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M&A: large deals (€500m+) in Germany

Hengeler Mueller

Hengeler Mueller is a popular choice for major multinational corporations and stock-listed companies, predominantly in the regulated industries, seeking advice on high-value M&A transactions. Of particular note is the firm's activity in large transactions in the media sector. Maximilian Schiessl has extensive experience in cross-border deals and Hans-Jörg Ziegenhain frequently acts at the intersection with private equity.

Linklaters

Linklaters handles large-cap-deals mainly for strategic investors, private equity funds, DAX30-companies and international corporations, which besides the firm's transactional expertise also benefit from the close cooperation with the corporate, private equity and capital markets teams. Ralph Wollburg and Hans-Ulrich Wilsing are well-known M&A experts and Tim Johannsen-Roth heads the practice from the Düsseldorf office.

Practice head(s):

Tim Johannsen-Roth

Clifford Chance

At Clifford Chance energy, healthcare, automotive, technology and infrastructure are among the industry focus areas in the large-cap segment. The team advises major corporations, DAX30-companies as well as financial institutions and investors with additional know-how at the intersection with corporate and corporate group law, and private equity. The team led by Thomas Krecek and Anselm Raddatz benefits from easy access of expertise across its numerous global offices in the context of cross-border deals.

Practice head(s):

Thomas Krecek; Anselm Raddatz

Testimonials

'' Coverage of all legal areas that are relevant for a company in the pharmaceutical industry in daily business; Identification with projects / questions on which Clifford advises (no classic “external advice”); The idea of service comes first. '

Gleiss Lutz

Upper medium-sized companies, international major corporations, family businesses, financial institutions but also the public sector frequently seek Gleiss Lutz's advice on mergers, acquisitions and sales in the energy, telecoms, infrastructure, technology and financial service provider sectors. The firm also advises on matters concerning corporate, restructuring and financing law in the course of the deal. When it comes to cross-border projects, the team is able to draw on a network of locally leading best friends firms. The German practice is led by Ralf Morshäuser in Munich.

Practice head(s):

Ralf Morshäuser

Testimonials

' The law firm Gleiss Lutz has outstanding lawyers and attorneys who work together excellently in all areas. This also applies to the area of M & A / corporate law. For me, the law firm is a benchmark and a leader in Germany. '

' Dr. Ralph Morshäuser – also very experienced in the area of distresed M&A. Dr Stefan Aubel – brilliant lawyer. Dr. Andreas Spahlinger – also a leader in the interface to insolvency law. '

Key clients

BAWAG Group

Bertelsmann

Bosch

Deutsche Telekom

HeidelbergCement

Henkel

Infineon Technologies

Mitsubishi

Linde Group

Refinitiv

Schaeffler Group

Scout24

Siemens

Volkswagen Group

Work highlights

  • Robert Bosch: Advice in connection with the worldwide carve-out and sale of your packaging division to CVC Capital Partners.
  • Schaeffler: Advising on several transactions as part of his strategic transformation.
  • Linde Group: Advice on carve-out and sale of parts of the company in Sweden, Norway and Germany.

Latham & Watkins LLP

Latham & Watkins LLP's M&A-team cooperates closely with the firm's corporate practice; both are under the leadership of Burc Hesse. The team advises major German and international corporations, DAX30-companies and other stock-listed companies on large-cap transactions. Most recently, a strong focus was placed on public takeovers. Clients not only rely on the firm's transactional advice, but also benefit from the know-how of the restructuring, capital markets, insolvency and private equity practices. The team's full-service approach is complemented by the close collaboration with the firm's global offices on cross-border mandates. Natalie DaghlesMartin Neuhaus and Harald Selzner left in autumn of 2020 and joined Noerr.

Practice head(s):

Burc Hesse

Testimonials

' Extremely proactive, hands-on team. Excellent for giving short and crisp feedback on all questions asked. Always take a pragmatic approach without compromising on essential points. Excellent negotiation skills that result in a win-win situation for both sides. '

' Associates: available, committed, team player, extremely competent, supportive, hard-working. Partner: very well informed about the situation. Take the lead in all difficult matters. Excellent negotiator. ALWAYS much better prepared than the other parties. Show extreme commitment and care . '

Key clients

Aareal Bank AG

BayWa AG

Canada Pension Plan Investment Board (CPPIB)

Ceconomy

Cerner

DuMont

Hyundai

Körber AG

Linde AG

Novelis Inc.

