SIGNA Sports United’s $3.2 Billion Business Combination with Yucaipa

NautaDutilh, Skadden and Seitz advised SIGNA Sports United, while Kirkland & Ellis LLP, Schweibert Leßmann & Partner and Loyens & Loeff advised YAC on the deal. Gleiss Lutz advised the Japanese AEON Co., Ltd. McDermott Will & Emery advised Signa Sports United und Signa International Sports Holding. Latham & Watkins LLP represented the placement agents in the PIPE.

SIGNA Sports United completed its $3.2 billion business combination with Yucaipa Acquisition Corporation. The transaction encompasses up to $645 million of gross proceeds through a cash contribution of and a fully committed upsized PIPE offering.

The Japanese AEON Co., Ltd. (AEON), one of the leading retailers in Asia, acted as a shareholder in Signa Sports United GmbH (SSU), in connection with its IPO in New York. The online sporting goods retailer SSU, which is domiciled in Berlin, plans to make its debut on the stock exchanges in the course of a so-called “De-SPAC transaction”.

The combination will accelerate SSU’s international expansion, including the concurrent acquisition of WiggleCRC, the second-largest online bike retailer globally, and investment in SSU’s technology platform. The combined entity will be listed on NYSE and become one of the largest pure-play sports e-commerce and technology platform companies, serving over 7 million active customers, 1,000+ brand partners, 500+ connected retail stores, and more than 15 million sports community users globally.

Based in Berlin, Germany, SIGNA Sports United is a leading global sports e-commerce and tech platform in Bike, Tennis, Outdoor and Team Sports with more than 7 million active customers and close to 500 million annual webshop visitors.

Yucaipa Acquisition Corporation is a special purpose acquisition company led by Ronald W. Burkle and formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities.

NautaDutilh acted alongside Skadden, Arps, Slate, Meagher & Flom LLP. The NautaDutilh team was led by Paul van der Bijl (Picture) and included Jules van de Winckel, Nina Kielman, Pedro Paraguay, Joppe Schoute, Koen Biesma and Marloes van der Laan.

The Skadden team in Frankfurt was led by partner Stephan Hutter and included counsel Caspar Schmelzer, associates Lukas Greilich, Sebastian Burgis and Christoph Bender (all capital markets), partner Jan Bauer and associate Emanuel C. Ionescu (both M&A), partner Johannes Frey and associate Frank-M. Schwarz (both tax), and transaction support specialist Percy Lorenz.

The Skadden team in New York was led by partners Howard Ellin and Kenneth Wolff, associates Sarah Wolpert and Kyle Tuckman (all M&A), associates Moshe Jacob and Bram Strochlic (both corporate restructuring), partner Victor Hollender (tax), Erica Schohn (executive compensation & benefits) and in Los Angeles, partner Michelle Gasaway (corporate).

The Kirkland team advising YAC was led by corporate partners David Feirstein and Marshall Shaffer and associate Jennifer Gasser and capital markets partner Christian Nagler. The team also included corporate partner Achim Herfs and associates Sebastian Haefele, Giorgia Nagalli and Lena Yoon and capital market partner Aslam Rawoof and associates Pratik Das and Enid Qin.

The Gleiss Lutz team was headed by Dr. Michael Burian (partner, lead, M&A) and Dr. Stephan Aubel (partner, capital markets law, both Frankfurt) and further included Dr. Christopher Vogl (Stuttgart), Dr. Torsten Spiegel (Berlin, both M&A), Jannik Hermes (corporate, Frankfurt) and Kyoko Mogi (M&A, Stuttgart).

The Loyens & Loeff team was led by Michel van Agt and Roel Fluit, together with Gearte Sijens, Lard Rehr (corporate), Louis Lutz, Ingrid Hijdra and Sandrine Lekkerkerker (tax).

The Schweibert Leßmann & Partner team included Rüdiger Hopfe (Lead), Dr. Simone Kühnast (Berlin; both Employment).

The Seitz team included Dr. Stefan Seitz, Dr. Johannes Traut (Lead), Dr. Andreas von Medem; Associate: Shirin Imani (both Employment).

The McDermott Will & Emery team included Dr. Kian Tauser (Lead), Dr. Heiko Kermer (both Tax), Dr. Matthias Kampshoff, Dr. Philipp Grenzebach (both Düsseldorf), Eleanor West (London), Dr. Jan Hückel (Düsseldorf; all Corporate/M&A), Christian Krohs (Competition; Düsseldorf); Associates: Sebastian Bonk (Co-lead), Sebastian Klein (both Düsseldorf), Daniel Ross (London; Corporate/M&A), Dr. Florian Schiefer (Tax), Carina Kant (Competition; Düsseldorf).

