Recent Equity Capital Markets (ECM) Transactions
- 468 SPAC I on its €300 million private placement and listing on the Frankfurt Stock Exchange.
- bike24 on its €322 million private placement and listing on the Frankfurt Stock Exchange.
- Brockhaus Capital Management on its €115 million IPO 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 (i) its €1.25 billion ABO, (ii) its €1.5 billion ABO of convertible bonds and (iii) its ABO and convertible bond offering with an aggregate value of €2.3 billion.
- GFJ ESG Acquisition I on its €150 million private placement and listing on the Frankfurt Stock Exchange.
- Global Fashion Group on (i) its c. €120 million private placement by way of an ABO and (ii) its €198 million IPO and listing on the Frankfurt Stock Exchange.
- HomeToGo on its €85 million private placement of newly issued shares.
- Instone on its €172.4 million capital increase.
- Jumia Technologies on (i) its $231.4 million “at the market” offering and (ii) its $196 million SEC-registered IPO and NYSE listing.
- OboTech Acquisition (SPAC) on its €200 million private placement and listing on the Frankfurt Stock Exchange.
- PharmaSGP on its €127 million IPO; Germany’s first Prime Standard IPO of 2020.
- Rocket Internet on its delisting.
- the underwriters on RWE’s €2 billion capital increase and private placement of new shares.
- Sono Motors on its $135 million IPO and Nasdaq listing.
- Springer Nature on its IPO, valuing the equity of the company at €4.5 billion, and listing on the Frankfurt Stock Exchange.
- tonies on its €60 million private placement by way of an ABO.
- the syndicate of banks on TKMS’s spin-off from thyssenkrupp AG and listing on the Frankfurt Stock Exchange.
- the underwriters on Zurich Insurance Group’s CHF 3.9 billion ($5 billion) accelerated bookbuild offering.
Further key Capital Markets Transactions
In addition to the transactions listed above, Mr. Rechberger has extensive experience in capital markets transactions representing issuers, underwriters and selling shareholders on a wide range of IPOs, rights offerings and debt issuances. His experience includes:
- IPOs: Advising issuers such as home24 (2018); Westwing (2018); HelloFresh (2017); Delivery Hero (2017); and Rocket Internet (2014).
He has also advised underwriters on many transactions, such as Siemens Healthineers (2018); innogy (2016); Zalando (2014); Brenntag (2010); and Hochtief Concessions (2009).
- Rights offerings: Advising issuers, such as Deutsche Wohnen (2015, 2012 and 2011) on its capital increases. He also advised the underwriters on the rights offerings of BUWOG (2017); Commerzbank (2013); IVG Immobilien (2011); Q-Cells (2010); Draeger (2010); and Deutsche Wohnen (2009).
- Private placements: Advising Eurazeo on the sale of shares in Elis (2019, 2017), Moncler (2019) and Accor (2018); Rocket Internet on the sale of HelloFresh shares (2018); and Siemens on the sale of Osram shares (2017).
- Debt issuances: Advising issuers such as Daimler, KfW, Merck KGaA, Rentenbank and FMS Wertmanagement on numerous Rule 144A and SEC-registered debt offerings. He also advised the underwriters on a Rule 144A bond offering by Deutsche Telekom.
Mergers and Acquisitions
Mr. Rechberger’s experience in M&A includes:
- Advising principals on public M&A transactions: Deutsche Wohnen on its voluntary public tender offer to acquire all outstanding shares of LEG Immobilien (abandoned); Deutsche Annington on its public exchange offer to all shareholders of GAGFAH for $10.7 billion (2015); Deutsche Wohnen on its attempted voluntary public tender offer to acquire all outstanding conwert’s shares and convertible bonds (abandoned); and Deutsche Wohnen on its €3.6 billion public takeover of GSW (2013); Schaeffler in its complex merger with Vitesco to create a leading Motion Technology Company (2024); Zalando on its €1.1 billion voluntary public takeover offer to all shareholders of ABOUT YOU (2024).
- Advising principals on private M&A transactions and other privately negotiated transactions: Diageo in its acquisition of premium cocktail mixer maker Stirrings; Goldman Sachs Merchant Banking Division on the DKK8 billion investment in DONG Energy (now Ørsted) as part of a DKK13 billion capital raise (Deal of the Year – M&A, IFLR European Awards); Rhône Capital in its investment in Quiksilver.
De-SPAC Transactions
- 468 SPAC I in its business combination with Boxine GmbH, valuing the combined company tonies SE at a pro forma equity value of €990 million.
- 468 SPAC II on its business combination agreement with Marley Spoon as well as a series of share purchase agreements with certain (current and future) shareholders of Marley Spoon.
- European Healthcare Acquisition & Growth Company B.V. (EHC) in its definitive business combination agreement with Croma-Pharma GmbH.
- GFJ ESG Acquisition I in its business combination with Learnd.
- Lakestar SPAC I in its €1.2 billion (equity value) merger with HomeToGo, the first German de-SPAC deal of its kind.
- Next.e.GO Mobile in its definitive agreement for a business combination with Athena Consumer Acquisition Corp., valuing the combined company at a pro forma implied enterprise value of $913 million.
Private Financings
Recently, Mr. Rechberger advised on a number of private financings, including:
- Elevat3 as one of the lead investors in Formo’s Series A financing round.
- Elevat3 as new lead investor in Neodigital Versicherung’s Series B financing round.
- Sono Motors on their successful €45 million Series C financing round.