Omnicom

PNE AG

Prüftechnik AG

Rhön Klinikum AG

RWE

PreussenElektra

EnBW

Vattenfall

Scout24 AG

ZF Friedrichshafen

Work highlights

  • Hyundai: Advising on the investment in IONITY, a joint venture of leading OEMs for the operation of a pan-European high-power charging station network.
  • Scout24: Advising on the sale of AutoScout24 to Hellman & Friedman in the amount of € 3 billion, including the Europe-wide carve-out of the AutoScout24 division as well as advising on the board of directors on stock corporation and capital market law.
  • ZF Friedrichshafen: Advising on several large-volume transactions, including the sale of the Body Control Systems business to Luxshare and the acquisition of leading automotive supplier WABCO for $ 7 billion.

Noerr

Noerr's expertise on mergers, acquisitions and sales is complemented by profound industry expertise in the telecoms, technology and especially the energy sector, where the M&A team advises medium-sized companies, stock-listed companies, and German and international major corporations. In the course of cross-border transactions, the team focuses on Asia, among other jurisdictions, with support from the firm's China-desk and an increasingly established Japan-desk. For transatlantic and European deals, the team is able to seamlessly cooperate with the firm's European and US offices. The group is led by Florian Becker and Alexander Hirsch.

Other key lawyers:

Testimonials

' Good organization within the team. '

'' Top availability and reaction speed; outstanding results; thinking outside the box; binding and service-oriented; Combination of specialist and industry knowledge; Best in class. '

' Applies to all partners: brilliant specialist knowledge; real personalities; with integrity and loyalty; fast and professionalism; solution-oriented; Best in class. '

Key clients

Andritz Gruppe

AURELIUS Equity Opportunities

Bauer Media Group

comdirect bank

Condor Flugdienst

Cushman & Wakefield

Deutsche Telekom

Firmenich SA

Gasum Oy

Hertha BSC

Thomas Cook Group

ISS Deutschland

Kaufland

Kohlberg Kravis Roberts & Co. (KKR)

Mutares

Panasonic Corporation

PPRO Holding

RIB Software

Wumei Technology Group

3G Capital

Work highlights

  • Condor Flugdienst GmbH: Advising Condor on the restructuring in the protective shield proceedings, the announced takeover by Polska Grupa Lotnicza (PGL) and the second rescue after the takeover by PGL was rejected as a result of the Covid 19 crisis.
  • RIB Software SE: Advising on a takeover offer from Schneider Electric.
  • Wumei Technology Group, Inc.: Advising on the acquisition of the Chinese business operations of the METRO Group and the agreement of a strategic partnership with the MDAX Group.

Sullivan & Cromwell LLP

Within the large-cap segment, the internationally well-connected M&A team at Sullivan & Cromwell LLP mainly assists international corporations, DAX30-companies and multinational financial investors. Private and public takeovers, mergers and acquisitions are all part of the service portfolio, as are carve-outs. Carsten Berrar and York Schnorbus jointly lead the practice, and Konstantin Technau and Max Birke are two other key figures.

Practice head(s):

Carsten Berrar; York Schnorbus

Other key lawyers:

Konstantin Technau; Max Birke

Key clients

Axioma

Bayer

Carsales.com

Covivio

Delivery Hero

Diebold Nixdorf

Fiserv

Goldman Sachs

Lazard

Lone Star Funds

Merck

Morgan Stanley Infrastructure Partners

Softbank

Standard Industries

TLG Immobilien

Uniper

Work highlights

  • Bayer AG: Advised on the sale of its pet and farm animal pharmaceuticals business to US company Elanco Animal Health for $ 7.6 billion.
  • Delivery Hero: Advising on the acquisition of South Korean food service Woowa Brothers for $ 4 billion.
  • TLG real estate: Advising on the billion-dollar merger with Aroundtown, which created a provider of office buildings with a combined real estate portfolio worth around € 25 billion.

