Dellner Couplers Acquired for USD 960 Million by Wabtec
Deal News | Apr 03, 2025 | CEE Legal Matters
Wolf Theiss, in collaboration with Jones Day, provided legal counsel to Westinghouse Air Brake Technologies Corporation (Wabtec) during its acquisition of Dellner Couplers. The American company purchased the Sweden-based Dellner Couplers from EQT, a prominent Swedish investment firm, for USD 960 million. Wabtec is a product of a merger between the Westinghouse Air Brake Company and MotivePower Industries Corporation, focused on rail technology solutions. Dellner Couplers specializes in designing high-engineering, safety-critical systems and services for passenger rail rolling stock. The acquisition is set to be financed with Wabtec's cash reserves and short-term debt, pending standard closing conditions and regulatory approvals. Local legal advice was managed by Wolf Theiss Partners Katarzyna Wojcik-Bakowska and Krzysztof Libiszewski, alongside Associate Oliwia Kruczynska. Meanwhile, EQT was advised by Milbank and Vinge.
Sectors
- Railway Equipment Manufacturing
- Private Equity
- Legal Advisory
Geography
- United States – Wabtec is based in the United States, and it is the acquiring company in this deal.
- Sweden – Dellner Couplers and EQT, the selling entity, are based in Sweden.
- Europe – The transaction involves European entities, with Dellner Couplers based in Sweden and EQT as a significant European investment firm.
Industry
- Railway Equipment Manufacturing – The industry is relevant as the acquisition involves Dellner Couplers, a company specializing in train connection systems and services.
- Private Equity – EQT's investment activity and sale of a portfolio company positions this transaction within the Private Equity sector.
- Legal Advisory – The involvement of several law firms in advising on this transaction highlights the Legal Advisory industry's role in M&A.
Financials
- USD 960 million – Acquisition price for Dellner Couplers by Wabtec.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Westinghouse Air Brake Technologies Corporation (Wabtec) | Acquirer | Company | An American company specializing in rail technology solutions. |
| Dellner Couplers | Target | Company | Specializes in highly engineered, safety-critical train connection systems and services. |
| EQT | Vendor | Company | Swedish investment organization involved in private equity, infrastructure, and other investments. |
| Wolf Theiss | Legal Advisor | Company | Provided legal advice to Wabtec on the acquisition. |
| Jones Day | Legal Advisor | Company | Worked alongside Wolf Theiss advising Wabtec. |
| Milbank | Legal Advisor | Company | Reportedly advised EQT on the transaction. |
| Vinge | Legal Advisor | Company | Reportedly advised EQT on the transaction. |
| Katarzyna Wojcik-Bakowska | Partner | Person | Partner at Wolf Theiss involved in the legal advisory. |
| Krzysztof Libiszewski | Partner | Person | Partner at Wolf Theiss involved in the legal advisory. |
| Oliwia Kruczynska | Associate | Person | Associate at Wolf Theiss involved in the legal advisory. |