Cerberus European Investments, J. C. Flowers & Co., GoldenTree Asset Management, Centaurus Capital LP and BAWAG’s €1 Billion acquisition of HSH Nordbank

Allen & Overy, White & Case, Watson Farley & Williams, Schulte Roth & Zabel, Noerr, Willkie Farr & Gallagher, Hogan Lovells, Sullivan & Cromwell, Linklaters, Freshfields Bruckhaus Deringer, Gleiss Lutz, Dentons, Latham & Watkins and Beiten Burkhardt advised on the deal

The German federal state owners of HSH Nordbank agreed to sell the bank for €1 billion to a consortium of private investors including independent affiliates of Cerberus European Investments, J. C. Flowers & Co., GoldenTree Asset Management, Centaurus Capital LP and BAWAG. The sale will transfer 94.9 percent of HSH to the investors and is the first successful privatization of a federal state bank in Germany.

The closing is expected to occur in the second or third quarter of 2018 and must receive approval of the European Commission and the European Central Bank.

During the course of the privatization, the bank will carve out nearly all non-performing loan legacy assets for transfer to an acquisition vehicle, purchased by affiliates of Cerberus Capital Management, J.C. Flowers & Co., GoldenTree Asset Management and Centaurus Capital LP.

Allen & Overy advised Cerberus with a team including Hartmut Krause (Picture), Nicolaus Ascherfeld (Corporate/M&A), Alexander Behrens (Banking & Finance), Simon Toms, Jan Schröder (Corporate/M&A), Jürgen Schindler (Antitrust), Heike Weber (Tax), John Coburn, Franz Bernhard Herding, Wolfgang Melzer, Norbert Wiederholt (Banking & Finance), Walter Uebelhoer (Banking & Finance), Stefan Henkelmann (Capital Markets), Jens Matthes (IP/IT), Markulf Behrendt, Hans-Peter Löw, Tobias Neufeld (Employment), Udo Herbert Olgemöller (Public Law), Ilja Baudisch, Frank Herring, Oliver Waldburg (Banking & Finance); Alexander Wüpper, Gregor Petric, Tatiana Marzoli, Frederic Wünsche, Moritz Meister, Stefan Witte (Corporate/M&A), Fabian Schulze, Kai Schadtle, Fatih Coskun, Christopher Jahnke, Lorenz Riehl (Banking & Finance), Christoph Börskens, Riccardo Marinello (Real Estate), Andreas Ziegler (Public Law), Sebastian Schulz (Employment), Karen Zöttl (Banking & Finance), Daniela Schmitt (Capital Markets), Max Landshut (Corporate/M&A), Andre Wandt, Alexander Wüpper, Gregor Petric, Tatiana Marzoli, Frederic Wünsche, Moritz Meister, Stefan Witte (Corporate/M&A), Fabian Schulze and Kai Schadtle (Banking & Finance).

White & Case advised Cerberus with Thomas Flatten, Dennis Heuer (Banking & Fianance), Holger Wolf (Real Estate), Florian Degenhardt (Banking & Finance), David Cox (Real Estate), Christopher Czarnocki (Banking & finance), Andreas Kleinschmidt (Restructuring), Frank-Karl Heuchemer (Employment), Beate Treibmann, Matthias Bochum, Carsten Lösing (Banking & Finance), Carlos Daroca (M&A), Philipp Kronenbitter (Banking & Finance), Sandra D’Ascenzo, Anne-Sophie von Koester (Real Estate), Lisa Kirchner, Max Sergelius (Banking & Finance), Hannah Beale (Real Estate), Greg Baker (Banking & Finance), James Tanner, Nathaniel Crowley (Banking & Finance)

Watson Farley & Williams advised Cerberus with Maren Brandes, Kavita Shah and Frank Dunne (Banking & Finance)

Schulte Roth & Zabel advised Cerberus with Stuart Freedman, Robert Loper, Lawrence Natke (M&A).

Noerr advised J.C. Flowers with Volker Land (Corporate/M&A), Stephan Schulz (Capital Markets), Jens Kunz (Banking & Finance), Robert Korndörfer (M&A), Felix Muhl (Commercial), Barbara Kusak, Thomas Schulz (Corporate/M&A), Jessica Hallermayer (Capital Markets), Helge Heinrich (Antitrust), Tillmann Hecht (Employment), Joachim Schrey (IP&IT), Matthias Geurts, Torsten Fett , Kai-Michael Hingst (Banking & Finance), Andreas Butz (Employment), David Zafra Carallo (Real Estate), Sarah Götze (M&A), Michaela Sokolowski (Commercial), Stephan Vielmeier, Benjamin Jahn (Employment), Andreas Bange (Banking & Finance), Sebastian Diehl, Johannes Feddersen, Johannes Pfeiffer, Bianca Sterly (Corporate/M&A), Sarah Blazek (Antitrust).

