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Allen & Overy advises banks on financing for Porsche SE for the acquisition of shares in connection with the IPO of Porsche AG

Allen & Overy has advised a banking syndicate comprising Banco Santander, Crédit Agricole, Deutsche Bank, ING, J.P. Morgan and UniCredit Bank on a syndicated credit facilities agreement for Porsche Automobil Holding SE (Porsche SE).

The financing serves, among other purposes, to acquire 25% plus one share of the ordinary shares in Dr. Ing. h.c. F. Porsche AG (Porsche AG) in connection with the IPO of Porsche AG.

Under the terms of the share purchase agreement, Porsche SE acquires the ordinary shares in Porsche AG from Porsche Holding Stuttgart GmbH in two tranches of 17.5% plus one ordinary share and 7.5% of the ordinary shares in Porsche AG. The purchase price to be paid by Porsche SE as consideration for each ordinary share sold in Porsche AG corresponds to the placement price for the preferred shares in the course of the IPO plus a premium of 7.5%. The consummation of the share purchase agreement and the transfer of the ordinary shares are still subject to various conditions precedent.

The Allen & Overy team was led by partner Dr Walter Uebelhoer and counsel Dr Ilja Baudisch (both Banking & Finance, Munich) and further comprised partner Dr Heike Weber and associates Caroline Feld (both Tax, both Frankfurt) and Georg Lütkenhaus (Banking & Finance, Munich).