Recent Financing and Restructuring transactions:
From 2019 to 2023, Dr. Birke has advised:
- The exclusive financial adviser to a consortium of funds led by Global Infrastructure Partners and KKR on financing aspects of the public tender offer for the outstanding freefloat of c. 18.3% and in connection with a strategic co-control partnership with Vodafone for Vodafone’s c. 81.7% stake in Vantage Towers
- CSM on German aspects of an amendment and extension of its credit facilities
- Diebold Nixdorf on series of transactions in order to refinance certain debt with near-term maturities and provide Diebold with $400 million in new capital
- DODUCO in an amendment of its financing agreements in connection with its sale to the SAXONIA group
- Goldman Sachs Credit Funds in a €75 million facilities agreement to Tele Columbus and Goldman Sachs Credit Funds, Goldman Sachs and ING in a working capital financing for Tele Columbus
- HelloFresh in a €80 million working capital facilities agreement with BNP Paribas, Deutsche Bank and JP Morgan
- MediaMarktSaturn on its €1.7 billion state aid financing to address Covid-19 related liquidity needs
- Morgan Stanley Infrastructure Partners in connection with the acquisition financing for the acquisition of a 72.55% stake in VTG Aktiengesellschaft by Global Infrastructure Partners and the Abu Dhabi Investment Authority, valuing VTG at approx. €7 billion
- Morgan Stanley Infrastructure Partners in connection with the acquisition financing for the PNE takeover
- Mynaric in connection with a financing of in total €80.6 million to refinance existing indebtedness and support Mynaric’s further growth
- PAION in a structured financing agreement with the European Investment Bank
- TLG IMMOBILIEN (i) on a €516 million vendor loan, (ii) in their €800 million bridge facilities agreement to (re) finance the Aroundtown acquisition, (iii) on the acquisition of an additional stake in Aroundtown and (iv) on a take-out financing in the form of 600m 0.375% senior notes and €600 million perpetual notes
Further key Financing and Restructuring transactions:
Over the past 10 years alone, Dr. Birke has represented clients on countless large Financing and Restructuring transactions, including:
- Coreo on the issuance of bonds with warrants
- Deutsche Annington/Vonovia on the financing of its acquisition of GAGFAH
- Deutsche Wohnen (i) on a bridge loan financing and other related financings, (ii) in the establishment of a commercial paper program, (iii) in connection with the financing of its acquisition of the BauBeCon Group and (iv) on several private bond placements
- Diebold on the financing of its acquisition of Wincor Nixdorf
- Goldman Sachs Investment Partners and Babson on the restructuring of the A.T.U Group
- Goldman Sachs and Caspian in the debt restructuring of A.T.U in connection with its sale to Mobivia
- Goldman Sachs International, J.P. Morgan Securities plc, BNP Paribas, in connection with the following transactions relation to the €1.25 billion senior facility agreement for TeleColumbus: (i) the financing of Tele Columbus Group’s acquisition of PrimaCom Holding GmbH and pepcom GmbH, (ii) the refinancing of a second lien facility by issuing an additional €1.25 billion senior term facility, (iii) an amendment of the senior facility agreement and (iv) representing Goldman as arranger in an amendment
- Goldman Sachs Real Estate on the financing of the acquisition of a Dutch commercial real estate portfolio
- LEG Immobilien (i) on the acquisition financings for residential real estate portfolios, (ii) in connection with the amendment of existing real estate financings, (iii) in connection with their inaugural bond issuance and (iv) in various other financings and refinancings
- Morgan Stanley and other lenders in a revolving credit facility agreement for Zalando
- Morgan Stanley Infrastructure Partners in connection with the acquisition financing for the VTG takeover and the subsequent delisting of VTG
- Tinicum (AMI Doduco) in an amendment of its $150 million precious metals consignment agreement
