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Europe Guide

Corporate/M&A: Mid-Market — Germany

Overview

1. Recent Trends in German M&A 

The global deal-making environment remains strong, and the German M&A market continues to grow. 2016  was the strongest year since the beginning of the financial crisis, with an increase in growth of 10%, and acquisitions by foreign investors saw a record high. In 2016 more than 750 German companies were sold to investors based abroad. We still see increased activity by investors from the USA especially, followed by Swiss and French investors and privately owned Chinese companies. The Chinese companies express interest across all sectors and they seem to be driven by a desire to diversify into new markets and the search for brands and technologies that can be introduced on the Chinese market.

2. Most Common Corporate Structures 

2.1 Limited Liability Company (Gesellschaft mit beschränkter Haftung, GmbH)

The limited liability company is the most common business structure in Germany. More than half of all businesses use this legal form. The GmbH has its own legal personality separate from its shareholders. Its liability is limited to its assets. The minimum share capital required by law is EUR 25,000, though significantly higher amounts can often be found in practice. Apart from the shareholders, the only other corporate body comprises the directors, who are appointed by and subject to the instructions of the shareholders.

2.2 Company Limited by Shares (Aktiengesellschaft, AG)

The company limited by shares is predominantly used by listed companies. It too has a legal personality independent of its shareholders. The statutory minimum share capital is EUR 50,000. The AG has a dualistic corporate governance structure, with management split between two boards. The managing board is responsible for the day-to-day operations of the company. The supervisory board appoints, controls and advises the management board. However, neither shareholders nor the supervisory board may instruct the members of the managing board.

2.3 Societas Europaea (SE)

For almost ten years now, EU law has provided for a company limited by shares governed by European law. The Societas Europaea (SE) also has its own legal personality and its liability is limited to its assets. The statutory minimum share capital is EUR 120,000. While take-up of the SE in Germany was initially slow, quite a number of mostly multinational undertakings have converted into SEs over the years. As of December 2016, approximately 230 SEs with operational activities were registered in Germany. However, some of them are now in the process of transforming from an SE back into a German national company form.

2.4 Limited Partnership

Leaving apart smaller businesses, the most widespread type of partnership is the limited partnership (GmbH & Co. KG), where the sole general partner is a limited liability company. This structure combines the tax advantages enjoyed by partnerships with the limited liability of the GmbH.

3. Establishing Companies

Establishing a company in Germany is an efficient process that usually takes just a few weeks to complete. In urgent cases, shelf companies can be acquired in less than 24 hours. Shelf companies are widely used and do not involve particular legal issues.

4. Selected Aspects to be Considered in German M&A Deals

4.1 Employment Protection in Asset Deals

Germany has implemented the EU Directive relating to the Transfer of Undertakings (Protection of Employment) (“TUPE”). If a business or a part thereof is transferred by means of an asset deal, the employees of the business are transferred to the purchaser with all rights and obligations (including collective and works agreements). However, employees who object to the transfer within one month will remain with the seller. The one-month objection period only starts to run once the parties provide the employees with specific detailed information. German courts have established rigid requirements regarding completeness of this information. If the one-month objection period is not triggered, employees may in principle object to the transfer and argue that they are still employed by the seller even years later. Therefore, particular attention is required when drafting the information for the employees.

4.2 Formal requirements

In some cases, German M&A deals require notarisation. Typical deals which must be notarised include share deals involving the transfer of shares in a limited liability company (GmbH) or asset deals involving the transfer of real estate. If notarisation is required, this also applies to all ancillary agreements concluded in close connection with the notarised transaction. Thus, related agreements such as side letters of any kind, employment agreements, distribution agreements and loan agreements must also be notarised. The importance of this aspect is often underestimated. If formal requirements are not satisfied, the entire deal – and not just the ancillary agreements – may be void.

Notarisation requires that a German lawyer duly admitted to practice as a notary reads the entire agreement aloud in front of the parties or their proxies. Generally, all exhibits and ancillary documents must also be read aloud, although exceptions apply. The cost of a German notary depends on the value of the transaction, and may be significant. For instance, in case of a purchase price of EUR 60 million, the notary fees may exceed EUR 50,000. German M&A deals are often notarised in Switzerland. Over the last couple of years there has been some uncertainty as to whether notarisations carried out in Switzerland are legally effective. In December 2013, however, the German Federal Supreme Court ruled that German M&A deals may be validly notarised in Switzerland. We can therefore expect to see an increasing number of German deals being notarised in Switzerland.

5. Legal Culture

Germany is a civil law country, which impacts deal-doing there. In common law countries it is best practice to set out expressly the terms governing a transaction in the sale agreement, as it is believed that express contractual arrangements provide better protection and greater legal certainty for a buyer. In contrast, documentation in Germany tends to be far less extensive. It will be based on, and incorporate without explicit reference, existing statutory rules. German shareholders wishing to sell their holdings will often find it hard to understand the necessity for express contractual provisions which cover all matters and can lengthen the sale agreement significantly. Nevertheless, an increasing number of German lawyers are familiar with common law concepts and international contractual standards. Many have obtained a postgraduate master’s degree (LL.M.) from a law school in the USA or another common law country. Managing and ultimately matching the expectations of international investors and German shareholders is often the major challenge facing advisors on a deal.

Obviously, cultural gaps between Germans and investors from the Far East may be even larger. Established negotiation patterns in Asian countries often differ from the rather streamlined processes in Germany, where milestones and deadlines are clearly defined. While countries like Japan have long years of experience with professional M&A processes, for Chinese investors these processes are rather new. Some German law firms with strong ties to China close these cultural gaps by hiring Chinese lawyers, often double-qualified both in China and in Germany.

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Band 1

第一等

From the Chambers Europe guide

Basic facts about the department
- Head of department: Norbert Schulte
- 24 partners
- 21 other qualified lawyers
- Office locations: Düsseldorf, Frankfurt and Munich

What the team is known for Standout practice advising on cross-border M&A, including share and asset transfers, divestitures, strategic investments and joint ventures. Particular focus on the hospitality, retail, real estate and food and beverage industries. Clients note its strong US capabilities and ability to draw on vast resources around the world, as well as its substantial experience in the healthcare sector. Aurelius and United Generations are new client wins for the team.

Strengths "The lawyers gave top-quality advice. They are very client-oriented and detailed but are always able to see the bigger picture."

"McDermott Will & Emery put together a very good team and used its international influence to get some very good results."

Work highlights Advised Blackstone and Event Hospitality Group on the USD260 million acquisition of 29 hotels in Germany and the Netherlands from Accor.

