Carlyle Europe Partners V and Carlyle Asia Partners V, the funds managed by The Carlyle Group Inc. (NasdaqGS:CG) entered into an agreement to acquire Flender GmbH from Siemens Aktiengesellschaft (XTRA:SIE) for an enterprise value of €2 billion on October 29, 2020. The sale also makes it possible to forgo the originally planned spin-off and public listing and thus offers a faster track to clarity for a successful future of Flender. The transaction will be financed by investment from Carlyle Europe Partners and and an affiliate of Carlyle Asia Partners. NH Investment & Securities Co., a brokerage unit of South Korea's NongHyup Financial Group, has joined the financing syndicate behind Carlyle Group Inc.'s €2 billion. Flender reported revenues of €2.2 billion in financial year 2020. As a part of the transaction, Carlyle has agreed to make long-term and reliable commitments for Flender and its employees and is backing the future course that Flender has announced and is showing its appreciation for the company's workforce. The transaction is subject to regulatory and antitrust approvals. The transaction has been approved by the Board of Siemens. The transaction is expected to close in first half of 2021. On December 15, 2020 Federal Trade Commission (FTC) the regulatory board approved the deal of acquisition of Flender GmbH. As of January 20, 2021, European Commission approved the transaction. As of February 3, 2021, the Competition Tribunal of South Africa approved the transaction.

BofA Securities, Inc. and Citigroup Inc. acted as financial advisor to Siemens Aktiengesellschaft in the transaction. Morgan Stanley and Lazard Ltd acted as financial advisors to The Carlyle Group. Karl Hepp de Sevelinges, Jean-Guillaume Follorou, Gabriel di Chiara, Eva Kopelman and Christophe Jacomin of Jeantet & Associés and Norbert Rieger, Andrea Eggenstein, Alexander Rinne and Rolf Füger of Milbank LLP acted as legal advisors to The Carlyle Group Inc. Hans-Jörg Ziegenhain, Daniel Möritz, Matthias Scheifele, Alexander G. Rang, Simon Patrick Link and Gunther Wagner of Hengeler Mueller acted as legal advisors to Siemens Aktiengesellschaft. Kai Christian Fischer of Cuatrecasas, Gonçalves Pereira, S.L.P. acted as legal advisor to The Carlyle Group Inc. (NasdaqGS:CG). Cleary Gottlieb Steen & Hamilton LLP acted as legal advisor to Citigroup Inc. in the transaction.

Carlyle Europe Partners V and Carlyle Asia Partners V, the funds managed by The Carlyle Group Inc. (NasdaqGS:CG) completed the acquisition of Flender GmbH from Siemens Aktiengesellschaft (XTRA:SIE) on March 10, 2021.Luca Crocco and E. Marcellus Williamson of Latham & Watkins LLP served as legal advisor to The Carlyle Group.