Gleiss Lutz advises NEC on the acquisition of Avaloq
A team of Gleiss Lutz lawyers has advised the Japanese NEC Corporation on all aspects of German law and the European data protection regulations in connection with the takeover of Avaloq Group AG, a leading Swiss financial software company. Closing of the transaction (val-ue: around CHF 2.05 billion) is still subject to the customary regulatory clearances and is ex-pected to take place in the second quarter of 2021.
NEC Corporation is a global electronics company that provides IT systems and network systems to contracting authorities as well as customers in the manufacturing, retail and finance sectors and helps customers launch new systems and services. Its product portfolio also includes bio-metric authentication solutions, software services for service providers, and large-scale energy storage systems for international markets. The company is listed on the Tokyo Stock Exchange and has more than 112,000 employees worldwide.
Founded in 1985, Swiss-based Avaloq is a global leader in digital banking solutions, core bank-ing software and wealth management technology. It provides powerful cloud computing solu-tions for banks and wealth managers through BPaaS and SaaS. The company is an independent banking software provider that develops and also operates its own software. Its customers in-clude more than 150 banks and wealth managers with around EUR 4.1 trillion in assets managed worldwide. Avaloq has its headquarters in Zurich, Switzerland and employs more than 2,000 people around the world.
The following Gleiss Lutz team advised NEC on the transaction: Dr. Michael Burian (partner, Frankfurt, lead), Dr. Christopher Vogl (Stuttgart), Dr. Torsten Spiegel (Berlin), Jannik Hermes (Frankfurt), Alexandra Brücher (Stuttgart, all M&A), Dr. Timo Bühler (Banking Regulatory, Frankfurt), Dr. Alexander Molle (partner), Dr. Matthias Schilde, Jan Hinrichs, Dr. Felix Müller (all IP/IT), Dr. Christian Hamann (partner), Luca Maria Thieme (all Berlin), Dr. Manuel Klar (Munich, all Data Protection), Dr. Rut Steinhauser (partner), Josefine Chakrabarti (both Em-ployment, Berlin), Dr. Jacob von Andreae (partner), Aylin Hoffs (both Foreign Trade, Düssel-dorf), Dr. Iris Benedikt-Buckenleib (counsel, Competition/Antitrust, Munich).