Assisted Siegfried with the acquisition of a EUR270 million stake in BASF's pharmaceutical supply business.

Significant clients Honeywell, SIGNA, Intersnack, Sabre, Atlant Capital.

Notable practitioners  

Christian von Sydow is best known for his work on M&A, including private equity transactions. He also frequently represents corporates in M&A arbitration.

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Band 1

第一等

From the Chambers Europe guide

Basic facts about the department
- Heads of department: Jens Hörmann and Frank Thiäner
- 15 partners
- 26 other qualified lawyers
- Office locations: Berlin, Frankfurt and Munich

What the team is known for Highly praised, private equity-focused team advancing to the top of the table thanks to its manifest strength in both private M&A and public takeovers. Often acts for corporate management on shareholder matters and corporate litigation. Very popular among family businesses. Complemented by its strong tax and venture capital teams. Nemetschek, 4SC and Wacker Neuson are new client wins for the firm.

Strengths "The team has great knowledge of corporate and tax law, I would really recommend P+P Pöllath + Partners in these areas." 

"They are very strong in fund structuring, tax law and advice for family companies." 

Work highlights Advised Magnetar Capital on the EUR300 million public takeover offer for all shares in Celesio by McKesson.

Represented target company Data Modul in the EUR100 million public takeover offer made by Arrow Electronics.

Significant clients Funke Mediengruppe, POLO Motorrad und Sportswear, Körber, Tank & Rast, Scout24.

Notable practitioners  

Founding partner and of counsel Reinhard Pöllath serves as chairman of several corporate boards. He is well respected as a corporate adviser, especially on tax-related matters.

Matthias Bruse focuses on all types of M&A transactions, often representing private equity clients and family-owned businesses. He is also active in corporate arbitration.

Wolfgang Grobecker has strengthened his profile for his work on corporate advice and public and private M&A. He represented the Kreke family in the sale of Douglas to a common holding company owned by the Kreke family and CVC Capital Partners.

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Band 2

第二等

From the Chambers Europe guide

Basic facts about the department
- Heads of department: Matthias Heisse and Christof Lamberts
- 13 partners
- 14 other qualified lawyers
- Office locations: Berlin, Hamburg and Munich

What the team is known for Strong focus on mid-cap M&A transactions involving China, the UK and the USA, where it benefits from its extensive international network. Often advises foreign investors entering the German market. Particularly active in the manufacturing and financial services sectors. Also provides day-to-day corporate advice to a number of prominent multinationals. Alantum Europe is among the firm's recent additions to its client roster.

Strengths "The lawyers have a personal attitude and are committed to their clients – you always feel like you have strong backing and that there is a clear structure. I have the impression that I'm always covered by senior management."

"The lawyers are highly experienced, pragmatic and efficient."

Work highlights Advised Sekisui Chemical on the restructuring by management buyout of its pipeline renewal business.

Acted for Starbucks on the EUR30 million sale of all its partnership interests in Starbucks Coffee Deutschland to AmRest.

Significant clients Brady, The Fountain Group, Goldbach Group, Renold, Quantum Aviation Solutions.

Notable practitioners  

Matthias Heisse has a strong profile in the area of public M&A as well as restructuring and reorganisations. He recently advised Messe München on the acquisition of CTT EXPO. One client states: "He is great. He is smart, reliable and supportive, and has an extremely good track record and a lot of experience."

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Band 2

第二等

From the Chambers Europe guide

Basic facts about the department
- 5 partners
- 9 other qualified lawyers
- Office location: Düsseldorf

What the team is known for Renowned German boutique especially active in corporate and M&A advisory matters. Often advises German Mittelstand companies from the manufacturing, construction and technology industries, as well as international clients. Benefits from the support of a strong competition practice and possesses additional expertise in contentious and regulatory matters. The firm has added SiteLog to its client roster.

Strengths "The firm outperforms others in terms of finding solutions, co-ordinating transactions and speed of execution."

"Our project received the immediate attention and the full extent of capacity required, in a timely manner."

Work highlights Assisted ZF Friedrichshafen with the takeover of the Bosch Rexroth's industrial gear and windmill gear business.

Represented Daimler in a law suit driven by former shareholders regarding their entitlement to damages following the company's failure to publish the departure of the CEO Jürgen Schrempp and his replacement, as required by the German Securities Trading Act.

Significant clients Deutsche Bank, dm-drogerie markt, QIAGEN, E/D/E, L'Oréal.

Notable practitioners  

Achim Glade is an esteemed adviser to several DAX 30 management and supervisory boards as well as large family businesses. He also assists with joint ventures and M&A transactions. One client states: "He is very entrepreneurial and solution-focused. He has excellent technical knowledge and negotiation skills."

Drawing on his abilities in capital markets, Andreas Merkner advises his clients on all areas of corporate law with a focus on stock corporation and transformation matters. He is also active in M&A and public takeovers. He has advised several businesses on the impact of the EU Market Abuse Regulation, including Daimler, Haniel, GEA Group and Klöckner & Co. Sources say: "He is a brilliant lawyer; I was very impressed."

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Band 2

第二等

From the Chambers Europe guide

Basic facts about the department
- 5 partners
- 7 other qualified lawyers
- Office location: Frankfurt

What the team is known for Dedicated boutique advising on public and private M&A. Praised by clients for its advice on disposals as well as domestic share and asset deals. Particularly active in the technology and media sectors, where it represents SMEs and Mittelstand companies. Additional experience of cross-border transactions, financing and restructuring projects. Knowles, Aetna Partners and MOCON are new client wins for the team.

Strengths "I am impressed with the unique combination of efficiency and experience the team demonstrates."

"We are very satisfied with GREENFORT. The work is always done swiftly and the team always sees to our requests."

Work highlights Advised DP World on the acquisition of the Goetz Group terminals in Mannheim and Stuttgart.

Advised Balda on two asset purchase acquisitions as well as on the EUR100 sale of its operative business.

Significant clients Bertelsmann, Carl Benet Group, Ferrostaal, Glatfelter, The Montana Group.

Notable practitioners  

Andreas von Oppen is very active in both public and private M&A transactions. He advised Elanders on the acquisition of the Schmidt printing group. One client states: "I particularly appreciated his skills and fine character."

