Allianz Capital Partners’ Joint Venture with Telefónica

Latham & Watkins LLP advised Allianz Capital Partners on the deal, while CMS and Taylor Wessing advised Telefónica Deutschland.

Allianz Capital Partners, one of the asset managers for the Allianz Group, executed the creation of a joint venture with Telefónica Deutschland and Telefónica Infra, S.L.U (Telefónica Group) to deploy Fibre-to-the-Home (FTTH) in Germany. Following closing, Allianz Group and Telefónica Group will each hold 50% in the joint venture company under a co-control governance model.

The joint venture is set to deploy local fibre optic networks in underserved rural and semi-rural areas across Germany and to offer FTTH wholesale access to all telecommunications service providers so they can in turn offer these services to their end customers. The company intends to invest up to EUR 5 billion in the expansion of the fibre optic network over the next 6 years. The transaction is subject to the approval of the competent merger control authorities and closing is expected to occur in the first half of 2021.

The transaction represents the latest high profile infrastructure deal on which the firm has advised in Europe, following Latham’s role advising EQT Infrastructure and OMERS on the acquisition of Deutsche Glasfaser earlier this year.

Latham represented ACP in the transaction with a cross-practice team led by Munich partners Burc Hesse (Picture) and Sebastian Pauls, Düsseldorf partners Tobias Larisch and Michael Esser, and London partner Conrad Andersen, with associates Thomas Diekmann, Andreas Holzgreve, Chris Freitag, Katharina Intfeld, Jörg Ruff, Fabian Klumpen, Fabienne Rotering, and Judith Jacop. Advice on tax matters was provided by Munich partner Stefan Süß and associate Felicitas Mayer-Theobald.

Allianz Capital Partners in house team was led by Dr. Stefan Wirsch, Head of Legal – Direct Investments and Georg Piroth, Legal Counsel Direct – Investments.

CMS team included Dr Martin Kuhn, Partner, Dr Oliver Thurn, Partner, both Lead Partners, Anna-Lena Lill, Counsel, Karen Eldred, Senior Associate, Lukas Stegemann, Associate, all Corporate/M&A, Dr Björn Herbers, Partner, Competition & EU and Dr Tilman Niedermaier, Partner, Dispute Resolution.

Taylor Wessing: Lead partners Dr. Mark Hoenike (Partner, Corporate M&A, Hamburg) and Marc André Gimmy (Partner, Employment, Pensions & Mobility, Munich), Dr. Kathrin Monen (Salary Partner, Düsseldorf), Dr. Julien Schlagowski (Associate, Hamburg), Julia Wellhöfer (Associate, Hamburg), Till Schwichtenberg (Associate, Düsseldorf), all Corporate, Prof. Dr. Jens Escher (Partner, Düsseldorf), Dr. Philipp Weiten (Senior Associate), both Tax, both Düsseldorf, Dr Michael Brüggemann (Partner, Düsseldorf), Dr Marco Hartmann-Rüppel (Partner, Hamburg), Dr Melanie Niehren (Senior Associate, Düsseldorf), Paulina Stemmler (Associate, Düsseldorf), Lara Skotki (Associate, Hamburg), all Antitrust, Dieter Lang (Partner), Lars Borchardt (Associate), both Regulatory, both Hamburg, Dr Janina Pochhammer (Partner), Dr. Carsten Schulz (Partner), Timo Stellpflug (Partner), Alessa Steigertahl (Associate), all Projects, Energy & Infrastructure, all Hamburg, Dr. David Klein (Salary Partner, Hamburg), Mareike Christine Gehrmann (Salary Partner, Düsseldorf), André Guskow (Salary Partner, Hamburg), Dr. Carolin Monsees (Senior Associate, Hamburg), Fritz-Ulli Pieper (Senior Associate, Düsseldorf), Anneliese Hartlaub (Associate, Hamburg), Dr. Christopher Jones (Associate, Hamburg), all Technology, Media & Telecom, Dr Michael Pils (Partner, Düsseldorf), Dr Klara Pototzky (Associate, Munich), both Employment, Pensions & Mobility, Dr Gunbritt Kammerer-Galahn (Partner, Düsseldorf), Dr Jens Wiesner (Partner, Hamburg), Dr Yannick Eckervogt (Associate, Düsseldorf), all Finance/Insurance.
Involved fees earner: Karen Eldred – CMS Hasche Sigle; Björn Herbers – CMS Hasche Sigle; Martin Kuhn – CMS Hasche Sigle; Anna-Lena Lill – CMS Hasche Sigle; Tilman Niedermaier – CMS Hasche Sigle; Lukas Stegemann – CMS Hasche Sigle; Oliver Thurn – CMS Hasche Sigle; Conrad Andersen – Latham & Watkins; Thomas Diekmann – Latham & Watkins; Michael Esser – Latham & Watkins; Chris Freitag – Latham & Watkins; Burc Hesse – Latham & Watkins; Andreas Holzgreve – Latham & Watkins; Katharina Intfeld – Latham & Watkins; Judith Jacop – Latham & Watkins; Fabian Klumpen – Latham & Watkins; Tobias Larisch – Latham & Watkins; Felicitas Mayer-Theobald – Latham & Watkins; Sebastian Pauls – Latham & Watkins; Jörg Ruff – Latham & Watkins; Stefan Süss – Latham & Watkins; Lars Borchardt – Taylor Wessing; Michael Bruggemann – Taylor Wessing; Yannick Eckervogt – Taylor Wessing; Jens Escher – Taylor Wessing; Mareike Christine Gehrmann – Taylor Wessing; Marc André Gimmy – Taylor Wessing; André Guskow – Taylor Wessing; Anneliese Hartlaub – Taylor Wessing; Marco Hartmann-Rüppel – Taylor Wessing; Mark Hoenike – Taylor Wessing; Christopher Jones – Taylor Wessing; Gunbritt Kammerer-Galahn – Taylor Wessing; David Klein – Taylor Wessing; Dieter Lang – Taylor Wessing; Kathrin Monen – Taylor Wessing; Carolin Monsees – Taylor Wessing; Melanie Niehren – Taylor Wessing; Fritz-Ulli Pieper – Taylor Wessing; Michael Pils – Taylor Wessing; Janina Pochhammer – Taylor Wessing; Klara Pototzky – Taylor Wessing; Julien Schlagowski – Taylor Wessing; Carsten Schulz – Taylor Wessing; Till Schwichtenberg – Taylor Wessing; Lara Skotki – Taylor Wessing; Alessa Steigertahl – Taylor Wessing; Timo Stellpflug – Taylor Wessing; Paulina Stemmler – Taylor Wessing; Philipp Weiten – Taylor Wessing; Julia Wellhöfer – Taylor Wessing; Jens Wiesner – Taylor Wessing;

Law Firms: CMS Hasche Sigle; Latham & Watkins; Taylor Wessing;

Clients: Allianz Capital Partners; Telefonica Deutschland;