Siemens AG Completes €1.2 Billion Sale of Shares in Former Subsidiary OSRAM Licht AGOctober 4, 2017
S&C client Siemens Aktiengesellschaft sold approximately 18.2 million shares in its former subsidiary OSRAM Licht AG in a backstopped accelerated bookbuild offering. The block trade followed OSRAM's spin-off and initial stock exchange listing in 2013. In the accelerated bookbuild offering, Siemens sold its remaining OSRAM shares corresponding to 17.5 percent of OSRAM's share capital for an aggregate purchase price of €1.2 billion. Following the placement of Schaeffler shares in 2016 on which S&C also advised, the placement was the second-largest German inaugural post-listing accelerated bookbuild offering in terms of proceeds and increase in free float in the last 17 years.
The S&C team advising Siemens on German and U.S. law matters was led by Carsten Berrar and Krystian Czerniecki, along with Lars Rueve, Clemens Rechberger and Daniel Kornack.