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Advising Helaba on acquisition of Dexia Kommunalbank Deutschland

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Melzer Wolfgang
Wolfgang Melzer

Partner

Frankfurt am Main

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Horn Matthias
Dr Matthias Horn

Partner

Frankfurt am Main

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17 December 2018

​On 14 December, Helaba Landesbank Hessen-Thüringen (Helaba) announced the signing of a SPA providing for the full acquisition of all shares in Dexia Kommunalbank Deutschland GmbH (DKD) for a purchase price of EUR 352 million. 

The transaction is expected to close in the second quarter of 2019 after the required regulatory clearances have been received.  With this transaction, Helaba will become the leading Pfandbrief issuer in Germany.

DKD, a subsidiary of the Dexia Group, which was nationalised as a result of the financial crisis, thus takes another important step in the context of its orderly resolution under the 2012 resolution plan for the Dexia Group approved by the EU Commission.

A multi-jurisdictional, cross-practice team of Allen & Overy provided Helaba with comprehensive advice on all legal aspects of this transaction which is strategically important for the bank.  In addition to banking and finance law as well as corporate/M&A law, our advisory services also included capital markets, antitrust, real estate, banking regulatory, tax and employment law as well as litigation. 

In advising Helaba, Allen & Overy once more showcases its substantial expertise in complex M&A transactions in the German banking sector.  In 2018 alone, Allen & Overy has, for instance, advised on the privatisation of HSH Nordbank and on the acquisition of Commerzbank's EMC division by Société Générale.

The Allen & Overy team was jointly led by partners Wolfgang Melzer (Banking and Finance) and Dr Matthias Horn (Corporate/M&A) and comprised partners Dr Heike Weber (Tax, all Frankfurt), Dr Christian Hilmes (Real Estate, Hamburg), Dr Hans-Peter Löw (Employment and Benefits), Dr Alexander Behrens (Banking Regulatory) Dr Stefan Henkelmann (Capital Markets, all Frankfurt) and Dr Ellen Braun (Antitrust, Hamburg), counsel Dr Ilja Baudisch (Banking and Finance, Munich), Dr Esther Schmidt-Naumann (Litigation), Dr Katharina Stüber (Corporate) and Dr Jens Nollmann (Capital Markets), senior associates and associates Dr Tobias Wintermantel, Dr Jan-Hendrik Bode (all Frankfurt), Dr Rauni Ahammer, Dr Jörg Weber (both Munich, all Banking and Finance), Dr Thyl Haßler, Dr Conrad Schulte-Wintrop (both Corporate/M&A, Düsseldorf), Dr Thomas Dieker (Tax, Frankfurt), Dr Daniel Bolm, Dr Marcus Grühn (both Real Estate, Hamburg), Sebastian Schulz, Anja Glück (both Employment and Benefits), Kai Schadtle, Fabian Schulze (Banking Regulatory), Daniela Schmitt (Capital Markets, all Frankfurt), Sören Burdinski (Antitrust, Hamburg), Anna Kräling (IP, Düsseldorf) and Jana Löwer (Litigation) as well as transaction support officer Pisiree Thavonseth (Capital Markets, both Frankfurt).

Lawyers from Allen & Overy's Brussels office also contributed to the transaction.