HCC to acquire majority stake in Karl Steiner AG
Karl Steiner AG (KSAG), the second largest Swiss real estate general contractor and its ultimate owner Peter Steiner, agreed with Hindustan Construction Company Ltd. (HCC) on a majority investment by HCC in KSAG to be followed by a subsequent sale by Mr. Steiner of his remaining interest in KSAG. HCC is a leading Indian business group with an established presence in construction, infrastructure development and urban development & management. KSAG will issue new shares to HCC amounting to a 66% interest in consideration for a CHF 35 million cash investment. The subsequent sale of Mr. Steiner's remaining interest is agreed to take place in 2014. The transaction is subject to approval by Indian and Swiss authorities and expected to close in the second quarter of 2010.
KSAG is advised by Lenz & Staehelin. The team is led by partner Matthias Wolf and includes senior associate Benjamin Fehr and associate Markus Schaffner (all Corporate and M&A).