Gleiss Lutz has advised the DAX-listed Linde AG on the establishment of a 50/50 joint venture with ITM Power plc and the simultaneous acquisition of a 20 per cent stake in the British hydrogen specialist.
The stake was acquired as part of an extensive capital increase intended to raise at least GBP 52 million for ITM. GBP 38 million – or EUR 42.7 million – of this comes from the strategic investment made by Linde via Linde UK Holdings No. 2 Limited. The German gas group is paying 40 pence – around EUR 0.45 – per new ITM share.
With the joint venture, Linde and ITM want to focus on delivering green hydrogen for major industrial projects.
ITM manufactures PEM electrolyser systems used to produce carbon-neutral hydrogen through electrolysis.
Linde plc is an Irish-domiciled multinational chemical company formed by the merger of Linde AG of Germany (founded in 1879) and Praxair of the United States.
The transaction was handled in-house by Karin Griggel and Markus Lingl.
The following Gleiss Lutz team advised Linde: Dr. Ralf Morshäuser (Picture), Dr. Patrick Mossler (partner, Hamburg, both lead), Dr. Tobias Falkner (counsel), Melina Grauschopf (both Munich, all corporate/M&A), Dr. Alexander Molle (partner), Dr. Matthias Schilde (both IP, both Berlin), Dr. Petra Linsmeier (partner, competition/antitrust, Munich).
Involved fees earner: Tobias Falkner – Gleiss Lutz; Melina Grauschopf – Gleiss Lutz; Petra Linsmeier – Gleiss Lutz; Alexander Molle – Gleiss Lutz; Ralf Morshäuser – Gleiss Lutz; Patrick Mossler – Gleiss Lutz; Matthias Schilde – Gleiss Lutz;
Law Firms: Gleiss Lutz;
Clients: Linde AG;