- The Underwriters to Tele Columbus (i) in their €650 million senior secured notes offering and (ii) on the concurrent amendment and consent process with respect to TeleColumbus’ facilities agreement
- ZF Friedrichshafen on the financing of the acquisition of TRW
Recent Capital Markets transactions:
From 2019 to 2023, Dr. Birke has represented:
- Adient on its $800 million Rule 144A/Reg S offering of notes
- Delivery Hero on its ABO and convertible bond offering with an aggregate value of €2.3 billion
- Deutsche Wohnen on (i) the establishment on its Luxembourg-listed EMTN program and the inaugural issuance and (Reg S) placement of €1 billion green bonds in two tranches due 2031 and 2041 thereunder, and (ii) its (Reg S) placement and Luxembourg listing of €1 billion fixed rate notes in two tranches due 2025 and 2030
- TLG IMMOBILIEN on (i) its private placement of two series of notes comprising of €600 million 0.375% senior unsecured notes and €600 million undated subordinated notes and (ii) a private placement of €600 million 1.500% senior unsecured notes
Further key Capital Markets transactions:
Over the past 10 years, Dr. Birke has advised on numerous high-profile Capital Markets transactions, including:
- Australia Pacific LNG in its $1.4 billion Section 4(a)(2)/Reg D private placement of 4.82% senior secured notes
- Bayer in the placement of (i) € denominated notes in an aggregate amount of €5 billion and (ii) of US $ denominated notes in an aggregate amount of $15 billion to refinance the financing of Bayer’s acquisition of Monsanto
- The IPOs/listings of Deutsche Annington/Vonovia, LEG Immobilien and TLG IMMOBILIEN
- Deutsche Annington’s/Vonovia’s perpetual hybrid offering of €1 billion undated subordinated bonds
- Deutsche Wohnen’s €500 million inaugural unsecured bond offering
- LEG Immobilien in their €500 million inaugural bond issuance
- TLG IMMOBILIEN on its €400 million inaugural unsecured bond offering
Recent M&A transactions:
From 2019 to 2023, Dr. Birke has advised:
- Aroundtown and TLG IMMOBILIEN in connection with Aroundtown’s pending public delisting tender offer for all outstanding shares of TLG, offering €31.67 per share
- Advent/Centerbridge in connection with the voluntary public takeover offer for Aareal Bank, valuing Aareal at €1.74 billion for 100% of share capital as well as the subsequent public delisting tender offer for all remaining shares in Aareal Bank
- Canada Pension Plan Investment Board in its transactions with Enbridge and its related entities to acquire 49% of Enbridge’s interests in select North American onshore renewable power assets, as well as 49% of Enbridge’s interests in two German offshore wind projects for approximately C$1.75 billion
- CTP on financing aspects of its pending combined voluntary public takeover and delisting offer to all shareholders of Deutsche Industrie REIT-AG (DIR), valuing the equity of DIR at approx. €800 million, corresponding to an enterprise value of approx. €1.3 billion
- Delivery Hero in its $4 billion agreement to acquire Woowa Brothers
- Deutsche Wohnen on financing aspects of its €19 billion business combination with Vonovia, with a combined market cap of €45 billion
- Goldman Sachs Bank Europe as financial adviser to Triton on their voluntary public takeover offer for RENK and to Schneider Electric in their voluntary public takeover offer for RIB Software
- LEG Immobilien on financing aspects in connection with its acquisition of around 15,400 apartments from Adler Group for a purchase price of €1.3 billion and the purchase of a 30.9% stake in Brack Capital Properties for €328 million
- Tinicum Capital in connection with the sale of the DODUCO group to the SAXONIA group
Further key M&A transactions:
Over the past 10 years, Dr. Birke has represented, inter alia:
- the Rhône Funds on their acquisition of Evonik’s Carbon Black business
- Whitehall (i) on the sale of their stake in a residential real estate portfolio to their joint venture partner Cerberus and (ii) on the sale of Harpen Immobilien
