Global Blue’s $225 Million Growth Equity Investment From Certares and Knighthead

Simpson Thacher represented Global Blue on the deal. Homburger advised Certares Opportunities LLC and Knighthead Opportunities Capital Management, LLC.

Global Blue Group Holding AG announced their agreement to sell and issue, in one or more private transactions, 21,176,470 new convertible series B preferred shares of Global Blue, for an aggregate purchase price of $180 million, and 8,587,786 common shares of Global Blue, for an aggregate purchase price of $45 million, to CK Opportunities Fund I, LP, an investment fund co-managed by Certares Opportunities LLC and Knighthead Opportunities Capital Management, LLC. The transactions will result in aggregate gross proceeds of $225 million to Global Blue.

Global Blue is a leading strategic technology and payments partner, empowering retailers to improve their performance and shoppers to enhance their experience. Global Blue offers innovative solutions in tax free shopping, payments services and complementary RetailTech. Global Blue’s data and advisory services offer a strategic advisory to help retailers identify opportunities for growth and Global Blue’s shopper experience and engagement solutions provide data-driven solutions to increase footfall, convert footfall to revenue and enhance performance.

The Simpson Thacher team for this transaction included Hui Lin (Picture) and Catherine Ciriello (New York; Corporate); James Howe, Christopher Vallance and Nishita Vasan (London; Corporate); Étienne Renaudeau and Henry Llewellyn (Antitrust); and Russell Light and Drew Purcell (Tax). Jieun Lim also provided valuable assistance.

The Homburger team was led by partner Dieter Gericke and included lead associate Carlo Sulser, associates Francesco Bernasconi and Isabelle Cordey, as well as junior associates Benjamin Camavdic and Thomas Leu (all Corporate / M&A and Capital Markets), partners Dieter Grünblatt and Reto Heuberger, and associates Kevin Müller and Philippe Weber (all Tax), and Patrik Dudar (Employment and Executive Compensation).

Involved fees earner: Francesco Bernasconi – Homburger; Benjamin Camavdic – Homburger; Isabelle Cordey – Homburger; Patrik Dudar – Homburger; Dieter Gericke – Homburger; Dieter Grünblatt – Homburger; Reto Heuberger – Homburger; Thomas Leu – Homburger; Kevin Müller – Homburger; Carlo Sulser – Homburger; Philippe Weber – Homburger; Catherine Ciriello – Simpson Thacher & Bartlett; James Howe – Simpson Thacher & Bartlett; Russell Light – Simpson Thacher & Bartlett; Jieun Lim – Simpson Thacher & Bartlett; Hui Lin – Simpson Thacher & Bartlett; Henry Llewellyn – Simpson Thacher & Bartlett; Andrew Purcell – Simpson Thacher & Bartlett; Étienne Renaudeau – Simpson Thacher & Bartlett; Christopher Vallance – Simpson Thacher & Bartlett; Nishita Vasan – Simpson Thacher & Bartlett;

Law Firms: Homburger; Simpson Thacher & Bartlett;

Clients: Certares; Global Blue SA; Knighthead Capital Management LLC;

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Author: Youness Semri