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Allen & Overy advises a banking syndicate on the financing of the minority investment in DKV Mobility Services Group by CVC Capital Partners Fund VII.

 

21 November 2018

Allen & Overy advised a banking syndicate on the financing of the minority investment in DKV Mobility Services Group („DKV“) by CVC Capital Partners Fund VII („CVC“). The banking syndicate comprised the bookrunners and mandated lead arrangers Landesbank Hessen-Thüringen Girozentrale (“Helaba”, co-ordinating), Crédit Agricole Corporate and Investment Bank, Natixis, Royal Bank of Canada and UniCredit.

Under the terms of the agreement, CVC will acquire a 20-percent stake in DKV. The family shareholders, who are currently the sole owners of the company, will remain majority shareholders with an 80-percent stake following the closing of the transaction. The parties have agreed not to disclose the purchase price. The transaction is subject to the customary approval process by the relevant regulatory authorities. Closing is expected for the first quarter of 2019.

DKV is a European leader in cash-free services en route for commercial goods and passenger transportation, toll and further mobility services. To its 170,000 customers in more than 40 European countries, the company offers the industry's largest supply network with more than 72,000 acceptance points. Throughout Europe, DKV generated sales of 7.2 billion Euros in 2017 and its workforce consists of about 1,000 employees. Since its incorporation in 1934, DKV has become a leading, award-winning mobility services provider with over 3.1 million fuel cards and on-board units in circulation.

CVC will support the company in accelerating its successful growth strategy in close cooperation with the majority owners and management. Strategic priorities will include the further digitalisation of DKV's business model and the extension of its service offering. Going forward, DKV will extensively benefit from CVC's entrepreneurial expertise and large international network.

The Allen & Overy team was led by partner Thomas Neubaum and comprised senior associate Elke Funken-Hötzel and associate Louisa Drewniok (all Banking and Finance, Frankfurt), partner Dr. Alexander Veith and associates Tobias Hugo and Matthias Söhner (all Corporate / M&A, Munich) as well as partner Frank Mausen, senior associate Pierre-Henry Maroteaux and juriste Alexis Poisson (all International Capital Markets, Luxembourg).
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