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    Home /  Lawyers /  Carsten Berrar

    Carsten Berrar

    Partner

    Carsten Berrar Headshot Photo Portrait backdrop

    Frankfurt

    +49-69-4272-5200

    New York

    +1-212-558-4000

    |

    berrarc@sullcrom.com

    Email vCard

    Dr. Carsten Berrar is a member of S&C’s Management Committee, Managing Partner of the Firm’s Frankfurt office and Co-Head of the global Capital Markets Group. He is one of Germany’s leading lawyers for both M&A matters and capital markets. In a portrait, Germany’s Manager Magazin highlighted his “approachability, coupled with pragmatism and quick proposals for solutions,” which often enables him to “within five minutes present the solution to a problem everyone has been discussing for the past hour.”

    Dr. Berrar has advised on many landmark M&A transactions in Germany, thereby particularly shaping the German public M&A market. He has been recognized as German “Dealmaker of the Year” several times.

    At the same time, his capital markets experience on both the issuer’s and underwriters’ side includes many of the largest and most significant IPOs, rights offerings and listings in Germany over the past two decades. He is the only German lawyer ranked as “star individual” for German Equity Capital Markets by Chambers Europe (since 2010).

    Dr. Berrar is also a seasoned corporate and corporate governance advisor who counsels clients on a wide range of topics such as shareholder meetings, transformational transactions (e.g. spin-offs/subsidiary IPOs) and post-transaction corporate measures, which has seen him recognized as one of the leading corporate lawyers in Germany by JUVE Magazin.

    This combination of a multidisciplinary transactional practice and a leading advisory role make Dr. Berrar one of the key senior business law advisors in Germany.

    Read More

    Spotlight

    Carsten Berrar and Peter Klormann Author ‘Trends and Developments’ Chapter of 2025 Edition of Chambers Corporate M&A Guide: Germany

    Read More

    Two S&C Deals Recognized as ‘Deals of the Year’ 2024 by China Business Law Journal

    Read More
    awards_483-x-180_gold2

    S&C Advises Urban Sports Club On Its Combination With Wellhub

    Read More

    S&C Advises Viridium in Its Acquisition by a Consortium of Top-Tier Insurers and Asset Managers

    Read More

    S&C Advises Apax Funds on SEK 6.63 Billion Recommended Offer for Norva24 Group AB (publ)

    Read More
    • Experience
    • Rankings and Recognitions
    • News
    • Publications, Videos and Podcasts
    • Credentials
    • Related Practices
    Experience

    Experience

    Recent M&A/Corporate Transactions

    Since 2020, Dr. Berrar has advised, inter alia:

    • Advent/Centerbridge as well as other co-investors, in connection with the public takeover offer for Germany’s Aareal Bank, and Aareal Bank’s subsequent delisting
    • Bosch in (i) the acquisition of the global HVAC business for residential and light commercial buildings from Johnson Controls, including 100 percent interest in its joint venture with Hitachi, for approximately $8 billion and (ii) its agreement to acquire roughly 12% shares in Husqvarna
    • Delivery Hero on its cooperation agreement with activist investor and minority shareholder Sachem Head
    • on numerous De-SPAC transactions, including the 468 SPAC I/Boxine business combination to form tonies SE; the 468 SPAC II/Marley Spoon business combination and the Lakestar SPAC I/HomeToGo merger, the first German De-SPAC deal of its kind

