Milbank Advises Shareholders on Sale of BETA CAE Systems

Milbank LLP comprehensively advised the shareholders of BETA CAE Systems International AG (“BETA CAE”), a leading provider of multi-domain engineering simulation solutions, on the sale to Cadence Design Systems, Inc. (“Cadence”), a leader in electronic systems design. The transaction is expected to close in the second quarter of 2024, subject to the receipt of regulatory approvals and other customary closing conditions.

Headquartered in Lucerne, Switzerland, BETA CAE is a highly respected industry leader, well known for its groundbreaking, innovative, high-performance simulation software and best-in-class services. BETA CAE’s portfolio includes its flagship pre- and post-processing products, which are the industry gold standard; mechanical and structural simulation and multiphysics analysis; and simulation process, data, and resources management (SPDRM) solutions, among others. BETA CAE has a very strong footprint in the automotive vertical sector, delivering solutions to the top 10 global automobile manufacturers and most Formula One racing teams, as well as leading customers in the aerospace, industrial, and healthcare industries. Customers include marquee names such as Honda Motor Company, Ltd., General Motors Company, Stellantis, Renault Group, Volvo Cars, and Lockheed Martin Corp., among others.

Cadence is a pivotal leader in electronic systems design, building upon more than 35 years of computational software expertise. The company applies its underlying Intelligent System Design™ strategy to deliver software, hardware and IP that turn design concepts into reality. Cadence customers are the world’s most innovative companies, delivering extraordinary products from chips to boards to complete systems for the most dynamic market applications, including hyperscale computing, 5G communications, automotive, mobile, aerospace, consumer, industrial and healthcare.

The global Milbank team that advised the shareholders of BETA CAE on all aspects of the transaction was led by partners Michael Bernhardt (Corporate/M&A) and Lisa O'Neill (Corporate/M&A, London) and included partners Leopold Riedl (Corporate/M&A), Bijan Ganji (Transportation and Space Group and Global Risk & National Security Practice, Washington, DC), Alexander Rinne (Antitrust), Daniel Tyrrell and Scott Golenbock (both Corporate/M&A, New York), Apostolos Gkoutzinis (European Leveraged Finance/Capital Markets, London), Joel Krasnow (Executive Compensation and Employee Benefits, New York), Andrea Hamilton (Antitrust, London), Alan Rafferty (Tax, London) and special counsels Merih Altay (Corporate/M&A, London), Lafayette M. Greenfield, II (Transportation and Space and Global Risk & National Security, Washington, DC), John Garces (Corporate/M&A, New York) and associates Johannes Wohlmuth (Corporate/M&A), Marlies Zeck (Antitrust), Robbie Hay and Hannah Gong (both Corporate/M&A, London), Jade Du Berry (Tax, London), Kate Meils (Corporate/M&A, London), Jinney Chung (Corporate/M&A, New York), Jon Sorger (Executive Compensation and Employee Benefits, New York), Clayton Melton (Transportation and Space and Global Risk & National Security, Washington, DC).