Hudson’s Bay Company’s €3.25 billion Strategic Partnership with SIGNA Retail Holdings

Willkie Farr & Gallagher, Lupp + Partner, KNPZ Rechtsanwälte, Allen & Overy, bpv Hügel, Stikeman Elliott, Deloitte, McDermott Will & Emery, Arnold, Havel & Partners, PwC Legal, Seitz, Hermanns Wagner Brück, White & Case, Freshfields, Paul, Weiss, Rifkind, Wharton & Garrison, Hogan Lovells, Clifford Chance, Orrick, Herrington & Sutcliffe and Hengeler Mueller advised on the deal

Hudson’s Bay Company (TSX:HBC) announced it entered into definitive agreements with SIGNA Retail Holdings, a leading European retail and real estate operator, to form a strategic partnership for its European retail and real estate assets. The transaction combines two iconic banners to create Germany’s leading retailer with annual revenue in excess of €5 billion.

Pursuant to the agreement, HBC Europe’s retail operations will merge with SIGNA’s Karstadt Warenhaus GmbH, with HBC taking a 49.99% interest in the combined businesses. This includes two iconic banners, Galeria Kaufhof and Karstadt, as well as other HBC and SIGNA banners to create a well-capitalized retailer positioned for improved profitability. The new retail company will be led by Dr. Stephan Fanderl, CEO of Karstadt and an experienced German retail operator. HBC and SIGNA will share six board seats and have joint oversight of all major decisions.

SIGNA will acquire a 50% interest in HBC’s German real estate assets from HBC and its real estate joint venture partners, and a 50-50 real estate joint venture will be formed with SIGNA to own and manage HBC’s German real estate assets. These transactions will generate net proceeds of €411 million, and value the German real estate assets at a total of €3.25 billion.

This complex, multi-layered corporate/real estate joint venture transaction crossed multiple borders including Canada, US, Germany, Austria, The Netherlands and Belgium.

HBC is a diversified global retailer focused on driving the performance of high-quality stores and their omnichannel platforms and unlocking the value of real estate holdings. Founded in 1670, HBC is the oldest company in North America. HBC’s portfolio today includes formats ranging from luxury to premium department stores to off price fashion shopping destinations, with more than 480 stores and approximately 65,000 employees around the world.

McDermott Will & Emery advised Signa Retail and Signa Prime with Matthias Kampshoff, Jens Ortmanns, Jan Hückel, Oliver Lieth, Christian Krohs, Kian Tauser, Gregor Lamla, Ulrich Flege, Sebastian von Lossow, Oliver Hahnelt, Nadine Hartung, Marc Oberhardt, Jessica Hanke, Heiko Kermer, Claus Färber, Dick Okada, Catharina Dickhäuser, Philipp Kutscher, Björn Biehl, Patric Urbaneck, Ulrike Witt, Jan Baale, Pierre-André Brandt, Sakai Shabo, Anja Zelfel, Mirjam Büsch, Dustin Schwerdtfeger, Sebastian Keding, David Schäfer, Florian Schiefer, Carina Kant, Marianne Thurm, David Henry.

Arnold advised Signa Retail and Signa Prime with Florian Arnold and Thomas Raubal.

Havel & Partners advised Signa Retail and Signa Prime with Robert Neruda, Roman Svetnický and Juraj Steinecker.

PwC Legal advised Signa Retail and Signa Prime with Sven Behrends.

Willkie Farr & Gallagher advised Hudson’s Bay with Georg Linde (Picture), Gordon Caplan, Patrick Meiisel, Bettina Bokeloh, Jasmin Dettmar, Christian Rolf, Susanne Zuehlke, Michael Brandt, Henry Cohn, Andreas Vath, Johannes Eckhardt, Wolfgang Münchow, Stefan Bührle, Erik Göretzlehner, Ali Kilic, Manuel Köchel, Ilie Manole, Lukas Nein, Andreas Sandberger, Karsten Silbernagel, Matthias Strecker, Martin Waskwoski, Simone Schmidt, Christopher Clerihew, Philipp Heuser, David Blassberger, Thomas Merante, Guy Inbar and Phil Coletto.