    • Deutsche Wohnen in its business combination with Vonovia, with a combined market cap of both companies of €45 billion
    • Flix in connection with EQT Future’s and Kühne Holding’s acquisition of a 35% stake in Flix
    • home24 on the voluntary public takeover offer by XXXLutz and home24’s subsequent delisting
    • LEG Immobilien (i) in its acquisition of around 15,400 apartments from Adler Group and (ii) in its staggered acquisition of Tel Aviv listed Brack Capital Properties including delisting and squeeze-out
    • Linde on its delisting from the Frankfurt Stock Exchange by way of an Irish scheme of arrangement and a subsequent inter-company merger
    • Majorel in connection with the proposed voluntary public takeover offer by Teleperformance to all Majorel shareholders and its abandoned merger with Sitel Group
    • OHB and the Fuchs family in connection with OHB’s investment agreement with KKR
    • Porsche Automobil Holding (Porsche SE) on the €10.1 billion acquisition of 25% of the ordinary voting shares of Porsche AG from Volkswagen AG (concurrent with the Porsche IPO)
    • Schaeffler in its complex merger with Vitesco to create a leading Motion Technology Company
    • Softbank Group on its equity share swap agreement and strategic partnership with Deutsche Telekom AG
    • Urban Sports Club on its combination with Wellhub
    • Viridium in connection with the acquisition of ownership of Viridium by a consortium including Allianz, BlackRock and T&D Holdings from Cinven valuing Viridium at EUR 3.5 billion (including debt)
    • Zalando on its €1.1 billion voluntary public takeover offer to all shareholders of ABOUT YOU

    Further Key M&A/Corporate Transactions

    Dr. Berrar has advised on numerous other high-profile transactions, including:

    • Axioma in its acquisition by Deutsche Börse AG
    • Bayer on (i) Elanco Animal Health’s $7.6 billion acquisition of Bayer’s Animal Health business and (ii) its $66 billion acquisition of Monsanto
    • Delivery Hero on the €930 million sale of its German food delivery businesses to Takeaway.com
    • Deutsche Wohnen on (i) its successful defense against Vonovia’s unsolicited, hostile, €13 billion takeover bid, (ii) its tender offer for LEG Immobilien, (iiI) its attempted takeover of conwert Immobilien, (iv) its €3.6 billion tender offer for GSW Immobilien and (v) its €1.2 billion acquisition of companies in the BauBeCon Group
    • Diebold on its $1.9 billion business combination agreement with, and tender offer for, Wincor Nixdorf
    • Drillisch on its €8 billion business combination with United Internet
    • K+S on (i) the $3.2 billion sale of its Americas salt business to Stone Canyon Industries and (ii) the (later withdrawn) unsolicited proposed $8.8 billion takeover by Potash
    • Lone Star in connection with its tender offer for ISARIA Wohnbau
    • Morgan Stanley Infrastructure Partners on the takeover of and subsequent delisting of VTG
    • Oaktree on the sale of its 61% in Deutsche Office to Alstria
    • Praxair on its $80 billion merger of equals with Linde
    • Standard Industries on (i) its $2.1 billion tender offer for Braas Monier and (ii) its €1 billion acquisition of Icopal
    • TLG IMMOBILIEN on (i) its €1.5 billion acquisition of a 15.0% stake in Aroundtown and the subsequent €25 billion business combination and (ii) its public takeover of WCM
    • Uniper in connection with Fortum’s €8 billion tender offer for all of its shares
    • Vonovia on its $10.7 billion exchange offer for GAGFAH

    Recent Equity Capital Markets (ECM) Transactions

    Since 2020, Dr. Berrar has advised, inter alia:

    • ABOUT YOU on its €842 million private placement and listing on the Frankfurt Stock Exchange
    • Aroundtown and TLG IMMOBILIEN in connection with Aroundtown’s public delisting tender offer for all outstanding shares of TLG, offering €31.67 per share
    • AUTO1 on its €1.8 billion IPO and listing on the Frankfurt Stock Exchange
    • bike24 on its €322 million private placement and listing on the Frankfurt Stock Exchange
    • Delivery Hero as selling shareholder of Talabat on its $2 billion IPO and listing on the Dubai Financial Market
    • Delivery Hero on its €571 million and €1.25 billion issues of new shares, on its €1.75 billion, €1.5 billion, €1.25 billion and €1 billion convertible bond offerings as well as on its €675 million, €477 million and €865 million convertible bond repurchases
    • Delivery Hero on its GBP 106 million secondary placement and divestment of Deliveroo shares
    • European Healthcare Acquisition & Growth Company (SPAC) on its €200 million private placement and Euronext Amsterdam listing
    • Finance Agency of the Federal Republic of Germany on its €702 million secondary placement of Commerzbank shares
    • Instone on its €172.4 million rights offering
    • KfW on its €2.17 billion secondary placement of Deutsche Post shares, its sale over the market of 22.4 million Deutsche Telekom shares and its €2.43 billion secondary placement of Deutsche Telekom shares
    • Majorel on its €759 million private placement and listing on Euronext Amsterdam
    • Mister Spex on its €375 million IPO and listing on the Frankfurt Stock Exchange
    • PharmaSGP on it €127 million IPO and listing on the Frankfurt Stock Exchange
    • Rocket Internet on its public self-tender delisting offer for all of its outstanding shares, valuing the company at some €2.5 billion
    • Springer Nature on its IPO, valuing the equity of the company at €4.5 billion, and listing on the Frankfurt Stock Exchange
    • the underwriters on RWE’s €2 billion capital increase and private placement of new shares
    • all SPACs currently listed on the Frankfurt Stock Exchange, including:
      • 468 SPAC I and II
      • GFJ ESG Acquisition I
      • Lakestar SPAC I
      • OboTech Acquisition
    • Tele Columbus’ (i) €75 million and (ii) €475 million rights offerings

    Further Key ECM Transactions

    Dr. Berrar has led work on countless other high-profile ECM transactions, including:

    • The IPOs/listings of Braas Monier; Covestro; Dermapharm; Deutsche Annington/Vonovia; Delivery Hero; Deutsche Pfandbriefbank; DWS Group; Evonik Industries; Global Fashion Group; HelloFresh; home24; innogy; Instone; Jumia Technologies; LEG Immobilien; Pacifico Renewables Yield; ProSiebenSat.1 Media; Rocket Internet; RTL Group; Schaeffler; Scout24; Siemens Healthineers; Sixt Leasing; Tele Columbus; TLG IMMOBILIEN; Westwing and Zalando
    • Advising on rights issues for Continental; Commerzbank; Deutsche Annington/Vonovia; Deutsche Wohnen; Draeger; IVG Immobilien; Sky Deutschland/Premiere; Tele Columbus, TLG IMMOBILIEN, among many others.
    • Advising on equity-linked transactions for Bayer; Drillisch; Deutsche Wohnen; KUKA; Rocket Internet and Sky Deutschland among various others

    Speaking Engagements

    • Speaker, WHU – Otto Beisheim School of Management, Lecture on public M&A and IPOs in Germany (2024)
    • Keynote Speaker, WHU Campus for Finance, “Navigating the Future: Strategies for a Changing Financial Landscape” – WHU Campus for Finance New Year’s Conference” (2024)
    • Speaker, ESCP Business School Berlin, “Public M&A – The Königsdisziplin of Dealdoing” (2023)
    • Speaker, ESCP Business School Berlin, “Doing IPOS in Germany” (2023)
    • Speaker, University Kiel, “Das Übernahmerecht in der Praxis” (2023)
    • Speaker, University Kiel, “Streng Vertraulich! – Das Insiderrecht in der Praxis” (2022)
    • Speaker, Private Equity Summit, “P2P in Germany – Mission Impossible or attractive opportunity?” (2022)
    • Speaker, Boston Consulting Group, “SPACs: An Insider’s Perspective on Chances and Pitfalls; BCG M&A Conference” (2021)
    • Speaker, RuSt Seminar, “Update: Takeover Law” (2020)
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    Rankings and Recognitions