Latham & Watkins LLP represented the placement agents, Citi and Jefferies LLC, in the PIPE with a capital markets team led by New York partner Erika Weinberg and Frankfurt partner Oliver Seiler, with New York associate Paul Rafla and Frankfurt associate Camilla Kehler-Weiss.

Involved fees earner: Stephan Aubel – Gleiss Lutz; Michael Burian – Gleiss Lutz; Jannik Hermes – Gleiss Lutz; Kyoko Mogi – Gleiss Lutz; Torsten Spiegel – Gleiss Lutz; Christopher Vogl – Gleiss Lutz; Pratik Ranjan Das – Kirkland & Ellis; David Feirstein – Kirkland & Ellis; Jennifer Gasser – Kirkland & Ellis; Sebastian Häfele – Kirkland & Ellis; Achim Herfs – Kirkland & Ellis; Giorgia Nagalli – Kirkland & Ellis; Christian Nagler – Kirkland & Ellis; Enid Qin – Kirkland & Ellis; Aslam Rawoof – Kirkland & Ellis; Marshall Shaffer – Kirkland & Ellis; Lena Yoon – Kirkland & Ellis; Lukas Greilich – Latham & Watkins; Camilla Kehler-Weiss – Latham & Watkins; Paul Rafla – Latham & Watkins; Oliver Seiler – Latham & Watkins; Erika Weinberg – Latham & Watkins; Roel Fluit – Loyens & Loeff; Ingrid Hijdra – Loyens & Loeff; Sandrine Lekkerkerker – Loyens & Loeff; Louis Lutz – Loyens & Loeff; Lard Rehr – Loyens & Loeff; Gearte Sijens – Loyens & Loeff; Michel van Agt – Loyens & Loeff; Sebastian Bonk – McDermott Will & Emery; Philipp Grenzebach – McDermott Will & Emery; Jan Hückel – McDermott Will & Emery; Matthias Kampshoff – McDermott Will & Emery; Carina Kant – McDermott Will & Emery; Heiko Kermer – McDermott Will & Emery; Sebastian Klein – McDermott Will & Emery; Christian Krohs – McDermott Will & Emery; Daniel Ross – McDermott Will & Emery; Florian Schiefer – McDermott Will & Emery; Kian Tauser – McDermott Will & Emery; Eleanor West – McDermott Will & Emery; Koen Biesma – NautaDutilh; Nina Kielman – NautaDutilh; Pedro Paraguay – NautaDutilh; Joppe Schouten – NautaDutilh; Jules van de Winckel – NautaDutilh; Paul van der Bijl – NautaDutilh; Marloes van der Laan – NautaDutilh; Rüdiger Hopfe – Schweibert Leßmann & Partner; Simone Kühnast – Schweibert Leßmann & Partner; Shirin Imani – Seitz Partners; Stefan Seitz – Seitz Partners; Johannes Traut – Seitz Partners; Andreas von Medem – Seitz Partners; Jan Bauer – Skadden Arps Slate Meager & Flom; Christoph Bender – Skadden Arps Slate Meager & Flom; Sebastian Burgis – Skadden Arps Slate Meager & Flom; Howard Ellin – Skadden Arps Slate Meager & Flom; Johannes Frey – Skadden Arps Slate Meager & Flom; Michelle Gasaway – Skadden Arps Slate Meager & Flom; Victor Hollender – Skadden Arps Slate Meager & Flom; Stephan Hutter – Skadden Arps Slate Meager & Flom; Emanuel Ionescu – Skadden Arps Slate Meager & Flom; Moshe Jacob – Skadden Arps Slate Meager & Flom; Caspar Schmelzer – Skadden Arps Slate Meager & Flom; Erica Schohn – Skadden Arps Slate Meager & Flom; Frank Schwarz – Skadden Arps Slate Meager & Flom; Bram Strochlic – Skadden Arps Slate Meager & Flom; Kyle Tuckman – Skadden Arps Slate Meager & Flom; Kenneth Wolff – Skadden Arps Slate Meager & Flom; Sarah Wolpert – Skadden Arps Slate Meager & Flom;

Law Firms: Gleiss Lutz; Kirkland & Ellis; Latham & Watkins; Loyens & Loeff; McDermott Will & Emery; NautaDutilh; Schweibert Leßmann & Partner; Seitz Partners; Skadden Arps Slate Meager & Flom;

Clients: Aeon Co Ltd; Citigroup Inc.; Jefferies; SIGNA Holding GmbH; SIGNA Sports United; Yucaipa Acquisition;

Author: Federica Tiefenthaler