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Band 2

第二等

From the Chambers Europe guide

Basic facts about the department
- Head of department: Stefan Duhnkrack
- 60 partners
- 75 other qualified lawyers
- Office locations: Berlin, Chemnitz, Cologne, Düsseldorf, Frankfurt, Hamburg, Munich and Stuttgart

What the team is known for Large, domestic team with a widespread presence across the country. Strong ability to draw on its substantial pool of practitioners covering most industries. Completes a large number of transactions each year, with a particular focus on the engineering, automotive, energy and transport sectors. Substantial experience of representing technology and media clients in cross-border transactions.

Strengths "The service was quick, of good quality and the team showed a true understanding of our business background."

"We were very satisfied with the quality of lawyers; they were excellent. They were timely and had good business sense."

Work highlights Advised Odewald KMU on its EUR150 million sale of MEDIA CENTRAL.

Advised Chiquita on the reorganisation of its corporate structure.

Significant clients AUCTUS Capital Partners, DORMA Holding, Jungheinrich, Konica Minolta, Kroschke Gruppe.

Notable practitioners

Stefan Duhnkrack is a key contact for any queries.

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Band 2

第二等

From the Chambers Europe guide

Basic facts about the department
- Office location: Frankfurt

What the team is known for Niche German boutique renowned for its expertise in technology and media matters. Active in both domestic and cross-border M&A in Europe, regularly representing German Mittelstand companies with interests abroad. Also maintains a strong reputation for advising private equity firms on distressed acquisitions. Possesses further expertise in corporate restructuring matters, as well as real estate transactions and finance issues.

Notable practitioners  

The "well reputed" Thomas Heymann has long-standing experience in corporate advice. He is best known for assisting with acquisitions and restructuring in the technology sector.

Titus Walek is best known for his corporate work in the technology and pharmaceutical industries. He has a proven track record in private equity and venture capital transactions. Domestic M&A is a particular focus of his.

Henning Bloss focuses on mid-market M&A, private equity and venture capital transactions. He is known for representing tech companies and has additional expertise in restructuring and finance questions.

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Band 2

第二等

From the Chambers Europe guide

Basic facts about the department
- 12 partners
- 5 other qualified lawyers
- Office location: Düsseldorf

What the team is known for Boutique firm with a strong focus on M&A and corporate structuring. A popular choice among mid-sized German companies, as well as Asian clients entering the German market. Particularly visible on share and asset acquisitions for technology and energy companies. Also advises companies on AGMs and matters of corporate governance, in addition to contentious issues.

Strengths "The team has the necessary experience and skills to support large global companies. The response comes back in a timely manner and the level of service is high."

"The lawyers are organised, customer-focused and flexible."

Work highlights Advised CMS Pflegewohnstift (Bochum-Wattenscheid) on the sale of real estate property including a senior nursing home.

Assisted PGNiG Supply & Trading (PST) with the spin-off of its European sales business and the establishment of PST Europe Sales as a new entity for its sales business.

Significant clients Otrum, HI WAY PIONEER, Metalcorp Group, KFM Deutsche Mittelstand, Ströer.

Notable practitioners  

Björn Neumeuer is noted for his transactional work and strong focus on the energy sector. He frequently assists international clients with the establishment of businesses in Germany. He advised Faistec on the acquisition of all shares in CargoGuard. One client states: "He has always given us good advice and communicates well with both the business team and the legal department. We have great trust in him."

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Band 2

第二等

From the Chambers Europe guide

Basic facts about the department
- 26 partners
- 35 other qualified lawyers
- Office locations: Berlin, Cologne, Düsseldorf, Essen, Frankfurt, Hamburg, Hannover, Leipzig, Munich and Stuttgart

What the team is known for Strong domestic firm with particular experience advising clients from Asia and Europe on inbound investments into Germany. Clients praise its knowledge of regulated industries, including energy and pharmaceuticals. Offices across the country assist companies from the financial services, real estate and IT sectors with a range of corporate structuring mandates. Frequently acts for institutional investors on cross-border matters.

Work highlights Advised VGP on a EUR500 million joint venture with Allianz for real estate projects.

Advised AH Industries on the asset acquisition of AH Industries Deutschland.

Significant clients Solvay, ITT Corporation, Marx + Moschner, CREALOGIX Holding, Augsburger Aktienbank.

Notable practitioners

Thomas Kuhnle and Jörgen Tielmann are key contacts for this practice area.

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Band 2

第二等

From the Chambers Europe guide

Basic facts about the department 
- Head of department: Klaus Grossmann
- 54 partners
- 50 other qualified lawyers
- Office locations: Berlin, Düsseldorf, Frankfurt, Hamburg and Munich

What the team is known for Large team active in international transactions, serving clients from the USA, Europe and Asia. Assists with M&A and joint venture deals, including those involving private equity and venture capital. Benefits from the firm's strong IT practice, and regularly acts for large technology, construction, energy and automotive companies. Proven track record of acting for Chinese clients, with the firm's new Hong Kong office boosting its presence in the country.

Strengths "The lawyers are responsive, commercially attuned, diligent and very good negotiators. They are willing to go the extra mile to enable the transactions."

"The organisation of the team is excellent: there is always one lawyer who is the central relationship manager for all needs of the client. If experts are needed they are integrated smoothly."

Work highlights Advised Saint-Gobain Building Distribution Deutschland on the sale of Gallhöfer Dach to palero invest.

Assisted Black Forest Distillers with the sale of their majority shareholding to Pernod Ricard.

Significant clients ALBA Group, Arrow Electronics, Evonik Industries, IPH Group, Nokia.  

Notable practitioners  

Walter Henle is held in high regard among his colleagues for his long-standing experience of international M&A and corporate advice. He is particularly focused on private equity matters.

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Band 3

第三等

From the Chambers Europe guide

Basic facts about the department
- 39 partners
- 26 other qualified lawyers
- Office locations: Berlin, Düsseldorf, Frankfurt, Hamburg, Munich and Nuremberg.

What the team is known for Growing practice with strength in cross-border M&A transactions, particularly those involving China. Trusted advisers to various German family offices, as well as clients from the telecommunications, technology and life sciences sectors. Also assists with commercial issues, routinely acting for industrial clients from the automotive, machinery and chemical sectors. Offers further expertise in issues relating to restructuring, reorganisation, private equity and venture capital.

Strengths "The lawyers are quick and goal-oriented. They think strategically and are very good negotiators."

"I have a very good impression of the team. The lawyers are helpful, and answer complex questions very quickly."

Work highlights Advised Fair Friend Group on the EUR200 million acquisition of MAG Group.

Advised Market Tech Holdings on its purchase of 75% of the shares in glispa.

Significant clients ZF Friedrichshafen, Drillisch, Schnellecke Group, CORPUS SIREO, Regus Management.

