Aves One AG’s Investment Agreement With Swiss Life Asset Managers And Vauban Infrastructure Partners Close

Heuking Kühn Lüer Wojtek advised Aves One AG on the deal. Latham & Watkins advised Swiss Life Asset Managers.

Aves One AG has, for the purpose of securing growth financing, concluded an investment agreement with a company controlled by Swiss Life Asset Managers (CH) and Vauban Infrastructure Partners (FR).

Aves One AG’s acquisition by Vauban and Swiss Life Asset Managers aims to guide Aves One AG into the next stage of its development, supported by access to equity and debt capital for further growth. The bidder intends to launch a voluntary public takeover offer at a cash consideration of EUR 12.80 per Aves One share. The offer price corresponds to a premium of about 38.1% on the volume-weighted average share price of the three months prior to announcement of the transaction for a total Aves One AG enterprise value of about EUR 1 billion. Following a successful takeover, the consortium intends to provide Aves One AG with additional capital of EUR 100 million and potential additional capital to optimize Aves One AG’s capital structure and to finance further growth.

The shareholders holding a total of more than 85% of Aves One AG shares have committed to the bidder, subject to certain conditions, to tender their shares in the tender offer.

Aves One AG is an asset owner of durable rail assets with a modern and profitable freight wagon portfolio. Aves One is an established participant in the European rail freight market. Its strategy is geared towards continual optimization and further expansion of its rail portfolio.

Vauban Infrastructure Partners is a leading Infrastructure Asset Manager focused on the European core infrastructure investments. Vauban Infrastructure Partners has raised around €6 billion across five funds in Core infrastructure and has invested in over 50 assets in mobility, utilities, social & digital infrastructure across different geographies.

Swiss Life AM has more than 160 years of experience in managing capital on behalf of the Swiss Life Group and its clients. The investment philosophy of Swiss Life AM focuses on principles of long-term strategic approach, capital preservation, generation of consistent and sustainable returns as well as a responsible approach to risks.

The Heuking Kühn Lüer Wojtek team included Dr. Thorsten Kuthe (Picture – Lead, Capital Markets/M&A), Michael Neises (Lead, Capital Markets /M&A), Boris Dürr (Lead, Corporate/M&A),
Dr. Christoph Küster, Christian Schild, LL.M. Katharina Prasuhn (Corporate/M&A), Stefan Westerheide, LL.M. (Capital Markets), Christopher Görtz (Lead Vendor Due Diligence), Judy-Anne Krug, LL.M. (Corporate/M&A), Dr. Tilman Spancken (Real Estate & Construction), Dr. Florian Brombach, LL.M. (Corporate/M&A), Bernd Weller, Dr. Christoph Gerhard (both Employment), Dr. Patrick Müller, LL.M. (Corporate/M&A), Dr. Stefan Jöster, LL.M. (Litigation/Arbitration), Dr. Lutz Keppeler, LL.M. (IP, Media & Technology), Fabian G. Gaffron, Dr. Sarah Slavik-Schulz (both Tax), Dr. André-M. Szesny, LL.M., Dr. Susanne Stauder, Dr. Christoph F. Wetzler (Banking & Finance), Dr. Christian Appelbaum (Corporate/M&A) and Stefan Bretthauer (Antitrust).

The Latham cross-border team was co-led by Düsseldorf corporate partner Tobias Larisch, London corporate partner John Guccione, and London finance partner Conrad Andersen, with support from Düsseldorf corporate counsel Sebastian Goslar and associates Steffen Augschill, Katharina Intfeld, Jaschar Mirkhani, Felix Gasten, and Ivo Wanwitz. Advice was also provided on finance matters by Frankfurt associate Martina Eisgruber and London associate Amanda Fortuna; on antitrust matters by Düsseldorf partner Jan Höft, Hamburg counsel Jana Dammann de Chapto and Düsseldorf associate Leonie Spangenberger; on corporate/IP matters by Frankfurt partner Susan Kempe-Müller and associate Pia Sösemann; on employment matters by Munich partner Tobias Leder; on compliance matters by Hamburg associate Stefan Bartz and Düsseldorf associate Julia-Bianka Schenkel; on data privacy matters by Frankfurt associates Wolf-Tassilo Böhm; and on regulatory matters by counsel Joachim Grittmann and associate Alexander Wilhelm.

Involved fees earner: Christian Appelbaum – Heuking Kühn Lüer Wojtek; Stefan Bretthauer – Heuking Kühn Lüer Wojtek; Florian Brombach – Heuking Kühn Lüer Wojtek; Bodo Dehne – Heuking Kühn Lüer Wojtek; Boris Dürr – Heuking Kühn Lüer Wojtek; Fabian Gaffron – Heuking Kühn Lüer Wojtek; Christoph Gerhard – Heuking Kühn Lüer Wojtek; Christopher Görtz – Heuking Kühn Lüer Wojtek; Stefan Jöster – Heuking Kühn Lüer Wojtek; Lutz Keppeler – Heuking Kühn Lüer Wojtek; Judy-Anne Krug – Heuking Kühn Lüer Wojtek; Christoph Küster – Heuking Kühn Lüer Wojtek; Thorsten Kuthe – Heuking Kühn Lüer Wojtek; Patrick Müller – Heuking Kühn Lüer Wojtek; Michael Neises – Heuking Kühn Lüer Wojtek; Katharina Prasuhn – Heuking Kühn Lüer Wojtek; Christian Schild – Heuking Kühn Lüer Wojtek; Sarah Slavik-Schulz – Heuking Kühn Lüer Wojtek; Tilman Spancken – Heuking Kühn Lüer Wojtek; Susanne Stauder – Heuking Kühn Lüer Wojtek; André-M. Szesny – Heuking Kühn Lüer Wojtek; Bernd Weller – Heuking Kühn Lüer Wojtek; Stefan Westerheide – Heuking Kühn Lüer Wojtek; Christoph Wetzler – Heuking Kühn Lüer Wojtek; Conrad Andersen – Latham & Watkins; Steffen Augschill – Latham & Watkins; Stefan Bartz – Latham & Watkins; Wolf-Tassilo Böhm – Latham & Watkins; Jana Dammann de Chapto – Latham & Watkins; Martina Eisgruber – Latham & Watkins; Amanda Fortuna – Latham & Watkins; Felix Gasten – Latham & Watkins; Sebastian Goslar – Latham & Watkins; Joachim Grittmann – Latham & Watkins; John Guccione – Latham & Watkins; Jan Höft – Latham & Watkins; Katharina Intfeld – Latham & Watkins; Susan Kempe-Mueller – Latham & Watkins; Tobias Larisch – Latham & Watkins; Tobias Leder – Latham & Watkins; Jaschar Mirkhani – Latham & Watkins; Julia-Bianka Schenkel – Latham & Watkins; Pia Sophie Sösemann – Latham & Watkins; Leonie Spangenberger – Latham & Watkins; Ivo Wanwitz – Latham & Watkins; Alexander Wilhelm – Latham & Watkins;

Law Firms: Heuking Kühn Lüer Wojtek; Latham & Watkins;

Clients: Aves One AG; Swiss Life Asset Managers;

Author: Federica Tiefenthaler