30 October 2009

Freshfields advises Deutsche Bank on €1bn acquisition of Sal. Oppenheim

International law firm Freshfields Bruckhaus Deringer has advised Deutsche Bank AG on the framework agreement with the owners of leading European private bank Sal. Oppenheim jr. & Cie. S.C.A. regarding the acquisition by Deutsche Bank of 100 per cent in the Sal. Oppenheim group for a price of €1 billion.

With the purchase of the Luxemburg-based holding company Sal. Oppenheim jr. & Cie. S.C.A., Deutsche Bank acquires all activities of the German subsidiaries Sal. Oppenheim jr. & Cie. KGaA and BHF-Bank AG. It also acquires the private equity fund of funds business managed in the separate holding Sal. Oppenheim Private Equity Partners S.A. (SOPEP). The transaction also comprises the acquisition by Deutsche Bank of BHF Asset Servicing GmbH which Deutsche Bank intends to resell. The framework agreement provides for an option of the current shareholders of Sal. Oppenheim to acquire a long-term shareholding of up to 20 per cent in the German subsidiary Sal. Oppenheim jr. & Cie. KGaA based in Cologne.

The acquisition of Sal. Oppenheim group will be implemented by way of various execution agreements and is expected to close in the first quarter 2010 subject to approval by the relevant regulatory and antitrust authorities.

The Freshfields team was led by corporate and finance partners Matthias-Gabriel Kremer and Rick van Aerssen, working with fellow partners Markus Fisseler, Alexander Goepfert and Christoph Brenzinger (all real estate), partners Konrad Schott and Yorck Jetter, counsel Alexandra Dreibus and principal associates Mario Hüther and Sebastian Kind (all finance), partners Michael Randerath and Jan Brinkmann (both tax), partners Mark Denny and Ferdinand Fromholzer, counsel Ralph Kogge and principal associate Andreas Rasner (all corporate) and IP/IT partner Peter Chrocziel.

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