Notable practitioners

Axel Goetz, Christian von Wistinghausen, Knut Schulte and Guido Ruegenberg are contacts for any queries.

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Band 3

第三等

From the Chambers Europe guide

Basic facts about the department
- 8 partners
- 9 other qualified lawyers
- Office locations: Frankfurt and Munich

What the team is known for In-demand international firm that routinely acts on cross-border and German M&A, with a specific focus on the life sciences sector. Especially noted for private equity and venture capital matters, where it advises financial investors and strategic clients. Also active in distressed M&A and corporate restructuring mandates. Ganymed Pharmaceuticals and wtec are among the firm's new client wins.

Strengths "There is a high level of technical skills, business acumen and availability throughout the team."

"It is a very experienced and close-knit group of experts that is fully focused on the client and provides well-founded recommendations that are pragmatic and business-perspective driven."

Work highlights Advised HeidelbergCapital and Creathor Venture on the sale of their shares in Accovion to Clinipace.

Advised Nordic Yards on the sale-and-lease-back of three real estate companies. The total value of the operations was over EUR100 million. 

Significant clients 4SC, DER Touristik, Gimv, Lazada Group, uniQure.

Notable practitioners  

Federico Pappalardo is noted for advising investors, private equity companies and family offices on acquisitions and restructuring. One client states: "He is more than a lawyer; he has an understanding of everything involved in and behind transactions."

Clients praise Sven Schulte-Hillen for his abilities in cross-border M&A and international corporate structuring. Interviewees describe him as "quick-thinking, commercial and a very tough and knowledgeable communicator."

Katja Heuterkes is increasingly active in the area of international transactions and private equity investments. She advised PhotoBox on the GBP400 million sale by its current shareholders Highland Capital and Index Ventures to Exponent and Electra. One client states: "She gave me an excellent first impression; she is surely a rising star in this field."

Clients speak warmly of Berthold Hummel and his work in private equity, M&A and venture capital financing. One source says: "He is dedicated to doing a perfect job, and has a very strong commercial and structural sense."

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Band 3

第三等

From the Chambers Europe guide

Basic facts about the department
- Heads of department: Kirsten Girnth and Nils Krause
- 16 partners
- 34 other qualified lawyers
- Office locations: Cologne, Frankfurt, Hamburg and Munich

What the team is known for Robust and expanding corporate practice advancing in the rankings thanks to increased activity and a number of new panel wins. Has an excellent reputation for cross-border M&A, particularly involving the USA, China and the Middle East. Clients include energy, life sciences and automotive companies and financial institutions. Popular choice for German companies with global business interests.

Strengths "DLA Piper has a comprehensive offering in different disciplines. Their cross-border capabilities are very beneficial to me."

"The lawyers are speedy, attentive and they know what we are after. They are very reliable; I don't have to check everything they do."

Work highlights Advised McKesson and its German subsidiary Celesio on the EUR408 million acquisition of the pharmaceutical distribution division of UDG Healthcare.

Assisted Domino's Pizza Enterprises with its entry into the German market through the EUR80 million acquisition of Joey's Pizza Group.

Significant clients Baloise Group, Bernhard Schulte, Fortress Investment Group, Georgsmarienhütte, Israel Chemicals.

Notable practitioners

Kirsten Girnth and Nils Krause are key contacts for this practice area.

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Band 3

第三等

From the Chambers Europe guide

Basic facts about the department
- Heads of department: Yorick Ruland and Wolfgang König
- 20 partners
- 28 other qualified lawyers
- Office locations: Berlin, Cologne, Essen, Frankfurt, Hamburg and Munich

What the team is known for Respected corporate team with a loyal following among clients from the German Mittelstand, particularly in the energy and automotive sectors. Often seen acting on distressed M&A in conjunction with its strong restructuring practice. Also active in corporate advice and transactions involving real estate assets. Client roster also includes US multinationals and life sciences companies.

Strengths "The team is very focused on the German Mittelstand, and truly understand smaller companies. The lawyers are quick and analytical; the service was fantastic."

Work highlights Assisted HIMSS with the structuring and implementation of a cross-border merger of two of its subsidiaries and the transformation from an English limited company into a German limited liability company.

Advised the insolvency administrator of Imtech Deutschland on the share and asset disposals of several of its German and international subsidiaries to Getec, Weiss-Gruppe and Elevion.

Significant clients Cox Automotive, ADO Properties, Fidor Bank, SSW Industries, Raben Group.

Notable practitioners

Yorick Ruland and Wolfgang König are key points of contact for clients.

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Band 3

第三等

From the Chambers Europe guide

Basic facts about the department
- Head of department: Klaus Riehmer
- Office locations: Düsseldorf and Frankfurt

What the team is known for International firm with an expanding corporate team. At its most visible in cross-border acquisitions, in particular advising Chinese clients. Increasingly active in distressed M&A following lateral hires to its restructuring team. Recent additions also strengthen the firm's presence in private equity. Sector focuses include banking, energy, chemicals and IT. Klaus Riehmer is one of five new additions to the team.

Strengths "It was a very positive experience working with Mayer Brown. The lawyers are user-friendly and see the bigger picture, which helps when negotiating contracts."

"The lawyers are hard-working and very efficient."  

Work highlights Advised Beijing Enterprises (BEHL) on the EUR1.4 billion acquisition of EEW Energy from Waste from EQT.

Assisted Avedon Capital Partners with the EUR135 million sale of GRW Bearing to Kaman.

Significant clients Albemarle, Worldwide Flight Services, Goodyear, Lone Star Funds, Benteler.

Notable practitioners  

Recent hire Klaus Riehmer has significantly strengthened the department and stands out as one of the most active lawyers in mid-market M&A. His extensive praise from clients sees him advance to the top band. He advised Publicis Groupe on the squeeze-out of minority shareholders of Pixelpark. One client states: "He is very knowledgeable, user-friendly and experienced. He is good at advising clients on cross-border situations."

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Band 4

第四等

From the Chambers Europe guide

Basic facts about the department
- Heads of department: Andreas Bauer and Michael Stobbe
- 22 partners
- 21 other qualified lawyers
- Office locations: Berlin, Frankfurt, Hamburg, Heidelberg and Munich

What the team is known for Domestic practice advising clients from the German Mittelstand on corporate governance as well as M&A. Particularly active in the finance, automotive and energy sectors. Advises investors and project developers on joint ventures and share transactions with the support of its highly regarded real estate team. Asklepios, Markement and TP Group are all new additions to the firm's client roster.

