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18 November 20212 minute read

DLA Piper advises Montana Aerospace on successful capital increase with gross proceeds of CHF 152.3 million

DLA Piper has advised Montana Aerospace AG (Montana Aerospace), a manufacturer of complex lightweight components and structures for the aerospace industry listed on the SIX Swiss Exchange, on a capital increase with gross proceeds of approximately CHF 152.3 million.

A total of 5.4 million new registered shares were placed with international institutional investors, including qualified institutional buyers in the United States, in a private placement by way of an accelerated bookbuilding process. Subscription rights of the existing shareholders were excluded. The net proceeds from the share placement will be used to raise funds to be able to further accelerate organic growth and M&A activities, including the current acquisition of the ASCO group.

In connection with the cash capital increase, Montana Tech Components AG, the majority shareholder of Montana Aerospace, converted the major part of its outstanding hybrid loan in the amount of CHF 141.0 million into new Montana Aerospace shares. Both capital measures together amount to approximately CHF 293.3 million. The new shares will be listed on the SIX Swiss Exchange in Zurich.

DLA Piper is successfully continuing its capital market law advice for Montana Aerospace. In May of this year, a team led by Frankfurt partner Dr Roland Maaß had already advised Montana Aerospace on its initial public offering and listing on the SIX Swiss Exchange and also supported the company on the subsequent acquisition of the ASCO Group.

The DLA Piper team was led by Frankfurt-based partner Dr Roland Maaß (Capital Markets, Frankfurt). Partner Tony Lopez and counsel John Stone (both US Securities Law, London) were in the lead on US law. The team also included senior associate Juliane Poss and associate Theresa Schenk (both Capital Markets, Frankfurt).

Walder Wyss advised on the Swiss law side of the transaction. In-house at Montana Aerospace, Renate Krenn was responsible.