Alfa Laval enters negotiations for €800 million Fives Cryogenics acquisition

Global law firm White & Case LLP is advising Alfa Laval on an exclusive negotiation to acquire Fives Cryogenics from the Fives Group, with an enterprise value of €800 million. Alfa Laval, listed on Nasdaq Stockholm, specializes in heat transfer, separation, and fluid handling technologies with a vast international customer base. The acquisition is poised to enhance Alfa Laval’s product portfolio in gas liquefaction, especially with Fives Cryogenics' expertise in cryogenic heat transfer and pump technologies. The transaction is contingent on consulting with relevant works councils and obtaining necessary regulatory approvals, and it is expected to conclude in 2025. Fives Group, which owns Fives Cryogenics, is managed by its leadership along with Caisse de dépôt et placement du Québec, PSP, Ardian, and Bpifrance. The advisory team from White & Case is led by partner Franck De Vita and includes a diverse international team across Paris, New York, Shanghai, Beijing, and Washington, DC.