June 19, 2007
A consortium under the leadership of Allianz Capital Partners GmbH (ACP), Munich; 3i, Copenhagen and Frankfurt; and strategic partner Deutsche Seereederei GmbH (DSR), Rostock is purchasing the shares of Scandlines Group.
On June 19, it was announced that a consortium under the leadership of Allianz Capital Partners GmbH (ACP), Munich; 3i, Copenhagen and Frankfurt; and strategic partner Deutsche Seereederei GmbH (DSR), Rostock is purchasing the shares of Scandlines Group. An agreement was signed with the previous owners, Deutsche Bahn AG and the Danish Ministry of Transport and Energy. The agreement is subject to approval by the Board of Directors of Deutsche Bahn AG, the Finance Committee of the Danish Parliament and certain antitrust authorities. The purchase price is reported at approximately €1.5 billion. ACP and 3i each will hold 40 percent of the shares of the consortium while DSR will hold 20 percent of the shares.
The consortium plans to further strengthen and develop Scandlines Group as a ferry shipping company in the Baltic Sea region. For that purpose the consortium has agreed on a long-term business plan that relies on the highly skilled employees of Scandlines Group. The consortium has therefore agreed not to lay-off any employees for operational reasons until December 31, 2010.
The new owners mutually intend to list Scandlines Group on the stock exchange. At the time of any such IPO, DSR will have the opportunity to take over the industrial leadership. The sellers and the buyers are confident that the consortium is the best vehicle for ensuring a prosperous future for the Scandlines Group in its various locations over the long term.
Willkie and Clifford Chance advised 3i in connection with the acquisition, and, together with CMS Hasche Sigle, legal adviser to ACP and DSR, represented the consortium vis-à-vis the sellers, Deutsche Bahn AG and the Kingdom of Denmark. Frankfurt partner Mario Schmidt continued to advise 3i on this matter, which he initiated while at Clifford Chance. Willkie and Clifford Chance jointly brought the deal to the signing. Lind Cadovius supported 3i on the Danish legal aspects of the transaction.
The Willkie team includes partners Mario Schmidt, Dr Stefan Jörgens, Rolf Hünermann, Dr. Patrick Meiisel, Dr. Bettina Bokeloh; and associates Ole Oldenburg, Jennifer Diedrichsen, Dr. Markus Käpplinger, Dr. Octavio de Sousa, and Ingo Bednarz.
