Oaktree And CURA’s Public Takeover Offer For Deutsche Euroshop

Hengeler Mueller advised investment consortium on the deal. White & Case LLP has advised J.P. Morgan SE and JPMorgan Chase Bank, N.A., London Branch, together J.P. Morgan, on the financing of the voluntary public takeover offer. Norton Rose Fulbright advised Deutsche EuroShop.

A consortium of private equity funds managed by Oaktree Capital Management, L.P. and CURA Vermögensverwaltung, the family office of the Otto family and parent company of ECE Group, through Hercules BidCo GmbH which will be controlled by the consortium, announced its decision to make a voluntary public takeover offer for all shares of Deutsche EuroShop AG.

Deutsche EuroShop is a major shopping centre investor that owns a portfolio of 21 centres in locations across Germany as well as Central and Eastern Europe. 

Hercules BidCo’s offer provides for 21.50 euros per share, plus a planned 2021 dividend of 1 euro per share, amounting to a 44% premium on Friday’s closing share price.

The Hengeler Mueller team was led by partners Emanuel Strehle (Picture – Munich) and Lucina Berger (Frankfurt) (both M&A/Corporate) and included partners Daniel Möritz (Munich), Bernd Wirbel (Düsseldorf) (both M&A), Nikolaus Vieten (Financing, Frankfurt), Thorsten Mäger (Antitrust, Düsseldorf) and Markus Ernst (Tax, Munich), counsel Matthias Cloppenburg (Corporate/M&A, Düsseldorf) as well as associates Oda Goetzke (Düsseldorf), Ingo Berner, Florian Dendl, (both Munich), Marika Öry, Helena Cameron (both Frankfurt) (all M&A), Sara Jungewelter (Antitrust, Düsseldorf), Tom Shingler (Financing, Frankfurt) and Carina Kämpf (Tax, Munich).

The White & Case team which advised on the transaction was co-led by partners Andreas Lischka (Frankfurt), Stefan Bressler (Frankfurt & Hamburg) and Gernot Wagner (Frankfurt), and included partners Roger Kiem, Rebecca Emory and Thilo Diehl (all Frankfurt), local partners Johannes Goossens and Tobias Daubert (both Frankfurt) and associates  Markus Fischer, Yulia Chembulatova and Patrick Schoelles (all Frankfurt). J.P. Morgan’s legal team included assistant general counsels Florian Weigel and Tobias Chowdhury.

The Norton Rose Fulbright team was led by Frankfurt partner Dr. Benedikt Gillessen (corporate and capital market law). He was supported by partners Dr. Frank Regelin (corporate and capital market law, Frankfurt), Dr. Frank Weberndörfer (employment law, Hamburg) and Dr. Tim Schaper (antitrust law, Hamburg) as well as counsel Oliver Polster (corporate and capital markets law, Frankfurt/Hamburg) and associate Felix Reiner (corporate and capital markets law, Frankfurt).

Involved fees earner: Lucina Berger – Hengeler Mueller; Ingo Berner – Hengeler Mueller; Matthias Cloppenburg – Hengeler Mueller; Florian Dendl – Hengeler Mueller; Markus Ernst – Hengeler Mueller; Oda Christiane Goetzke – Hengeler Mueller; Sara Jungewelter – Hengeler Mueller; Carina Kämpf – Hengeler Mueller; Thorsten Mäger – Hengeler Mueller; Daniel Möritz – Hengeler Mueller; Marika Öry – Hengeler Mueller; Tom Shingler – Hengeler Mueller; Emanuel Strehle – Hengeler Mueller; Nikolaus Vieten – Hengeler Mueller; Benedikt Gillessen – Norton Rose Fulbright; Oliver Polster – Norton Rose Fulbright; Frank Regelin – Norton Rose Fulbright; Tim Schaper – Norton Rose Fulbright; Frank Weberndörfer – Norton Rose Fulbright; Stefan Bressler – White & Case; Yulia Chembulatova – White & Case; Tobias Daubert – White & Case; Thilo Diehl – White & Case; Rebecca Emory – White & Case; Markus Fischer – White & Case; Johannes Goossens – White & Case; Roger Kiem – White & Case; Andreas Lischka – White & Case; Patrick Schölles – White & Case; Gernot Wagner – White & Case;

Law Firms: Hengeler Mueller; Norton Rose Fulbright; White & Case;

Clients: Deutsche EuroShop AG; ECE; JP Morgan; JP Morgan Chase & Co.; Oaktree Capital Management;

Federica Tiefenthaler

Author: Federica Tiefenthaler