Allen & Overy advises Cerberus on successful privatisation of HSH Nordbank
28 February 2018
Allen & Overy is advising US-based financial investor Cerberus Capital Management on the takeover of HSH Nordbank by independent investors. The contract provides for a purchase price of around EUR1 billion for 94.9 per cent of the shares held in HSH Nordbank. Other buyers include financial investors J.C. Flowers, GoldenTree Asset Management and Centaurus Capital, as well as the Austrian BAWAG P.S.K.. This deal marks the first successful privatisation of a German state bank.
As part of the acquisition a portfolio of the bank’s non-performing loans will be sold. This will enable HSH Nordbank to remain competitive in the future without state aid.
The transaction will close once the required regulatory approvals have been obtained. This includes, inter alia, approvals by the European Commission, the European Central Bank, the parliaments of the federal states of Hamburg and Schleswig-Holstein as well as the relevant cartel authorities.
Allen & Overy is advising Cerberus in relation to the acquisition of the bank, the transfer of the non-performing loan portfolio, on all regulatory aspects (including banking supervisory law and antitrust law) and on employment and tax law.
The Allen & Overy team was led by partners Simon Toms (Corporate/M&A, London), Dr. Hartmut Krause (Corporate/M&A, Frankfurt), Dr. Nicolaus Ascherfeld (Corporate/M&A, Hamburg) and George Knighton (Corporate/M&A, London) and comprised the following additional team members:
Partners John Coburn, Dr. Bernhard Herding (both Banking), Dr. Stefan Henkelmann (International Capital Markets), Dr. Hans-Joachim Löw (Employment, all Frankfurt), counsel Max Landshut (Corporate/M&A, Hamburg), Dr. Andre P.H. Wandt (Corporate, Frankfurt), senior associates Alexander Wüpper (Corporate/M&A, Frankfurt), Catherine Jones (Corporate/M&A, London), as well as the associates Gregor Petric, Tatiana Marzoli, Frederic Wünsche (all Corporate/M&A, Frankfurt), Dr. Moritz Meister and Dr. Stefan Witte (both Corporate/M&A, Hamburg), Kai Schadtle and Fabian Schulze (both Banking Regulatory, Frankfurt), Joseph Kamyar and Neil Rogers(both Corporate, London).
In addition, a more than 40 lawyers strong team from Allen & Overy offices in London, Frankfurt, Hamburg, Düsseldorf and Munich have advised on the transaction.