Allen & Overy LLP

Allen & Overy LLP's M&A team, led by Nicolaus Ascherfeld, advises financial investors and institutions, major international corporations, and stock-listed and German blue-chip companies on mergers, acquisitions and sales in Germany and abroad. Clients can also count on corporate, capital markets, stock corporation, financing and corporate group law expertise, as well as long-standing experience in private equity. Industry focus areas include life sciences, insurance, energy, infrastructure and telecoms, among others, and the team is also well versed in distressed M&A.

Practice head(s):

Nicolaus Ascherfeld

Testimonials

'' Well-rehearsed team that has worked together for many years and has access to resources for almost every relevant area of law (including international ones) within the law firm. Very experienced in transactions, resilient, technically always at the market level, very reliable, always working on schedule, constructive consulting practice and negotiation with a focus on successful transaction completion. '

' Dr. Hans Diekmann: Top lawyer at international level, one of the very best in Germany, extremely experienced and hardworking, extremely resilient, always calm, always available, delivers quickly, adheres to deadlines, quick comprehension, very precise and to the point, professionally very versatile and each highly versed, helps very specifically with decision-making, constructive negotiator. Dorothee Kupiek: Very experienced senior associate, very resilient, versatile consulting practice, excellent team skills. '

Key clients

Friede Springer and Mathias Döpfner

TUI AG

ISRA VISION AG

Hamburger Gesellschaft für Vermögens- und Beteiligungsmanagement (HGV)

KWS SAAT SE

Elmos Semiconductor Aktiengesellschaft

CPO Holding (GmbH & Co.) KG

Viridium Group

PAI Partners

Advent International

Bridgepoint

CORESTATE Capital Holding S.A.

Schroders plc

Cathay Capital Private Equity

Tokai Carbon Co. Ltd.

Zurich Insurance Plc

ENGIE

Great-West Lifeco Inc.

Work highlights

  • Friede Springer and Mathias Döpfner: Advising on the public takeover of Axel Springer SE by KKR, including the delisting offer in 2020.
  • TUI AG: Advising on the transfer of its Hapag-Lloyd Cruises bundled luxury cruise business to TUI Cruises, the Hamburg-based 50:50 joint venture between TUI and Royal Caribbean Cruises from Miami (Royal Caribbean).
  • RAG Foundation: Advising the client as part of a consortium led by private equity investors Advent and Cinven on the acquisition of the elevator technology division from thyssenkrupp AG for € 17.2 billion.

Cleary Gottlieb Steen & Hamilton

Cleary Gottlieb Steen & Hamilton handles domestic and cross-border transactions in the large-cap segment mainly on behalf of German and multinational companies, but financial institutions also frequently seek the firm's advice. Apart from providing strictly transactional advice, the team also assists with matters concerning tax, antitrust and regulatory law, and is well-versed in private equity and venture capital. Gabriele Apfelbacher was promoted to counsel in January 2020, and Oliver Schröder left in December 2019 to join SZA Schilling, Zutt & Anschütz Rechtsanwaltsgesellschaft mbH.

Other key lawyers:

Gabriele Apfelbacher

Key clients

Casa Tarradellas

Citi

Citi und JP Morgan

Crédit Suisse

CVC Capital Partners

DCC

GIC

Goldman Sachs

Merck KGaA

Work highlights

  • Casa Tarradellas: Advice on her planned acquisition of a 60% stake in Herta's sausage and meat products and dough products from Nestlé.

Hogan Lovells International LLP

Hogan Lovells International LLP is sought out by stock-listed companies and major corporations for advice on domestic and cross-border large-cap deals and the team's particular expertise in the regulated industries, including infrastructure, energy, healthcare and life sciences. Lutz Angerer, who heads the M&A and corporate practice from the Munich office, has a particular focus on the life sciences sector and additional know-how at the intersection with stock corporation and capital markets law. Volker Geyrhalter, head of the continental European M&A and corporate group, is also well versed in restructurings, private equity and venture capital.