    Rankings and Recognitions

    • “Legal All Star 2023,” Wirtschaftswoche/Handelsblatt 2024, German Capital Markets
    • “Legal All Star 2022,” Wirtschaftswoche/Handelsblatt 2023, German Capital Markets
    • “Legal All Star 2021,” Wirtschaftswoche/Handelsblatt 2022, German Capital Markets
    • “Top Dealmaker” 2019 and 2021, Finance Magazin, German M&A Ranking
    • “Transatlantic Dealmaker of the Year,” Legal Week (2018)
    • “Outstanding Contribution to the Legal Profession,” Chambers Europe (2017)
    • “Capital Markets MVP,” Law360 (2015)

    • Ranked as the only “Star Individual” for German Equity Capital Markets; continuously ranked for both Capital Markets and M&A since 2010, Chambers Europe and Chambers Global
    • Ranked for Capital Markets, JUVE Handbook (2006–Present)
    • Ranked for Corporate/M&A, JUVE Handbook (2016–Present)
    • Listed as a “Leading Lawyer” for Capital Markets, The Legal 500 Germany (2017–Present) and ranked as the only “Star Attorney,” Legal 500 Deutschland (2016–Present)
    • Other notable recognitions include: Best Lawyers in Germany; IFLR1000; “Lawyer of the Year,” Best Lawyers’ Hessen Capital Markets Law; The Legal 500 EMEA; Who’s Who Legal
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    News

    News

    • S&C Advises Urban Sports Club On Its Combination With Wellhub

      March 27, 2025
    • S&C Advises Viridium in Its Acquisition by a Consortium of Top-Tier Insurers and Asset Managers

      March 19, 2025
    • S&C Advises Apax Funds on SEK 6.63 Billion Recommended Offer for Norva24 Group AB (publ)

      March 10, 2025
    • S&C Advises LEG Immobilien in Its Acquisition of Brack Capital Properties

      January 8, 2025
    • S&C Advises Zalando on Public Takeover of ABOUT YOU

      December 12, 2024
    • Carsten Berrar and Clemens Rechberger Discuss German IPO Market with Bloomberg

      November 7, 2024
    Read More
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    Publications, Videos and Podcasts

    Publications, Videos and Podcasts

    • Carsten Berrar and Peter Klormann Author ‘Trends and Developments’ Chapter of 2025 Edition of Chambers Corporate M&A Guide: Germany

      Articles April 29, 2025
    • S&C Partners Author Law360 Article on EU Sustainability Reporting Standards

      Articles July 23, 2024
    • Carsten Berrar and Florian Späth Author Chapter in Inaugural Chambers Global Venture Capital 2024 Guide

      Articles June 6, 2024
    • Carsten Berrar and Peter Klormann Author ‘Trends and Developments’ Chapter of the 2024 Edition of Chambers Corporate M&A Guide: Germany

      Articles May 23, 2024
    • S&C Hosts Webinar on M&A Trends in the Pharmaceutical Industry

      Webinars May 24, 2023
    • Carsten Berrar and Peter Klormann Author ‘Trends and Developments’ Section in the 2023 Edition of Chambers Corporate M&A Guide: Germany

      Articles April 24, 2023
    Read More
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    Credentials

    Credentials

    Education

    • Ludwig-Maximilians-Universität München, Dr. jur., 2001
    • Harvard Law School, LL.M., 2000
    • State of Bavaria, 2. State Exam, 1999
    • Ludwig-Maximilians-Universität München, 1. State Exam, 1997
    • Université de Paris II Panthéon-Assas, Licence en droit, 1994

    Bar Admissions

    • Frankfurt am Main, Germany
    • New York

    Languages

    • English
    • French
    • German
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    Related Practices

    Related Practices

    • General Practice
    • Artificial Intelligence
    • Capital Markets
    • Digital Assets
    • Environmental, Social and Governance (ESG)
    • Europe
    • Financial Services
    • Mergers & Acquisitions
    • Private Equity
    • Real Estate
    • Technology
    • Transportation
    • Venture Capital & Emerging Growth Companies
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