Longtime firm client Tower International (NYSE: TOWR) (Tower), a leading manufacturer of engineered automotive structural metal components and assemblies, has agreed to be acquired by private equity-owned Autokiniton Global Group in a $900 million deal expected to close in September or October.
Autokiniton agreed to buy all outstanding shares of Tower for $31 per share in cash–a 70 percent premium to Tower’s closing stock price on July 11, 2019. The $900 million value includes Tower's debt and pension-related liabilities. The combined entity is expected to create a more competitive North American supplier with a complementary manufacturing footprint and lightweighting technologies that position it for continued growth.
Headquartered in Livonia, Michigan, Tower has approximately 5,700 colleagues and 2018 full-year revenue of $1.6 billion. Tower's manufacturing is conducted in 14 manufacturing facilities strategically located throughout the United States, Mexico, and Brazil. Lowenstein has previously represented Tower and its subsidiaries in a $561.5 million refinancing, in the company’s $81 million initial public offering, in over $200 million of its secondary offerings, and in its $430 million senior secured notes offering.
The deal team consisted of Peter H. Ehrenberg, Andrew E. Graw, Lowell A. Citron, Marita A. Makinen, Jeffrey Blumenfeld, Jack Sidorov, Jeffrey M. Shapiro, Elisia M. Klinka, Justin Gindi, Kate Basmagian, Daniel C. Porco, Matthew A. Weston, Erica Perlmutter, Robert Bee, Sabrina Cua, Brian A. Silikovitz, Kristin V. Taylor, Katie R. Glynn, Nicholas G. Mehler, Doreen M. Edelman, Lynda A. Bennett, Megan Monson, Michael B. Himmel, and Norman W. Spindel.