Strengths "The lawyers are very responsive and offer pragmatic answers, but one of their biggest selling points is the combination of corporate and regulatory strength."

"The team is good at giving commercial advice which is to the point and cost-effective. I have been very impressed with the responsiveness."

Work highlights Advised MLP on the EUR18 million acquisition of the DOMCURA Group.

Advised Pramerica’s closed-ended real estate funds on a range of corporate matters, including fund structuring, fund liquidation and co-investment structures.

Significant clients Deutsche Post, Wohnbau, Rockspring, Cooper Standard, PSI.

Notable practitioners

Andreas Bauer and Michael Stobbe head the department.

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Band 4

第四等

From the Chambers Europe guide

Basic facts about the department
- Office location: Dresden, Frankfurt and Stuttgart

What the team is known for Stuttgart-based practice with an excellent reputation for corporate advice. Represents Mittelstand companies and family-run partnerships in joint ventures and distressed M&A transactions in Germany. Also recognised for advising on disputes relating to transactional work, as well as restructuring matters. Acts for company boards on matters of corporate governance, compliance and liability.

Notable practitioners  

Peter Mailänder is best known as an adviser of corporations and their supervisory boards, as well as an arbitrator of corporate disputes. He has additional experience in competition and media matters.

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Band 4

第四等

From the Chambers Europe guide

Basic facts about the department
- Heads of department: Klaus Bader, Frank Peter Regelin and Klaus von Gierke
- 18 partners
- 50 other qualified lawyers
- Office locations: Frankfurt, Hamburg and Munich

What the team is known for International firm with a large network and a strong cross-border focus, often acting for companies with interests in China or the USA. Offers a full-service approach, working closely with its financing and capital markets groups. Advises on both corporate governance and M&A matters, including acquisitions, share disposals and management agreements. Has a particular focus on the banking, energy, transport and life sciences sectors.

Strengths "We get reliable advice, clear statements and a valuable input on business advice. The lawyers are solution-oriented, passionate and always meet deadlines."

"The lawyers are extremely responsive and very focused on our objectives as a client. They have real sector expertise and I hold them in the highest regard."

Work highlights Advised AeroGround Group on the acquisition of all shares in ACCIONA Airport Services, Berlin and HSD Flughafen from the Spanish ACCIONA Group.

Assisted Wüstenrot & Württembergische with the sale of two Czech subsidiaries to Allianz.

Significant clients ADLER Real Estate, CACEIS, BMW, Domino's Pizza Group, IMI.

Notable practitioners

Klaus Bader, Frank Peter Regelin and Klaus von Gierke head the department.

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Band 4

第四等

From the Chambers Europe guide

Basic facts about the department
- Head of department: Rainer Kreifels
- 9 partners
- 13 other qualified lawyers
- Office locations: Düsseldorf and Munich

What the team is known for Ever-increasing team offering advice on share acquisitions and disposals. Particularly active in the technology, manufacturing and energy industries. Also visible on cross-border takeovers and joint ventures in the automotive and real estate sectors. Noted by clients for its strong international network. Merged with Munich boutique Mayrhofer + Partner in January 2016, adding four lawyers to its corporate and capital markets teams. Siemens is a new client win for the team.

Strengths "The team is perfect for the type of requirements we have in corporate, M&A, property transactions and litigation. The different teams work well together."

"The lawyers are very focused and transaction-oriented. They don't waste time."

Work highlights Advised Getty Images on a range of matters including governance issues relating to its German group.

Advised Arctic Paper on the potential sale of its operations at Mochenwangen as well as its eventual winding-up.

Significant clients Mummert Group, Future Biogas, AIG, TheJobCrowd, Magazino.

Notable practitioners  

Nina Leonard has built up a strong reputation in international M&A and shareholder dispute resolution. She is particularly active in the technology, pharmaceutical and biotechnology industries. She advised recent client win Rollon Group on several issues including on the acquisition of Hegra Linear Evolution. Sources say: "She is a very good lawyer and a good mediator; she knows how to handle different personalities."

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Band 4

第四等

From the Chambers Europe guide

Basic facts about the department
- 5 partners
- 6 other qualified lawyers
- Office location: Berlin

What the team is known for Compact corporate practice with a dedicated following among media and technology companies. Active and visible in small and mid-cap M&A, as well as in corporate governance and compliance. Strong focus on the energy industry, with additional capabilities in corporate disputes. Clients include shareholders and supervisory board members, as well as multinational companies. Has additional experience of acting for financial services clients on matters related to fintech.

Strengths "The lawyers are very good at converting legal advice to practical use. It was accurate and very much tailored to how we wanted to approach the matter."

"The relationship between the lawyers in the team was excellent. The teamwork was very good and they gave me very good guidance and arguments for the negotiations."

Work highlights Acted for Alpiq on the establishment of a joint venture with Sodexo.

Advised the founders of Omnea on the sale of and 80% stake to a subsidiary of Ströer.

Significant clients GASAG Berliner Gaswerke, TOBI Windenergie, Sixt, Fitch Ratings, GEMA.

Notable practitioners  

Andreas Nelle advises corporates and private equity funds on a range of M&A transactions. He is particularly focused on the technology and media industries. He represented the founding shareholders of myToys Group in the sale of 20% of its shares to Otto Group.

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Band 4

第四等

From the Chambers Europe guide

Basic facts about the department
- Office locations: Berlin, Cologne, Eschborn, Hamburg, Munich, Nuremberg and Stuttgart

What the team is known for Respected M&A team that offers advice on distressed transactions and small-cap acquisitions. Takes a full-service approach, representing German and European companies in domestic and multi-jurisdictional mid-cap transactions. Benefits from the firm's broad footprint and additional expertise in accounting and audit matters. Also assists with corporate matters, such as the establishment of operations in Germany and restructuring.

Strengths "A very efficient and solution-focused team."  

"It is a very good team for distressed M&A." 

Notable practitioners

Michael Wiehl is the main point of contact for queries for the M&A department.

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Band 4

第四等

From the Chambers Europe guide

Basic facts about the department
- Head of department: Stephan Morsch
- 12 partners
- 12 other qualified lawyers
- Office locations: Berlin, Düsseldorf, Frankfurt, Hamburg and Munich

What the team is known for Strong corporate firm with a broad domestic reach that advises on domestic and cross-border acquisitions. Regularly represents clients from the retail, technology and hospitality sectors, supported by a renowned media and technology practice. Clients include German and international companies as well as family offices.

Strengths "They are intelligent top lawyers who are practical, work extremely hard and turn around documents really fast."

