Libbey in Stock Purchase Acquisition of Crisal
January 10, 2005
Cleary Gottlieb represented Libbey Europe B.V., a subsidiary of Libbey Inc., in the acquisition of 95% of the shares of Crisal-Cristalaria Automatica S.A., a Portuguese glass manufacturer, from VAA - Vista Alegre Atlantis SGPS, SA, a Portuguese listed-company. Including an assumption of debt by Libbey Europe and a potential earn-out payment to VAA, the transaction was valued at approximately €35 million. The deal closed today.
According to share purchase agreement terms, Libbey Europe will purchase the remaining 5% of the shares of Crisal within the next three years at a price to be determined by Crisal’s economic performance.
Libbey Inc. is a leading producer of glass tableware in North America. In 2002, Cleary Gottlieb represented Libbey Inc. in its acquisition of glass manufacturer B.V. Koninklijke Nederlandsche Glasfabriek Leerdam, a Dutch company whose primary markets are in northern Europe. Crisal, based in Portugal, has its primary markets in Spain and Portugal.