We are advising AUO on the acquisition

Davis Polk is advising AUO Corporation on its acquisition of a 100% equity interest in Behr-Hella Thermocontrol GmbH (BHTC) at an enterprise value of €600 million. Subject to the clearance of customary antitrust and regulatory approvals, the transaction is expected to close by mid-2024.

AUO is a technology-driven company, delivering products and solution services that advance the frontier of innovation for display, system solutions, industrial intelligence, healthcare and energy. AUO is based in Taiwan and operates across Asia, the United States and Europe, with a global team of 38,000 people.

BHTC is a joint venture of MAHLE Behr GmbH & Co. KG and HELLA GmbH & Co. KGaA, with each holding a 50% equity stake. BHTC specializes in the development, manufacturing and sales of human machine interfaces, climate control and electronic control units for the automotive industry. BHTC is headquartered in Lippstadt, Germany, and has subsidiaries in the United States, Japan, Bulgaria, Finland, Mexico, India and China. 

The Davis Polk corporate team includes partners Miranda So and Leo Borchardt, counsel – registered foreign lawyer Xi Shi and registered foreign lawyers Rebecca Yang and Lucy Cai. The antitrust and competition team includes partner Jürgen Schindler, special adviser – EU antitrust Frances Dethmers and associate Dylan Jones. The tax team includes counsel Alon Gurfinkel and associate Kelli A. Rivers. Members of the Davis Polk team are based in the Hong Kong, Brussels and London offices.