Willkie Farr & Gallagher advised Goldentree with Georg Linde (M&A), Patrick Meiisel, Bettina Bokeloh (Tax), Susanne Zühlke (Antitrust), Wolfgang Münchow, Erik Göretzlehner, Manuel Köchel, Ilie Manole (M&A) and Philipp Heuser (Antitrust).

Hogan Lovells advised Bawag with Tim Brandi (M&A), Julian Fischer (Capital Markets).

Sullivan & Cromwell advised Centaurus with Wolfgang Feuring and Carsten Berrar (M&A).

Linklaters advised the local authority (province) with Jan Endler (Antitrust), Andreas Steck (Banking & Fianance), Mario Pofahl (Corporate/M&A), Andreas Dehio (Banking & Fianance), Oliver Rosenberg (Tax), Barbara Lauer (Capital Markets), Kirsten Placke (Tax), Kristina Zych (Public Law), Jördis Harbeck (Capital Market), Johanna Pflug (Corporate), Rico Kaßmann (Public Law), Simon Staude (Banking & Fianance), Jan Wünschmann (Corporate), Hannah Rubin, Lukas Klipper (Public Law).

Freshfields Bruckhaus Deringer advised HSH Nordbank with Patrick Cichy, Alexander Glos, Marius Berenbrok (M&A), Andreas von Bonin (Antitrust), Alexander Schwahn (Tax), Christoph Gleske (Banking & Fianance), Boris Dzida (Employment), Juliane Diekgräf, Arne Krawinkel, Friedrich Schlimbach, Nicholas Lütgerath, Nina Holzmann, Jan Biermann, Mirko Masek, Ulrich Heuschkel, Elena Wasserbäch, Heiko Jander-McAlister, Philipp Dohnke (M&A), Aylin Guenay, Merit Olthoff (Antitrust), Andy Laatsch, Jan Hobus, Benedikt Jasper (Tax), Robin Helmke, Birgit Schulz (Banking & Finance), Thorben Klopp (Employment), Patrick Cichy, Alexander Glos, Torsten Schreier (M&A), Maximilian Lang (Banking & Finance), Andreas von Bonin (Antitrust), Alexander Schwahn (Tax), Alexander Ruschkowski (Banking & Fianance), Felix Scheder-Bieschin, Friedrich von der Heydt, Dr. Heiko Jander-McAlister, Christoph Herig, Nina Holzmann, Jan Biermann, Nicholas Lütgerath, Alexander Klausmann, Maximilian Stöwahse, Philipp Tieben, Simon Funk, Philipp Dohnke (M&A), Daniel Arends, Ralf Hoffmann (Banking & Finance), Aylin Guenay, Merit Olthoff (Antitrust), Andy Laatsch, Jan Hobus, Benedikt Jasper (Tax), Patrick Cichy (M&A), Andreas von Bonin (Antitrust), Alexander Schwahn (Tax), Arne Krawinkel, Jan Biermann (M&A), Aylin Guenay, Merit Olthoff (Antitrust), Andy Laatsch, Jan Hobus and Benedikt Jasper (Tax).

Gleiss Lutz advised HSH Supervisory Board with Fred Wendt and Thorsten Gayk.

Lutz Abel advised HSH employee’s representation with Lorenz Jellinghaus (M&A), Henning Abraham (Employment), Andreas Bartosch (Antitrust)

Dentons advised Deutsche Sparkassen- und Giroverband with Stephan Busch (M&A), Bernd Geier (Banking & Finance), René Grafunder (Antitrust), Dirk-Reiner Voß (M&A), Arne Klüwer, Mortimer Berlet, Hermann Meller (Banking & Finance), Matthias Nordmann (Antitrust), Andreas Ziegenhagen (Restructuring) and Katja Michel (Banking & Finance).

Latham & Watkins advised Apollo with Hans-Jürgen Lütt, Gregor Klenk (M&A).

Gleiss Lutz advised co-investor Apollo with Ralf Morshäuser, Jan Balssen (M&A), Maximilian von Rom (Banking & Finance).

Beiten Burkhardt advised Socrates with Christoph Schmitt (Banking & Finance) and Oliver Schwarz (M&A).

