Cherry AG’s €416 Million Initial Public Offering on Prime Standard

Hengeler Mueller and Cravath, Swaine & Moore advised Cherry AG and its selling shareholders on the deal. honert + partner advised the management of the Cherry Group around CEO Rolf Unterberger and CFO Bernd Wagner. Clifford Chance advised the banking syndicate.

Cherry AG, a global leader in the manufacture of premium mechanical gaming switches and peripherals for gaming, office and industry as well as healthcare and security applications, made its debut on the Frankfurt stock market (Prime Standard).

At the final offer price of EUR 32 per share, the total volume of the IPO was significantly oversubscribed. The total number of shares and the final offer price corresponds to a market capitalization of approx. EUR 778 million. The total volume of primary and secondary shares placed in the IPO amounts to approx. EUR 416 million.

Prior to the IPO, the principal (indirect) shareholders of Cherry AG were private funds managed by Argand Partners, LP, the New York and San Francisco Bay Area, USA, based private equity firm.

The banking syndicate led by Hauck & Aufhäuser. Hauck & Aufhäuser acted as sole global coordinator and joint bookrunner together with ABN AMRO and M.M.Warburg & CO as joint bookrunners.

The Hengeler Mueller team was led by partner Alexander Rang (Bild – Capital Markets, Frankfurt) and included partners Peter Weyland, Annika Clauss, Lucina Berger (all Frankfurt), Georg Seyfarth (Düsseldorf) (all Corporate), counsel Cecilia Di Cio (Capital Markets, Frankfurt) and Patrick Wilkening (IP/IT, Düsseldorf) as well as associates Pascal Brandt, Christoph Roggemann, Dominik Stolz (all Capital Markets), Philipp Ersfeld, Nicholas Kubesch, Benedikt Hoegen, Malte Christians, Georg Tauser and Georg Lorenz (all Corporate), Tom Shingler (Finance) (all Frankfurt), Anika Sonnenberg (Corporate), Carsten Bormann (Public Law) and Vicki Treibmann (Employment) (all Düsseldorf).

On US aspects of the transaction the IPO team was supported by Cravath, Swaine & Moore (partner Philip Boeckman and associates Brian Bodensteiner and Johannes Liefke on capital markets matters; Christopher K. Fargo and associates Rory M. Minnis and Carlos Nicholas Obando on tax matters).

The honert + partner team included Dr. Jochen Neumayer (corporate law, M&A, tax law); Prof. Dr. Thomas Grädler (corporate law, M&A, tax law).

The Clifford Chance team comprised partner George Hacket, partner Philipp Klöckner, counsels Nico Feuerstein (all Frankfurt) and Axel Wittmann (Munich), as well as senior associate David Santoro (Frankfurt) and associates Thomas Conradi (Munich) and Maks Mencin (Frankfurt, all Banking & Finance).

Involved fees earner: Thomas Conradi – Clifford Chance; Nico Feuerstein – Clifford Chance; George Hacket – Clifford Chance; Philipp Klöckner – Clifford Chance; Maks Mencin – Clifford Chance; David Santoro – Clifford Chance; Axel Wittmann – Clifford Chance; Brian Bodensteiner – Cravath Swaine & Moore; Philip Boeckman – Cravath Swaine & Moore; Christopher K. Fargo – Cravath Swaine & Moore; Rory Minnis – Cravath Swaine & Moore; Carlos Nicholas Obando – Cravath Swaine & Moore; Lucina Berger – Hengeler Mueller; Carsten Bormann – Hengeler Mueller; Pascal Brandt – Hengeler Mueller; Malte Christians – Hengeler Mueller; Annika Clauss – Hengeler Mueller; Cecilia di Ció – Hengeler Mueller; Philipp Ersfeld – Hengeler Mueller; Benedikt Hoegen – Hengeler Mueller; Nicholas Kubesch – Hengeler Mueller; Georg Lorenz – Hengeler Mueller; Alexander Rang – Hengeler Mueller; Christoph Roggemann – Hengeler Mueller; Georg Seyfarth – Hengeler Mueller; Tom Shingler – Hengeler Mueller; Anika Sonnenberg – Hengeler Mueller; Dominik Stolz – Hengeler Mueller; Georg Tauser – Hengeler Mueller; Vicki Treibmann – Hengeler Mueller; Peter Weyland – Hengeler Mueller; Patrick Wilkening – Hengeler Mueller; Thomas Grädler – Honert + Partner; Jochen Neumayer – Honert + Partner;

Law Firms: Clifford Chance; Cravath Swaine & Moore; Hengeler Mueller; Honert + Partner;

Clients: ABN AMRO; Argand Partners, LP ; Bernd Wagner; Cherry; Hauck & Aufhäuser Privatbankiers KGaA; M.M.Warburg & CO; Rolf Unterberger;

Author: Federica Tiefenthaler