"It is a good firm for Mittelstand companies. The lawyers are quick and we get very good support." 

Notable practitioners  

Sebastian Graf von Wallwitz is active in M&A transactions, where he typically represents international companies and family offices. One client states: "He is practical and has good judgement. The turnaround time is fast and the work is of high quality."

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Band 5

第五等

From the Chambers Europe guide

Basic facts about the department
- Head of department: Benedikt von Schorlemer
- 4 partners
- 16 other qualified lawyers
- Office locations: Frankfurt and Munich

What the team is known for Increasingly visible department boosted by recent lateral hires, such as Thomas Sacher. Strong client base including many large German corporates as well as international companies investing in Germany. Active in several sectors including retail, technology and media. Also assists clients with general corporate issues, such as joint ventures and shareholder meetings.

Strengths "The lawyers were very customer-oriented. They were not afraid to say no, and provide alternatives for better solutions than that requested by the client."

"Ashurst provides the full bandwidth – not just legal advice. The team has deep knowledge of the market and risks and can provide commercial solutions."

Work highlights Advised adidas on the EUR220 million acquisition of all shares in Runtastic from Axel Springer Digital Ventures.

Advised Sinarmas Cepsa on the asset acquisition of a sulfonation chemical plant in Germany from Gemini Holding.

Significant clients ALNO, Bosch, Clariant, Commerzbank, Novacap.

Notable practitioners  

Clients describe new addition Thomas Sacher as "very experienced," particularly in M&A, private equity and alternative investments. He is the key contact for several of the firm's top clients and advised Grammer on the EUR50 million acquisition of REUM Group from HTP Investments. 

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Band 5

第五等

From the Chambers Europe guide

Basic facts about the department
- Head of department: Peter Veranneman
- 7 partners
- 14 other qualified lawyers
- Office locations: Düsseldorf, Frankfurt, Hamburg and Munich

What the team is known for Advises several multinational companies from the automotive, life sciences and technology sectors on growth strategies, M&A and corporate restructuring. Frequently assists with cross-border acquisitions using its extensive global network and four German offices. Known for acting on transactions with a large IP and TMT component.

Strengths "The lawyers have a proactive attitude when co-operating with the clients. They identify various ways to assess risk and implement different options. They are easy to contact, and have a hands-on, commercial approach."

Work highlights Advised CR Laurence on the European and Australian aspects of its sale to Oldcastle BuildingEnvelope.

Assisted Glass Lewis Europe with its acquisition of IVOX.

Significant clients Armacell, BroadSoft, Fujifilm, Lexmark, Omnicell.

Notable practitioners

Peter Veranneman is a contact for this practice area.

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Band 5

第五等

From the Chambers Europe guide

Basic facts about the department
- Head of department: Dirk Besse
- 4 partners
- 13 other qualified lawyers
- Office location: Berlin

What the team is known for Dynamic Berlin team with a growing and increasingly renowned corporate and M&A practice. Strong focus on mergers and corporate structuring mandates for international media and technology companies, making excellent use of its considerable global network. Frequently advises clients from the USA and Asia on cross-border transactions and joint ventures in Germany.

Strengths "It was a standout performance by the lawyers. They had a lot of detail, business acumen and technical skills."

"The lawyers are excellent, they are strong communicators and give clear and straightforward advice."

Work highlights Advised Planet Labs on the acquisition of BlackBridge, including its German RapidEye satellite suite of core offerings.

Acted for Fujitsu and Fujitsu Semiconductor on the establishment of a global joint venture with Panasonic.

Significant clients 21st Century Fox, Schmolz + Bickenbach, Tele Columbus, Wild Bunch, Sony Music Entertainment.

Notable practitioners  

Co-chairing the firm's global media group, Christoph Wagner is particularly active in larger media transactions. He also specialises in technology and communication. He advised Viacom on the establishment of a joint venture with Axel Springer for TV and video ad-sales. Sources describe him as "an expert in media transactions and very reputable."

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Band 5

第五等

From the Chambers Europe guide

Basic facts about the department
- Heads of department: Kristian Heiser and Dominik Ziegenhahn
- 5 partners
- 7 other qualified lawyers
- Office location: Hamburg

What the team is known for Growing Hamburg-based boutique advising German Mittelstand companies on M&A transactions, litigation and corporate governance matters.  Additional prowess in restructuring, venture capital and real estate transactions. Regularly advises family-owned companies, private equity houses, and industrial clients. DEMIRE Deutsche Mittelstand Real Estate is a new client for the firm.

Strengths "The work is strong and reliable. The lawyers are available 24/7 and have knowledge of M&A."

"The partners work seamlessly and have a hands-on approach."

Work highlights Assisted Otto Group with the establishment of an online retail partnership with Powa Technologies.

Advised TAG Immobilien on the sale of Stadtquartier Südtor in Stuttgart to PATRIZIA.

Significant clients Techniplas Group, CLN Group, Deutsche Messe, Vapiano, FC St. Pauli.

Notable practitioners

Dominik Ziegenhahn and Kristian Heiser are the main points of contact at the firm.

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Band 5

第五等

From the Chambers Europe guide

Basic facts about the department
- Heads of department: Justus Binder and Andreas Jürgens
- 6 partners
- 5 other qualified lawyers
- Office locations: Frankfurt and Munich

What the team is known for An increasing presence in Germany, with a new office in Frankfurt adding to the established Munich offering. Advises on the full range of M&A transactions across several sectors including media, hospitality and automotive. Active in cross-border matters, assisting German and international clients with both inbound and outbound investments. Also assists with general corporate matters and restructurings. ASA Group is one of several new client wins for the team.

Strengths "We were very pleased with the multi-jurisdictional and multifaceted coverage, which allowed the teams to act swiftly in critical situations."

"It is a strong, focused team and the partners provide excellent service."

Work highlights Advised Eastern Horizon on its acquisition of ES Automobilguss.

Acted for Weiler on the cross-border acquisition of the Slovenian company SwatyComet.

Significant clients AMC Networks, Alpina Partners, Target Partners, Prevent DEV, Kennametal.

Notable practitioners

Justus Binder and Andreas Jürgens are the principal contacts for corporate and M&A matters. 

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Overview

1. Recent Trends in German M&A 

The global deal-making environment remains strong, and the German M&A market continues to grow. 2016  was the strongest year since the beginning of the financial crisis, with an increase in growth of 10%, and acquisitions by foreign investors saw a record high. In 2016 more than 750 German companies were sold to investors based abroad. We still see increased activity by investors from the USA especially, followed by Swiss and French investors and privately owned Chinese companies. The Chinese companies express interest across all sectors and they seem to be driven by a desire to diversify into new markets and the search for brands and technologies that can be introduced on the Chinese market.

