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Hengeler Mueller

BOCKENHEIMER LANDSTRASSE 24, 60323 FRANKFURT, GERMANY
Tel:
Work +49 69 17095 0
Fax:
Fax +49 69 17 09 50 99
Email:
Web:
www.hengeler.com
Berlin, Brussels, Dusseldorf, Frankfurt, London, Munich

Dr Dirk H Bliesener

Tel:
Work +49 69 17095 559
Email:
Hengeler Mueller

Work Department

Financial Institutions; Bank and Financial Markets Regulation; Financing; Capital Markets (DCM).

Position

Dirk has a broad practice covering the needs of the financial industry, focusing largely on banking and regulatory aspects of domestic and multi-jurisdictional M&A, restructurings and other transactions, as well as on a wide range of finance and debt capital markets matters.

Career

Qualified New York, 1995; Frankfurt, 1998. New York law firm, 1993-94. Joined Hengeler Mueller in 1998, partner since 2002, managing partner 2014-2018.

Languages

German, English, French.

Member

Membership Officer, IBA Banking Law Committee.

Education

Universities of Tübingen, Bonn and Hamburg (Dr jur), Paris Panthéon-Sorbonne (Maîtrise en Droit), IEP de Paris (Sciences Po) and Yale Law School (LLM).


Germany: Banking and finance

Financial services: regulatory

Within: Leading individuals

Dirk Bliesener - Hengeler Mueller

Within: Financial services: regulatory

Assisting with transactional matters constitutes a key element of Hengeler Mueller’s practice along with advising banks and other financial services providers on various regulatory matters including the Capital Requirements Regulation (CRR), the Capital Requirements Directive (CRD IV) and MiFID II as well as on pan-European payment systems and automated clearing houses. The team has also been increasingly active in providing Brexit-related advice including restructuring measures and the establishment of fully licensed Germany-based subsidiaries and branches. As highlights, Dirk Bliesener advised Commerzbank and Hypothekenbank Frankfurt on the transfer of various bank portfolios by way of a spin-off, and Christian Schmies assisted Deutsche Asset Management Investment with the global co-ordination of an asset and asset share transfer into a new fund structure set up by the client. He also advised a German bank on the implementation of the EU Benchmark Regulation (EU BMR), and acted for a large German retail chain on the implementation of PSD 2 with regards to gift cards and vouchers. Advent International and Bawag Group are also clients. Thomas Paul is recommended for investment regulatory law matters. Senior associate Michael Born joined Norton Rose Fulbright as of counsel in August 2018.

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Lending and borrowing

Within: Lending and borrowing

Hengeler Mueller’s strength lies in providing advice on syndicated acquisition finance and promissory loans. Acting as lead counsel, Johannes Tieves acted for a bank consortium on matters pertaining to a €2.5bn revolving syndicated loan for SAP to refinance its existing credit line, and advised HeidelbergCement on a €3bn syndicated revolving multi-currency credit facility for cash drawings and loan guarantees in euros and other currencies. Daniel Weiß assisted Erwin Hymer Group with the reorganisation of its group financing by concluding a syndicated credit facility and a promissory note in the aggregate amount of €400m, while Nikolaus Vieten assisted Finland-based energy company Fortum Oyj with the €12bn acquisition finance for the launch of a voluntary public takeover offer to all Uniper shareholders. In other significant work, Ralph Defren advised Metro on various financial instruments including private and public bonds, bilateral credit facilities, promissory loans and revolving credit facilities, and Daniela Böning acted as lead counsel for Davis-Standard and its majority owner Oncap on the acquisition of Maillefer International Oy including related financing matters. Other key individuals include Heinrich Knepper and co-managing partner Dirk Bliesener. In November 2018, Andreas Lischka joined White & Case LLP as local partner.

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Germany: Capital markets

Debt capital markets

Within: Debt capital markets

The strength of Hengeler Mueller’s ‘very good’ DCM practice lies in advising on the issuance of bonds and issuance programmes, leading to regular instructions on the issuance, restructuring and transaction of classic tier 1 and tier 2 notes and hybrid instruments. The ‘clever’ Dirk Bliesener acted as lead counsel when advising Bayerische Landesbank on the structuring and documentation of new debt products for the issuance of the Krügerrand Gold bond comprising 250,000 securities, while Johannes Tieves assisted the parent company of Brenntag Group with the issuance of a €600m bond. Also acting as lead counsel, Hendrik Haag advised a banking consortium led by Credit Suisse, Deutsche Bank and BNP Paribas on the issuance of eurobonds from Deutsche Telekom International Finance, the Dutch financing arm of Deutsche Telekom, in three tranches and with a total value of €3.5bn. He also advised innogy on the issuance of the first green bond totalling €850m, and assisted Schmolz + Bickenbach with the refinancing and restructuring of a €650m financing by issuing a €200m high-yield bond. In November 2018, Andreas Lischka joined White & Case LLP as local partner.

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Structured finance and securitisation

Within: Structured finance and securitisation

Hengeler Mueller ‘is extremely responsive to clients’ needs’ and ‘sticks to the agreed schedule irrespective of work involved’. The team advises clients on the issuance, restructuring and transfer of classic equity tier 1 and tier 2 capital market instruments and hybrid instruments and assists several German and international banks and other financial institutions with OTC and exchange-traded derivatives including various related issues. Martin Geiger, who is now predominately based in the London office, advised abcbank on the securitisation of leasing receivables, while Dirk Bliesener acted as lead counsel for Bayerische Landesbank, assisting the client with the structure and documentation of a new debt product enabling the issuance of the Krügerrand gold bond comprising up to 250,000 securities. Stefan Krauss advised Deutsche Bank on its conditional pass-through structured covered bond programme guaranteed by SCB Alpspitze UG, the first debt issuance programme of Deutsche Bank for covered bonds; it amounted to €35bn. The client also received assistance with the true sale securitisation of housing loans. Senior associate Heike Kainer is also recommended.

