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MCI To Acquire North American Setra Motorcoach Business from Daimler
Paul, Weiss client Motor Coach Industries International Inc. (MCI), a portfolio company of KPS Capital Partners, announced the signing of a letter of intent with Daimler AG to acquire the Setra motorcoach business in the U.S. and Canada and establish a strategic partnership with Daimler. The companies have agreed upon the material terms and conditions of the transaction and are working to finalize definitive agreements, which they expect to enter and consummate not later than May 31, 2012. Upon closing, Daimler will receive a minority ownership in MCI, and MCI will become the exclusive North American distributor of Setra S407 and S417 German-manufactured premium motor coaches. The transaction, announced yesterday, was reported in The Wall Street Journal and other media outlets.
The Paul, Weiss team advising MCI includes corporate partner Carl L. Reisner and litigation partner Aidan Synnott.