GFJ ESG Acquisition I SE’s Anticipated Business Combination With tado GmbH

Flick Gocke Schaumburg advised SPAC GFJ ESG Acquisition I SE on the deal. tado GmbH was comprehensively advised by Allen & Overy LLP.

GFJ ESG Acquisition I SE (“GFJ”), a Luxembourg special purpose acquisition company (SPAC), signed a mutually exclusive Letter of Intent and agreed on the terms of a business combination with tado GmbH (“tado”), a European market leader for intelligent climate management.

In case of a successful closing of the business combination, tado will be publicly listed on the Frankfurt Stock Exchange.

In connection to the business combination GFJ will raise further capital in a private investment in public equity transaction (“PIPE Transaction”). It is currently envisaged that the transaction will value tado with an enterprise value of approximately EUR 450 million.

The combined group will be listed on the Frankfurt Stock Exchange and will have a shareholder base comprised of tado’s existing shareholders, GFJ’s existing shareholders and the PIPE investors.

tado is a European leader in intelligent home climate management. As the only cross-manufacturer platform, tado Smart Thermostats and services connect with any kind of heating or cooling system. Customers benefit from energy-saving technology such as Geofencing and Open Window Detection as well as time-of-use energy tariffs.

GFJ is the first German SPAC to focus exclusively on sustainable technologies. It was founded by Gisbert Rühl, Florian Fritsch, Josef Brunner, Anna-Katharina Smend, Philipp von Hagen and Harald Mahrer.

The Flick Gocke Schaumburg team included Dr. Florian Holzner (Picture); associates: Klaus Himmer, Peter Volkmann (all tax).

The Allen & Overy team is being jointly led by partners Dr Astrid Krüger and Dr Hendrik Röhricht (both Private Equity/M&A, Munich). Partners Dr Heike Weber (Tax), Dr Michael Weiß (Corporate/M&A), Dr Knut Sauer (Capital Markets) and Dr Udo H. Olgemöller (Public Law) are also advising. They are being supported by counsels Peter Wehner (Employment & Benefits) and Dr Andre Wandt (Corporate/M&A), senior associates Dr Thomas Dieker (Tax), Nadine Kämper (Capital Markets, all Frankfurt) and Heiner Mecklenburg (Antitrust, Hamburg), as well as associates Cornelia Tu, Frank Weiss (both Munich), Alan James-Schulz, Veronika Gaile (all Corporate/M&A), Dr Stephan Bühner (Public Law) and Anne Pelzer (Employment & Benefits, all Frankfurt). Partners Jacques Graas (Corporate/M&A) and Gilles Dall’Agnol (Employment & Benefits), senior associate Victoria Woestmann and junior associate Jacques Hoffmann (both Corporate/M&A, all Luxembourg) are advising on Luxembourg law.

Involved fees earner: Stephan Bühner – Allen & Overy; Gilles Dall’Agnol – Allen & Overy; Thomas Dieker – Allen & Overy; Veronika Gaile – Allen & Overy; Jacques Graas – Allen & Overy; Jacques Hoffmann – Allen & Overy; Alan James-Schulz – Allen & Overy; Nadine Kämper – Allen & Overy; Astrid Krüger – Allen & Overy; Heiner Mecklenburg – Allen & Overy; Udo Olgemoller – Allen & Overy; Anne Pelzer – Allen & Overy; Hendrik Röhricht – Allen & Overy; Knut Sauer – Allen & Overy; Cornelia Tu – Allen & Overy; André Wandt – Allen & Overy; Heike Weber – Allen & Overy; Peter Wehner – Allen & Overy; Michael Weiss – Allen & Overy; Victoria Woestmann – Allen & Overy; Florian Holzner – Flick Gocke Schaumburg; Peter Volkmann – Flick Gocke Schaumburg;

Law Firms: Allen & Overy; Flick Gocke Schaumburg;

Clients: GFJ ESG Acquisition I SE; tado° GmbH;

Federica Tiefenthaler

Author: Federica Tiefenthaler