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Legal Developments by:
Hengeler Mueller

  • Hengeler Mueller advises Commerzbank on the proposed merger with comdirect

    Commerzbank AG has decided to make a public tender offer for the remaining shares of comdirect bank Aktiengesellschaft ("comdirect"). Commerzbank holds approx. 82 per cent of the shares in comdirect, approx. 18 per cent are in free float. The tender offer is subject to a minimum acceptance threshold of 90 per cent. It is intended to merge comdirect into Commerzbank, preferably via a merger related squeeze-out.
    - Hengeler Mueller

Legal Developments in Germany

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  • OLG Stuttgart affirms protection of collective trademarks featuring designations of origin

    While it is not possible to completely shut out other market participants from indications of origin, a trademark’s reputation must not be unduly exploited according to the Oberlandesgericht (OLG) Stuttgart, the Higher Regional Court of Stuttgart.
  • Hengeler Mueller advises Commerzbank on the proposed merger with comdirect

    Commerzbank AG has decided to make a public tender offer for the remaining shares of comdirect bank Aktiengesellschaft ("comdirect"). Commerzbank holds approx. 82 per cent of the shares in comdirect, approx. 18 per cent are in free float. The tender offer is subject to a minimum acceptance threshold of 90 per cent. It is intended to merge comdirect into Commerzbank, preferably via a merger related squeeze-out.
  • Hengeler Mueller advises Fortum on acquisition of majority in Uniper

    Fortum Oyj ("Fortum"), a leading clean-energy company headquartered in Espoo, Finland, has entered into agreements to acquire all Uniper shares held by funds managed by Elliott and Knight Vinke, a total in excess of 20.5%, increasing Fortum's share in Uniper to more than 70.5%. The purchase price amounts to approx. EUR 2.3 bn. Closing of the transaction is subject to customary regulatory clearances in Russia and the United States. The transaction will be financed with existing cash resources and committed credit facilities.
  • Hengeler Mueller advises Waterland on partnership with IT system provider netgo

    Waterland Private Equity ("Waterland") and IT system provider netgo entered into a partnership aiming at a further acceleration of the company’s growth. The service portfolio of netgo is to be expanded via targeted acquisitions. netgo founders Patrick Kruse and Benedikt Kisner will retain a significant stake in the company and will continue to serve as managing directors. Founded in 2007, netgo group now has a staff of about 350 across 17 different locations.
  • Hengeler Mueller advises managing board of PNE AG on investment agreement and takeover offer by Morg

    The managing board of PNE AG ("PNE") with the approval of the supervisory board signed an investment agreement with Photon Management GmbH ("Photon"). According to the provisions of the investor agreement Photon announced its intention to make a public takeover offer at a price of EUR 4.00 per PNE share in cash.
  • Hengeler Mueller advises SCHÖNES LEBEN group on acquisition of MEDIKO

    SCHÖNES LEBEN group, a portfolio company of the independent European private equity firm Waterland, continues to grow. In the course of an add-on transaction the group acquires a majority stake in MEDIKO Pflege- und Gesundheitszentren GmbH.
  • Hengeler Mueller advises BNP Paribas on financing of planned acquisition of parts of Danaher's life

    Sartorius, a leading partner to the biopharmaceutical industry and laboratories, has signed an agreement to acquire parts of Danaher’s Life Science Portfolio. BNP Paribas is financing the transaction, acting as sole lead arranger, bookrunner and underwriter.
  • Hengeler Mueller advises Corsair Capital on IDnow financing round

    Corsair Capital LLC ("Corsair") has made a USD 40 million equity investment in IDnow. IDnow is a leading provider of Identity Verification-as-a-Service solutions. Corsair is a private equity firm focused on investments in the financial and business services industries.
  • Hengeler Mueller advises State Street on cross-border merger of State Street Bank Luxembourg with an

    In the context of the further streamlining of its structure in Europe, State Street Group has completed a cross-border merger of State Street Bank Luxembourg S.C.A., Luxembourg, with and into State Street Bank International GmbH, Munich. The project is part of State Street's European Legal Entity Management initiative. The overall objective is to reduce the number of legal entities which will enable a more efficient use and generation of capital, allow for greater flexibility to provide services across the European Union and drive infrastructure and governance efficiencies.
  • Hengeler Mueller advises KKR and LEONINE on acquisition of Wiedemann & Berg TV

    The KKR backed independent media company LEONINE is acquiring Wiedemann & Berg TV (W&B TV) from the producers Max Wiedemann and Quirin Berg as well as Endemol Shine Germany. Part of the W&B TV business (the Berlin based business) will be carved out and remain with Endemol Shine Germany. W&B TV covers a broad production repertoire for major German TV channels as well as series for the pay-TV and video-on-demand market. Among the numerous projects are high profile productions such as "4 Blocks", "Dark" and "Der Pass". The acquisition is subject to clearance by the competent authorities. LEONINE group was created by a combination of Tele-München Gruppe with Universum Film, i&u TV and Wiedemann & Berg Film in 2019.