Lupp + Partner advised Hudson’s Bay with Raphael Söhlke

KNPZ Rechtsanwälte advised Hudson’s Bay with Kai-Uwe Plath (IP).

Allen & Overy advised Hudson’s Bay with Marc Feider and Pol Theissen.

bpv Hügel advised Hudson’s Bay with with Christoph Nauer.

Stikeman Elliott advised Hudson’s Bay with Jonah Mann.

Deloitte advised Hudson’s Bay with Marcus Roth and Stefan Berg,

Seitz advised Hudson’s Bay and Signa with Stefan Seitz, Heinke von Netzer, Thomas Dorando, Patrick Esser, Annika Hausmann, Johannes Traut

Hermanns Wagner Brück advised Hudson’s Bay and Signa with Johann Brück, Corinna Neunzig.

White & Case advised Galeria Kaufhof with Biner Bähr, Jan-Philipp Hoos and Alexander Kiefner.

Freshfields Bruckhaus Deringer advised Simon Properties with Timo Elsner, Tim Behrens, Thomas Richter, Martin Schiessl and Maximilian Lang.

Paul, Weiss, Rifkind, Wharton & Garrison advised Simon Properties with Mitchell Berg and Karla Booth.

Hogan Lovells advised Ivanhoe Cambridge with Bruce Gilchrist, Volker Geyrhalter, Jörg Herwig, Michael Dettmeier and Andrew Zahn.

Clifford Chance advised Madison International with Ness Cohen.

Orrick advised State Street Global Advisors with Marshall Brozost, Timo Holzborn andAlykhan Shivji.

Hengeler Mueller advised LBBW with Martin Geiger, Axel Gehringer (Banking & Finance)

 