Practice head(s):

Lutz Angerer 

Key clients

Bundesrepublik Deutschland – Finanzagentur GmbH (Deutsche Finanzagentur)

Covestro AG

Daimler Group

Dialog Semiconductor

drom fragrances GmbH & Co. KG

Endemol Shine Group Germany

ESTEVE

Ford Motor Company

Harry-Brot

Intuitive Surgical Inc.

Media-Saturn-Holding GmbH

Sasol-Gruppe

TSR Recycling GmbH & Co.KG

Vienna House Hotelmanagement GmbH

Vifor Pharma

Work highlights

  • drom fragrances GmbH & Co. KG: Advice on sale to Givaudan, the world leader in flavors and fragrances.
  • Ford Motor Company: Advised Volkswagen on a $ 2.6 billion investment in Ford's autonomous vehicle platform company, Argo AI (Argo).
  • Covestro AG: Advising on the sale of their European polyurethane system houses in Germany, the Netherlands, Denmark, Spain and Italy to HIG Capital.

Jones Day

Jones Day's client base includes DAX30-companies, international corporations and financial investors, which the team, led by Ansgar Rempp, advise comprehensively on - often cross-border - large-cap transactions. Most recently, the team was busy assisting with inbound transactions via the firm's China-desk. Matters at the intersection with private equity also contribute to a constant workflow for the practice. The team stands out for its deep industry expertise in the automotive, energy and IT/software sectors. Dr Philipp Grzimek left in July 2020 to join Norton Rose Fulbright.

Practice head(s):

Ansgar Rempp

Other key lawyers:

Adriane Sturm; Markus Weber

Testimonials

' A law firm from which we can get a one-stop service, regardless of whether it is a brief introduction of the German company regulations for a foreign investor to comply with German laws, or the customer in setting up partnership agreements with JV partners or even support a request to resolve the dispute with the JV partners. Always impressed with the efficiency and quality of the service / advice we received. '

' The partner we are working with with Jones Day is Martin Schulz for our JV plans with our local partner. Compared to our work experience with other partners or law firms, we can say that Martin is very experienced and knows the industry in which we work very well. The communication we have is always smooth and we don't have to spend time understanding what our expectations are. He can easily identify what concerns we would have about the project and offer advice that meets our needs. Very often the suggestions are included in considerations that we may not consider, but Martin would think about what is really helpful for us to steer the project's progress. Most importantly, he always does his best to give us the help we need immediately and on time. '

Key clients

Amadeus FiRe

Bayer

Celonis

EDF

Edge Case Research

Freudenberg

GE

Hoerbiger

IBM

Koch Industries

KWS Saat

Lincoln Electric

Mahle

Materion Corporation

Panalpina Welttransport

Pandox

Parkwind Ost

Polyone

Sanofi

SAP

Shanghai Fosun

Timken

Total

Work highlights

  • SAP SE: Consulting Acquisition of Qualtrics for $ 8 billion.
  • Polyone: Advising on the acquisition of Clariant's global paint and additives masterbatch business for $ 1.5 billion.
  • Shanghai Fosun: Advice on the acquisition of the FFT group.

Baker McKenzie

Baker McKenzie predominantly assists with large-cap deals that have cross-border components, with a particular focus on Europe, the US, Japan and China. The team mainly advises major international corporations, German stock-listed companies and financial investors in the course of acquisitions and sales as well as carve-outs and post-merger matters. Industry expertise lies especially in the telecoms, healthcare and automotive sectors; Peter Wand is particularly well versed in the latter. Christian Atzler and Ingo Strauss co-head the practice.

Practice head(s):

Christian Atzler; Ingo Strauss 

Key clients

Evonik

Bayer

Metro

GEA

Sika

ZF Friedrichshafen

Visa

Deutsche Hospitality

SPIE

Hitachi Chemicals

Abott

Schneider Electric

Toppan Printing

Evergrande Health

Air Liquide

Sulzer

Dassault Systemes

Grundfos

Work highlights

  • Evonik: Advising on the sale of its methacrylate business to the financial investor Advent International.
  • Bayer: Advice on the sale of his shares in the chemical park operator Currenta.

