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General Motors announced that it has reached a definitive agreement for the company to sell its Allison Transmission commercial and military business to The Carlyle Group and Onex Corporation for approximately $5.6 billion. The sale agreement covers substantially all of Allison Transmission, including seven manufacturing facilities in Indianapolis and its worldwide distribution network and sales offices. The transmission production facility in Baltimore, Maryland dedicated to GM's retail pick-up trucks will remain with GM. The transaction is structured to preserve GM and Allison's competitive strengths in their respective product lines and is expected to close as early as the third quarter of this year, pending union and regulatory approvals.
Jenner & Block’s Corporate Practice as well as other practices at the Firm represented GM in this complex transaction. The core M&A team included Partners Joseph P. Gromacki, Donald E. Batterson, Edward J. Neveril, Adam Petravicius, Edward G. Quinlisk and Associates Mercedes M. Davis and Marc E. Harrison. Others who provided valuable assistance in the project included: Partners William L. Tolbert, Vito M. Pacione, S. Tony Ling, R. Douglas Rees, E. Lynn Grayson, Barbara M. Flom, William R. Stoughton, Everett S. Ward, John F. Kinney, Lee A. Freeman, Jr., Elizabeth A. Davidson, Of Counsel Darren M. Mungerson, and Associates Katherine Rahill, and Jeffrey R. Shuman.