Involved fees earner: Florian Arnold – ARNOLD Rechtsanwälte; Thomas Raubal – ARNOLD Rechtsanwälte; Stefan Seitz – Seitz Partners; Heinke von Netzer – Seitz Partners; Thomas Dorando – Seitz Partners; Patrick Esser – Seitz Partners; Annika Hausmann – Seitz Partners; Johannes Traut – Seitz Partners; Raphael Söhlke – Lupp + Partner; Kai-Uwe Plath – KNPZ Rechtsanwälte; Johann Brück – Hermanns Wagner Brück ; Corinna Neunzig – Hermanns Wagner Brück ; Robert Neruda – Havel, Holásek & Partners s.r.o.; Roman Světnický – Havel, Holásek & Partners s.r.o.; Juraj Steinecker – Havel, Holásek & Partners s.r.o.; Christoph Nauer – bpv Hügel Rechtsanwälte; Mitchell Berg – Paul Weiss Rifkind Wharton & Garrison; Karla Booth – Paul Weiss Rifkind Wharton & Garrison; Jonah Mann – Stikeman Elliott; Georg Linde – Willkie Farr & Gallagher; Gordon Caplan – Willkie Farr & Gallagher; Michael Brandt – Willkie Farr & Gallagher; Andreas Vath – Willkie Farr & Gallagher; Johannes Eckhardt – Willkie Farr & Gallagher; Wolfgang Münchow – Willkie Farr & Gallagher; Stefan Bührle – Willkie Farr & Gallagher; Erik Göretzlehner – Willkie Farr & Gallagher; Ilie Manole – Willkie Farr & Gallagher; Lukas Nein – Willkie Farr & Gallagher; David Blassberger – Willkie Farr & Gallagher; Thomas Merante – Willkie Farr & Gallagher; Philip Coletto – Willkie Farr & Gallagher; Patrick Meiisel – Willkie Farr & Gallagher; Bettina Bokeloh – Willkie Farr & Gallagher; Henry Cohn – Willkie Farr & Gallagher; Guy Inbar – Willkie Farr & Gallagher; Jasmin Dettmar – Willkie Farr & Gallagher; Christopher Clerihew – Willkie Farr & Gallagher; Christian Rolf – Willkie Farr & Gallagher; Susanne Zuehlke – Willkie Farr & Gallagher; Philipp Heuser – Willkie Farr & Gallagher; Martin Geiger – Hengeler Mueller; Axel Gehringer – Hengeler Mueller; Bruce Gilchrist – Hogan Lovells; Volker Geyrhalter – Hogan Lovells; Hanns Jörg Herwig – Hogan Lovells; Andrew Zahn – Hogan Lovells; Michael Dettmeier – Hogan Lovells; Marshall Brozost – Orrick; Alykhan Shivji – Orrick; Timo Holzborn – Orrick; Marcus Roth – Deloitte Tax & Legal; Stefan Berg – Deloitte Tax & Legal; Alexander Kiefner – White & Case; Biner Bähr – White & Case; Jan-Philipp Hoos – White & Case; Matthias Kampshoff – McDermott Will & Emery; Jan Hückel – McDermott Will & Emery; Sebastian von Lossow – McDermott Will & Emery; Nadine Hartung – McDermott Will & Emery; Catharina Dickhäuser – McDermott Will & Emery; Philipp Kutscher – McDermott Will & Emery; Björn Biehl – McDermott Will & Emery; Patric Urbaneck – McDermott Will & Emery; Ulrike Witt – McDermott Will & Emery; Jan Philipp Baale – McDermott Will & Emery; Jens Ortmanns – McDermott Will & Emery; Gregor Lamla – McDermott Will & Emery; Ulrich Flege – McDermott Will & Emery; Jessica Hanke – McDermott Will & Emery; Pierre-André Brandt – McDermott Will & Emery; Sakai Shabo – McDermott Will & Emery; Anja Zelfel – McDermott Will & Emery; Oliver Lieth – McDermott Will & Emery; Oliver Hahnelt – McDermott Will & Emery; Dick Okada – McDermott Will & Emery; Dustin Schwerdtfeger – McDermott Will & Emery; Sebastian Keding – McDermott Will & Emery; David Schäfer – McDermott Will & Emery; Christian Krohs – McDermott Will & Emery; Carina Kant – McDermott Will & Emery; Marianne Thurm – McDermott Will & Emery; David Henry – McDermott Will & Emery; Kian Tauser – McDermott Will & Emery; Heiko Kermer – McDermott Will & Emery; Florian Schiefer – McDermott Will & Emery; Marc Oberhardt – McDermott Will & Emery; Claus Färber – McDermott Will & Emery; Mirjam Büsch – McDermott Will & Emery; Sven Behrends – PwC Legal; Marc Feider – Allen & Overy; Pol Theissen – Allen & Overy; Ness Cohen – Clifford Chance; Timo Elsner – Freshfields Bruckhaus Deringer LLP; Tim Behrens – Freshfields Bruckhaus Deringer LLP; Thomas Richter – Freshfields Bruckhaus Deringer LLP; Martin Schiessl – Freshfields Bruckhaus Deringer LLP; Maximilian Lang – Freshfields Bruckhaus Deringer LLP;

Law Firms: ARNOLD Rechtsanwälte; Seitz Partners; Lupp + Partner; KNPZ Rechtsanwälte; Hermanns Wagner Brück ; Havel, Holásek & Partners s.r.o.; bpv Hügel Rechtsanwälte; Paul Weiss Rifkind Wharton & Garrison; Stikeman Elliott; Willkie Farr & Gallagher; Hengeler Mueller; Hogan Lovells; Orrick; Deloitte Tax & Legal; White & Case; McDermott Will & Emery; PwC Legal; Allen & Overy; Clifford Chance; Freshfields Bruckhaus Deringer LLP;

Clients: Simon Properties; Ivanhoe Cambridge; Landesbank Baden-Württemberg; Madison International Realty; Hudson’s Bay Company; SIGNA Holding GmbH; Signa Retail; Signa Prime; State Street Global Advisors, Inc ; Galeria Kaufhof GmbH;