2. Most Common Corporate Structures 

2.1 Limited Liability Company (Gesellschaft mit beschränkter Haftung, GmbH)

The limited liability company is the most common business structure in Germany. More than half of all businesses use this legal form. The GmbH has its own legal personality separate from its shareholders. Its liability is limited to its assets. The minimum share capital required by law is EUR 25,000, though significantly higher amounts can often be found in practice. Apart from the shareholders, the only other corporate body comprises the directors, who are appointed by and subject to the instructions of the shareholders.

2.2 Company Limited by Shares (Aktiengesellschaft, AG)

The company limited by shares is predominantly used by listed companies. It too has a legal personality independent of its shareholders. The statutory minimum share capital is EUR 50,000. The AG has a dualistic corporate governance structure, with management split between two boards. The managing board is responsible for the day-to-day operations of the company. The supervisory board appoints, controls and advises the management board. However, neither shareholders nor the supervisory board may instruct the members of the managing board.

2.3 Societas Europaea (SE)

For almost ten years now, EU law has provided for a company limited by shares governed by European law. The Societas Europaea (SE) also has its own legal personality and its liability is limited to its assets. The statutory minimum share capital is EUR 120,000. While take-up of the SE in Germany was initially slow, quite a number of mostly multinational undertakings have converted into SEs over the years. As of December 2016, approximately 230 SEs with operational activities were registered in Germany. However, some of them are now in the process of transforming from an SE back into a German national company form.

2.4 Limited Partnership

Leaving apart smaller businesses, the most widespread type of partnership is the limited partnership (GmbH & Co. KG), where the sole general partner is a limited liability company. This structure combines the tax advantages enjoyed by partnerships with the limited liability of the GmbH.

3. Establishing Companies

Establishing a company in Germany is an efficient process that usually takes just a few weeks to complete. In urgent cases, shelf companies can be acquired in less than 24 hours. Shelf companies are widely used and do not involve particular legal issues.

4. Selected Aspects to be Considered in German M&A Deals

4.1 Employment Protection in Asset Deals

Germany has implemented the EU Directive relating to the Transfer of Undertakings (Protection of Employment) (“TUPE”). If a business or a part thereof is transferred by means of an asset deal, the employees of the business are transferred to the purchaser with all rights and obligations (including collective and works agreements). However, employees who object to the transfer within one month will remain with the seller. The one-month objection period only starts to run once the parties provide the employees with specific detailed information. German courts have established rigid requirements regarding completeness of this information. If the one-month objection period is not triggered, employees may in principle object to the transfer and argue that they are still employed by the seller even years later. Therefore, particular attention is required when drafting the information for the employees.

4.2 Formal requirements

In some cases, German M&A deals require notarisation. Typical deals which must be notarised include share deals involving the transfer of shares in a limited liability company (GmbH) or asset deals involving the transfer of real estate. If notarisation is required, this also applies to all ancillary agreements concluded in close connection with the notarised transaction. Thus, related agreements such as side letters of any kind, employment agreements, distribution agreements and loan agreements must also be notarised. The importance of this aspect is often underestimated. If formal requirements are not satisfied, the entire deal – and not just the ancillary agreements – may be void.

Notarisation requires that a German lawyer duly admitted to practice as a notary reads the entire agreement aloud in front of the parties or their proxies. Generally, all exhibits and ancillary documents must also be read aloud, although exceptions apply. The cost of a German notary depends on the value of the transaction, and may be significant. For instance, in case of a purchase price of EUR 60 million, the notary fees may exceed EUR 50,000. German M&A deals are often notarised in Switzerland. Over the last couple of years there has been some uncertainty as to whether notarisations carried out in Switzerland are legally effective. In December 2013, however, the German Federal Supreme Court ruled that German M&A deals may be validly notarised in Switzerland. We can therefore expect to see an increasing number of German deals being notarised in Switzerland.

5. Legal Culture

Germany is a civil law country, which impacts deal-doing there. In common law countries it is best practice to set out expressly the terms governing a transaction in the sale agreement, as it is believed that express contractual arrangements provide better protection and greater legal certainty for a buyer. In contrast, documentation in Germany tends to be far less extensive. It will be based on, and incorporate without explicit reference, existing statutory rules. German shareholders wishing to sell their holdings will often find it hard to understand the necessity for express contractual provisions which cover all matters and can lengthen the sale agreement significantly. Nevertheless, an increasing number of German lawyers are familiar with common law concepts and international contractual standards. Many have obtained a postgraduate master’s degree (LL.M.) from a law school in the USA or another common law country. Managing and ultimately matching the expectations of international investors and German shareholders is often the major challenge facing advisors on a deal.

Obviously, cultural gaps between Germans and investors from the Far East may be even larger. Established negotiation patterns in Asian countries often differ from the rather streamlined processes in Germany, where milestones and deadlines are clearly defined. While countries like Japan have long years of experience with professional M&A processes, for Chinese investors these processes are rather new. Some German law firms with strong ties to China close these cultural gaps by hiring Chinese lawyers, often double-qualified both in China and in Germany.

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Senior Statesmen

Haver & Mailänder

From the Chambers Europe guide

Peter Mailänder is best known as an adviser of corporations and their supervisory boards, as well as an arbitrator of corporate disputes. He has additional experience in competition and media matters.

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Senior Statesmen

P+P Pöllath + Partners

From the Chambers Europe guide

Founding partner and of counsel Reinhard Pöllath serves as chairman of several corporate boards. He is well respected as a corporate adviser, especially on tax-related matters.

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Band 1

Mayer Brown LLP

From the Chambers Europe guide

Recent hire Klaus Riehmer has significantly strengthened the department and stands out as one of the most active lawyers in mid-market M&A. His extensive praise from clients sees him advance to the top band. He advised Publicis Groupe on the squeeze-out of minority shareholders of Pixelpark. One client states: "He is very knowledgeable, user-friendly and experienced. He is good at advising clients on cross-border situations."

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Band 2

P+P Pöllath + Partners

From the Chambers Europe guide

Matthias Bruse focuses on all types of M&A transactions, often representing private equity clients and family-owned businesses. He is also active in corporate arbitration.

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Band 2

Eversheds Sutherland

From the Chambers Europe guide

Matthias Heisse has a strong profile in the area of public M&A as well as restructuring and reorganisations. He recently advised Messe München on the acquisition of CTT EXPO. One client states: "He is great. He is smart, reliable and supportive, and has an extremely good track record and a lot of experience."