CMS

The M&A and corporate team at CMS is jointly led by Maximilian Grub in Stuttgart, Ernst-Markus Schuberth in Düsseldorf and Richard Mitterhuber in Munich. Major corporations, financial investors and companies in Germany as well as abroad seek the firm's advice on large-cap transactions. The practice boasts extensive experience in the energy, infrastructure and telecoms industries. Thomas Meyding is particularly well versed in transactions in the automotive and media sectors, and has additional expertise regarding financing matters.

Other key lawyers:

Thomas Meyding

Gibson, Dunn & Crutcher LLP

The M&A team at Gibson, Dunn & Crutcher LLP often advises on deals in the large-cap sector with strong synergies with the private equity practice. It also has relevant expertise in matters concerning tax, financing, employment, antitrust and corporate group law. For transactions with cross-border aspects, the team can draw on the firm's world-wide offices; the connection to the US practice is particularly strong. Among the clients are mainly private equity and strategic financial investors as well as multinational corporations. Lutz Englisch, Ferdinand Fromholzer, Markus NauheimDirk Oberbracht and Wilhelm Reinhardt are the main points of contact.

Key clients

Atlas Copco AB

CANAL+ Gruppe

Celanese Corp.

Credit Suisse

HJM Investment GmbH & Co. KG

Lazard & Co. GmbH

Robert Bosch GmbH

Work highlights

  • Atlas Copco AB: Advice in connection with a voluntary public takeover offer in the amount of € 50 per share in cash for all outstanding shares of ISRA VISION AG, which is listed in Germany.

Kirkland & Ellis International LLP

The Munich-based M&A practice at Kirkland & Ellis International LLP regularly assists with public takeovers and is also highly active in the private equity space. Jörg Kirchner was promoted to counsel in January 2020.

Norton Rose Fulbright

Norton Rose Fulbright is active in the large-cap segment with a focus on the healthcare, energy, technology, automotive, finance and insurance industries and, besides international corporations and stock-listed companies, also advises financial investors. Katrin Stieß frequently assists investors and banks with transactions in the technology sector, and Frank Henkel is another key contact for investors regarding deals in the automotive and technology industries. Philipp Grzimek joined from Jones Day in July 2020 and strengthens the firm's Munich team. Stefan Feuerriegel in Hamburg and Frank Regelin in Frankfurt are co-heads of the practice.

Practice head(s):

Stefan FeuerriegelFrank Regelin

Other key lawyers:

Katrin Stieß ; Frank Henkel

Key clients

ADLER Real Estate AG

Bayerische Motoren Werke (BMW)

Aktiengesellschaft

Bilcare Research AG

Brookfield Management

Canopy Growth

Niederländische Pensionsfonds APG

Signal Iduna Holding AG und msg group GmbH

Tenova S.p.a. (Techint group)

Vodafone

Energizer Holdings, Inc

Work highlights

  • Adler Real Esate AG: Advice on the conclusion of a merger agreement on the business combination between ADLER Real Estate AG and ADO Properties SA.
  • Energizer Holdings, Inc.: Advice on the sale of the VARTA consumer battery business to Varta AG.
  • BMW: Advice on the conclusion of a joint venture with Daimler AG (Daimler).

White & Case LLP

White & Case LLP's transactional expertise is particularly evident in large-cap deals in the energy, technology, automotive and real estate sectors. The team, led by Darragh Byrne, provides comprehensive advice on all legal aspects of a transaction to multinational corporations, stock-listed companies and financial institutions in Germany and abroad. Sebastian Pitz joined from Freshfields Bruckhaus Deringer, whereas Ulrich Büdenbender and Peter Rosin left the firm at the end of 2019 to form Rosin Büdenbender.

Practice head(s):

Darragh Byrne

Key clients

ADO Properties S.A.

DIC / Sun Chemical

EWE AG

LANXESS

Nestlé

Polish Aviation Group (PGL)

Work highlights

  • ADO Properties SA: Advice in connection with the voluntary public takeover offer for ADLER Real Estate AG (ADLER).
  • Nestlé: Advice on the establishment of a joint venture with Casa Tarradellas with their respective holdings of 40% and 60%.
  • DIC / Sun Chemical: Advising on the takeover of the global pigment business from BASF – BASF Colors & Effects (BCE).