Capital Markets

We have been successfully advising companies, banks and shareholders on the entire spectrum of capital markets law for decades. Our experienced team works closely with colleagues from other practice groups to provide tailor-made and efficient solutions.

Award-winning legal advice

(Law Firm of the Year for Banking and Finance Law, JUVE Awards 2021)

capital markets specialists

guarantee efficient and pragmatic legal advice that meets the highest quality standards

billion €

transaction value for DCM transactions alone

(since 2019)

In the complex interplay between international regulatory regimes and increasingly dynamic capital markets, we offer you personalised, high-calibre advice and in-depth market knowledge – be it on IPOs, capital increases, bond issues, private placements or other corporate finance issues. Benefit from our award-winning expertise and experience in advising on landmark deals and other complex transactions. By working together across the various offices and practice groups, whether in Germany, Europe, the USA or worldwide, we can provide you with advice tailored to your specific needs.

Our Services

Equity capital markets/Public M&A

IPOs, capital increases and other public security offerings, especially in Germany (Frankfurt Stock Exchange) and the US (NYSE, NASDAQ)
Stock exchange listings, spin-offs and carve-outs
Placements, block trades and repurchases of treasury shares
Dual- and triple-track process
US private placements
Public takeovers and taking-private transactions, including subsequent structural measures (e.g. inter-company agreements, delistings and squeeze-outs)
(De-)SPAC transactions
Post-admission obligations (including the Market Abuse Regulation)
Regulatory advice with capital markets relevance (MiFID II)

Debt capital markets

Bank and corporate bonds, including ESG-linked products (green bonds)
Convertible and exchangeable bonds
EMTN and CP programmes and structured investment products
Hybrid equity instruments for banks, insurance companies and corporates (including regulatory requirements)
High-yield bonds, private placements and Nordic bonds
Repurchasing, exchanging and restructuring of bonds (liability management)
Promissory note loans
Digitised securities and initial coin/token offerings
Crowdfunding and asset investments, including registered bonds
Regulatory advice with capital-markets relevance, in particular financial markets supervisory law

Selected projects

ECM

Befesa S.A.
Advising the SDAX-listed, waste disposal company on the acquisition of company Zinc Recycling Corp. and the related funding by an EUR 300 million capital increase
Formycon AG
Advising the SDAX and TecDAX-listed biosimilar developer on its uplisting to the regulated market (Prime Standard) of the Frankfurt Stock Exchange and the entry of a strategic investor
Hypoport SE
Advising the MDAX-listed technology company on a capital increase
H&K AG
Advising the company on a mixed cash and non-cash capital increase, including a debt-to-equity swap
Jumia Technologies AG
Advising the largest African e-commerce provider on its IPO and the placement of further ADSs worth around US$100 million
Mutares SE & Co. KGaA
Advising the MDAX-listed private equity investor on its uplisting to the regulated market (Prime Standard) of the Frankfurt Stock Exchange and a €100 million rights issue
Steyr Motors AG
Advising the Austrian specialty engine manufacturer on its IPO on the Frankfurt Stock Exchange
TAG Immobilien AG
Advising the MDAX-listed real estate company on a €202 million rights issue

Public M&A

Comdirect Bank AG
Advising on the public takeover offer by Commerzbank AG and the subsequent merger of Comdirect Bank AG into Commerzbank AG by way of a merger squeeze-out in a virtual general meeting
Deutsche Industrie REIT-AG
Advising the real estate company on a voluntary takeover and delisting offer by Dutch company CTP N.V. with a value of €800 million, including the first cross-border merger of a German stock corporation into a Dutch N.V.
RIB Software SE
Advising the software developer on the takeover offer by French Schneider Electric SE with a value of more than €1.4 billion, including a squeeze-out under stock corporation law
SAF-HOLLAND SE
Advising the SDAX-listed commercial vehicle supplier on its public takeover of the Swedish-based Haldex Group

DCM

Daimler Truck AG
Advising the DAX-listed company on the establishment of a €2 billion CP program and a syndicated loan for €5 billion
Fresenius Medical Care AG
Advising the DAX-listed company on setting up and updating its €10 billion EMTN programme and €1.5 billion CP programme, the issuance of bonds and ESG-linked debt financing worth €2 billion.
ING-DiBa AG
Advising the bank updating its €20 billion EMTN programme and the issuance of €1 billion in Pfandbrief bonds
Mutares SE & Co. KGaA
Advising the MDAX-listed company on the issue of secured bonds (Nordic bonds) with a value of around €465 million.
TAG Immobilien AG
Advising the MDAX-listed company on setting up and updating a €3 billion EMTN programme and on bond issues worth more than €1.2 billion