Bird & Bird advises shareholders of Eve Systems on the acquisition by ABB
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International law firm Bird & Bird has advised the shareholders of Munich-based Eve Systems GmbH, a leading provider of smart home products, on the acquisition by ABB Beteiligungs- und Verwaltungsgesellschaft mbH, an ABB Group company.
Eve Systems' extensive range includes components for home automation, energy management, security and appliance control. With around 50 employees, Eve is one of the pioneers of the new "Matter" communication protocol. This ensures that smart home products - regardless of manufacturer and operating system - are fully interoperable via the radio standard "Thread", i.e. wirelessly.
The joint offering, including Eve's user-centric energy modernisation portfolio, enables ABB to accelerate the safe, smart and energy-efficient refurbishment of homes and buildings. With more and more existing buildings being modernised and refurbished to meet demands for greater comfort and energy efficiency, the acquisition further strengthens ABB's position in the fast-growing market for smart home technologies.
The acquisition is effective immediately. Eve Systems will be managed as an independent brand within the Building and Home Automation Solutions portfolio of the Smart Buildings division in ABB's Electrification business unit.
Markus Fest, founder and former CEO of Eve Systems, comments: "Selling a company you founded and helped build is a big step for any entrepreneur. This was my fourth exit, and the second sale I completed with Bird & Bird as advisor. I was delighted with the technical support, industry expertise and negotiation skills of Bird & Bird's lawyers, which I believe was a very important factor in the success of the transaction."
The shareholders of Eve Systems GmbH were advised by the following Bird & Bird lawyers: Partner Stefan Münch and Counsel Michael Gaßner (both lead partners, Corporate/M&A, Munich), partner Dr Henriette Picot (Commercial/Tech & Comms, Munich), partner Dr. Rolf Schmich (Corporate/Tax , Frankfurt), Counsel Michaela von Voß (Commercial/Tech & Comms, Munich), associates Maximilian Koch (Employment, Munich), Louisa Graf (Corporate/M&A, Munich), Paulina Jacob (Commercial/Tech & Comms, Munich), partner Dr. Stephan Waldheim and associate Maren Steiert (both Competition and EU Law/Antitrust , Düsseldorf).