 

Involved fees earner: Lorenz Jellinghaus – Lutz Abel; Henning Abraham – Lutz Abel; Andreas Bartosch – Lutz Abel; Stephan Busch – Dentons; Dirk-Reiner Voss – Dentons; Bernd Geier – Dentons; Arne Klüwer – Dentons; Mortimer Berlet – Dentons; Hermann Meller – Dentons; René Grafunder – Dentons; Matthias Nordmann – Dentons; Andreas Ziegenhagen – Dentons; Christoph Schmitt – Beiten Burkhardt; Oliver Schwarz – Beiten Burkhardt; Fred Wendt – Gleiss Lutz; Thorsten Gayk – Gleiss Lutz; Robert Korndörfer – Noerr; Volker Land – Noerr; Barbara Kusak – Noerr; Thomas Schulz – Noerr; Stephan Schulz – Noerr; Jessica Hallermayer – Noerr; Jens Kunz – Noerr; Matthias Geurts – Noerr; Torsten Fett – Noerr; Kai-Michael Hingst – Noerr; Helge Heinrich – Noerr; Joachim Schrey – Noerr; Andreas Butz – Noerr; Tillmann Hecht – Noerr; David Zafra Carollo – Noerr; Felix Muhl – Noerr; Georg Linde – Willkie Farr & Gallagher; Patrick Meiisel – Willkie Farr & Gallagher; Bettina Bokeloh – Willkie Farr & Gallagher; Susanne Zuehlke – Willkie Farr & Gallagher; Tim Brandi – Hogan Lovells; Julian Fischer – Hogan Lovells; Maren Brandes – Watson Farley & Williams; Kavita Shah – Watson Farley & Williams; Frank Dunne – Watson Farley & Williams; Lawrence Natke – Schulte Roth & Zabel; Robert Loper – Schulte Roth & Zabel; Stuart Freedman – Schulte Roth & Zabel; Wolfgang Feuring – Sullivan & Cromwell; Carsten Berrar – Sullivan & Cromwell; Thomas Flatten – White & Case; Dennis Heuer – White & Case; Florian Degenhardt – White & Case; Christopher Czarnocki – White & Case; Beate Treibmann – White & Case; Matthias Bochum – White & Case; Carsten Lösing – White & Case; Holger Wolf – White & Case; David Cox – White & Case; Andreas Kleinschmidt – White & Case; Frank-Karl Heuchemer – White & Case; Carlos Daroca – White & Case; Hans-Jürgen Lütt – Latham & Watkins; Gregor Klenk – Latham & Watkins; Jan Endler – Linklaters; Andreas Steck – Linklaters; Andreas Dehio – Linklaters; Mario Pofahl – Linklaters; Oliver Rosenberg – Linklaters; Kirsten Placke – Linklaters; Barbara Lauer – Linklaters; Kristina Zych – Linklaters; Hartmut Krause – Allen & Overy; Nicolaus Ascherfeld – Allen & Overy; Simon Toms – Allen & Overy; Jan Schröder – Allen & Overy; Alexander Behrens – Allen & Overy; Oliver Waldburg – Allen & Overy; Frank Herring – Allen & Overy; Ilja Baudisch – Allen & Overy; Walter Uebelhoer – Allen & Overy; Norbert Wiederholt – Allen & Overy; Wolfgang Melzer – Allen & Overy; Franz Bernhard Herding – Allen & Overy; John Coburn – Allen & Overy; Jürgen Schindler – Allen & Overy; Udo Herbert Olgemöller – Allen & Overy; Heike Weber – Allen & Overy; Jens Matthes – Allen & Overy; Stefan Henkelmann – Allen & Overy; Hans-Peter Low – Allen & Overy; Tobias Neufeld – Allen & Overy; Markulf Behrendt – Allen & Overy; Christoph Gleske – Freshfields Bruckhaus Deringer LLP; Maximilian Lang – Freshfields Bruckhaus Deringer LLP; Alexander Ruschkowski – Freshfields Bruckhaus Deringer LLP; Patrick Cichy – Freshfields Bruckhaus Deringer LLP; Alexander Glos – Freshfields Bruckhaus Deringer LLP; Marius Berenbrok – Freshfields Bruckhaus Deringer LLP; Andreas von Bonin – Freshfields Bruckhaus Deringer LLP; Alexander Schwahn – Freshfields Bruckhaus Deringer LLP; Boris Dzida – Freshfields Bruckhaus Deringer LLP;

Law Firms: Lutz Abel; Dentons; Beiten Burkhardt; Gleiss Lutz; Noerr; Willkie Farr & Gallagher; Hogan Lovells; Watson Farley & Williams; Schulte Roth & Zabel; Sullivan & Cromwell; White & Case; Latham & Watkins; Linklaters; Allen & Overy; Freshfields Bruckhaus Deringer LLP;

Clients: HSH Nordbank AG; Cerberus Capital; Apollo Global Management; JC Flowers & Co., LLC; Federal Republic of Germany; GoldenTree Asset Management; BAWAG P.S.K.; Centaurus Capital Limited; Socrates Capital; Deutschen Sparkassen- und Giroverband;