Allen & Overy advises Scout24 on announcement of public takeover offer by Hellman & Friedman / Blackstone
15 February 2019
Allen & Overy is advising Scout24 AG (Scout24), a leading operator of digital marketplaces specialising in the real estate and automotive sectors in Germany and other European countries, in connection with the announcement of a voluntary public takeover offer by a holding company which is controlled jointly by funds that are in turn advised by Hellman & Friedman LLC (H&F) and group companies of Blackstone Group L.P. (Blackstone) as well as in connection with the conclusion of an investment agreement. H&F and Blackstone aim at forming a strategic partnership with Scout24 and are willing to offer Scout24's shareholders EUR 46.00 per Scout24 share in cash.
With an enterprise value of EUR 5.7 billion, Scout24 would be the largest takeover of a listed company in Germany by financial investors.
The A&O team was led by partners Dr Christian Eichner and Dr Hans Diekmann and provided comprehensive advice to Scout24, in particular on stock corporation, capital markets and takeover law issues.
The core Allen & Overy team comprised Dr Christian Eichner and Dr Hans Diekmann (transaction management), senior associate Kyrill Chilevych, counsel Dr Katharina Stüber, senior associate Dr Thyl Hassler and associate Dr Conrad Schulte-Wintrop (all Corporate/M&A Düsseldorf and Frankfurt). Finance law advice with regard to the investment agreement was provided by partners Cathy Bell-Walker and associate Andrea Ng (Banking & Finance, London) as well as partner Thomas Neubaum and counsel Dr Mark Hallett (Banking & Finance, Frankfurt am Main). Employment law advice was provided by partner Dr Hans-Peter Löw and counsel Boris Blunck (both Employment & Benefits, Frankfurt am Main). Antitrust law advice was provided by partner Dr Ellen Braun (antitrust law, Hamburg).
Dr Christian Eichner and Dr Hans Diekmann previously advised Scout24 AG on various matters involving stock corporation and capital markets law issues (general meetings, among other things).