Transformer Solutions to GE-Prolec Transformers

Charlotte - Global law firm K&L Gates LLP has advised SPX Corporation (NYSE: SPXC) on its binding agreement to sell 100% of the issued and outstanding stock of its wholly-owned subsidiary SPX Transformer Solutions, Inc., to GE-Prolec Transformers, Inc., a subsidiary of a joint venture between GE and Xignux S.A. de C.V., for a cash purchase price of US $645 million.

The K&L Gates team that advised SPX Corporation was led by partners Rick Giovannelli and Leah Baucom and included a diverse, multi-disciplinary team of lawyers, including Allen Bachman, Erica Bakies, Dean Brower, Yusuf Brown, Randy Clark, James Fajkowski, Cooper Hawley, Sean Jones, Ken Knox, Jessie Lu, Tad Macfarlan, Michael Pavlick, Rikki Sapolich-Krol, Jason Semmes, and Craig Wilson.

Giovannelli, a leader of K&L Gates' global corporate practice area, said: 'We are pleased to assist SPX on this transaction. It has been a great example of how K&L Gates is built to partner with our clients on complex engagements to execute on their strategic priorities, by leveraging our multi-disciplinary industry experience with state-of-the-art market perspective.'

John Nurkin, General Counsel for SPX Corporation, said: 'We were extremely pleased with the way Leah, Rick, and the team approached this transaction, and their high level of dedication and professionalism throughout the negotiations. The whole K&L Gates team acted as an extension of our in-house deal team and came up with extremely practical solutions to get to an agreement that is fair and protects our interests.'

The transaction is anticipated to close during the second half of 2021, subject to the satisfaction of typical closing conditions, including antitrust regulatory review.

Based in Charlotte, N.C., SPX Corporation is a leading supplier of highly engineered products and technologies, including in the HVAC and detection and measurement markets.

K&L Gates' corporate practice is one of the most substantial in the legal industry, with more than 500 lawyers in offices on five continents providing clients with practical legal solutions in the structuring, financing, and completion of domestic, international, and cross-border transactions.