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Band 2

Heymann & Partner

From the Chambers Europe guide

The "well reputed" Thomas Heymann has long-standing experience in corporate advice. He is best known for assisting with acquisitions and restructuring in the technology sector.

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Band 2

Dechert LLP

From the Chambers Europe guide

Federico Pappalardo is noted for advising investors, private equity companies and family offices on acquisitions and restructuring. One client states: "He is more than a lawyer; he has an understanding of everything involved in and behind transactions."

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Band 2

GREENFORT Rechtsanwälte

From the Chambers Europe guide

Andreas von Oppen is very active in both public and private M&A transactions. He advised Elanders on the acquisition of the Schmidt printing group. One client states: "I particularly appreciated his skills and fine character."

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Band 3

Glade Michel Wirtz

From the Chambers Europe guide

Achim Glade is an esteemed adviser to several DAX 30 management and supervisory boards as well as large family businesses. He also assists with joint ventures and M&A transactions. One client states: "He is very entrepreneurial and solution-focused. He has excellent technical knowledge and negotiation skills."

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Band 3

Raue LLP

From the Chambers Europe guide

Andreas Nelle advises corporates and private equity funds on a range of M&A transactions. He is particularly focused on the technology and media industries. He represented the founding shareholders of myToys Group in the sale of 20% of its shares to Otto Group.

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Band 3

Renzenbrink & Partner

From the Chambers Europe guide

Ulf Renzenbrink of Renzenbrink & Partner is extremely well known in the market for his work on mid-cap and private equity M&A. He regularly advises HOCHTIEF on PPP transactions, including the sale of its shares in the concession company of the San Cristóbal toll roads in Santiago de Chile. One client states: "He is extremely committed, reliable and very good at building bridges with the lawyers on the other side. He has an excellent commercial understanding while being very accurate and detail-oriented."

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Band 3

Dechert LLP

From the Chambers Europe guide

Clients praise Sven Schulte-Hillen for his abilities in cross-border M&A and international corporate structuring. Interviewees describe him as "quick-thinking, commercial and a very tough and knowledgeable communicator."

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Band 3

Morrison & Foerster LLP

From the Chambers Europe guide

Co-chairing the firm's global media group, Christoph Wagner is particularly active in larger media transactions. He also specialises in technology and communication. He advised Viacom on the establishment of a joint venture with Axel Springer for TV and video ad-sales. Sources describe him as "an expert in media transactions and very reputable."

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Band 4

Sebastian Graf von Wallwitz

SKW Schwarz Rechtsanwälte

From the Chambers Europe guide

Sebastian Graf von Wallwitz is active in M&A transactions, where he typically represents international companies and family offices. One client states: "He is practical and has good judgement. The turnaround time is fast and the work is of high quality."

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Band 4

Hoffmann Liebs Fritsch & Partner

From the Chambers Europe guide

Björn Neumeuer is noted for his transactional work and strong focus on the energy sector. He frequently assists international clients with the establishment of businesses in Germany. He advised Faistec on the acquisition of all shares in CargoGuard. One client states: "He has always given us good advice and communicates well with both the business team and the legal department. We have great trust in him."

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Band 4

Ashurst

From the Chambers Europe guide

Clients describe new addition Thomas Sacher as "very experienced," particularly in M&A, private equity and alternative investments. He is the key contact for several of the firm's top clients and advised Grammer on the EUR50 million acquisition of REUM Group from HTP Investments. 

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Band 4

McDermott Will & Emery Rechtsanwälte Steuerberater LLP

From the Chambers Europe guide

Christian von Sydow is best known for his work on M&A, including private equity transactions. He also frequently represents corporates in M&A arbitration.

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Band 5

P+P Pöllath + Partners

From the Chambers Europe guide

Wolfgang Grobecker has strengthened his profile for his work on corporate advice and public and private M&A. He represented the Kreke family in the sale of Douglas to a common holding company owned by the Kreke family and CVC Capital Partners.

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Band 5

Taylor Wessing

From the Chambers Europe guide

Walter Henle is held in high regard among his colleagues for his long-standing experience of international M&A and corporate advice. He is particularly focused on private equity matters.

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Band 5

Dechert LLP

From the Chambers Europe guide

Katja Heuterkes is increasingly active in the area of international transactions and private equity investments. She advised PhotoBox on the GBP400 million sale by its current shareholders Highland Capital and Index Ventures to Exponent and Electra. One client states: "She gave me an excellent first impression; she is surely a rising star in this field."

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Band 5

Dechert LLP

From the Chambers Europe guide

Clients speak warmly of Berthold Hummel and his work in private equity, M&A and venture capital financing. One source says: "He is dedicated to doing a perfect job, and has a very strong commercial and structural sense."

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Band 5

ARQIS Rechtsanwälte

From the Chambers Europe guide

Jörn-Christian Schulze of ARQIS Rechtsanwälte enters the rankings this year for his substantial client praise and his dedicated work on M&A transactions. Recent highlights of his have included advising CRH on the acquisition of assets from Lafarge and Holcim. One client states: "He has good industry insight and outstanding business acumen. He is excellent and very helpful; the work was delivered with utmost speed and quality."

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Band 5

Heymann & Partner

From the Chambers Europe guide

Titus Walek is best known for his corporate work in the technology and pharmaceutical industries. He has a proven track record in private equity and venture capital transactions. Domestic M&A is a particular focus of his.

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Up and Coming

Heymann & Partner

From the Chambers Europe guide

Henning Bloss focuses on mid-market M&A, private equity and venture capital transactions. He is known for representing tech companies and has additional expertise in restructuring and finance questions.

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Up and Coming

Pinsent Masons

From the Chambers Europe guide

Nina Leonard has built up a strong reputation in international M&A and shareholder dispute resolution. She is particularly active in the technology, pharmaceutical and biotechnology industries. She advised recent client win Rollon Group on several issues including on the acquisition of Hegra Linear Evolution. Sources say: "She is a very good lawyer and a good mediator; she knows how to handle different personalities."

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Up and Coming

Glade Michel Wirtz

From the Chambers Europe guide

Drawing on his abilities in capital markets, Andreas Merkner advises his clients on all areas of corporate law with a focus on stock corporation and transformation matters. He is also active in M&A and public takeovers. He has advised several businesses on the impact of the EU Market Abuse Regulation, including Daimler, Haniel, GEA Group and Klöckner & Co. Sources say: "He is a brilliant lawyer; I was very impressed."

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