Gleiss Lutz has advised Nippon Life Insurance Company ("Nippon Life") on a cornerstone investment in connection with the announced IPO of Deutsche Bank AG's asset management subsidiary DWS Group GmbH & Co. KGaA ("DWS") and on the conclusion of a strategic alliance between Nippon Life and DWS.
Nippon Life Insurance Company, also known as Nissay, is the largest Japanese life insurance company by revenue. DWS is one of the leading global asset management companies, covering 40 countries with approx. 700 billion Euro in assets under management.
In the IPO, which is expected to consummate on March 23, 2018, Nippon Life will acquire a 5 percent stake in DWS and is therefore expected to be the second-largest shareholder of DWS next to Deutsche Bank AG, which will continue to hold at least 75 percent of the share capital of DWS, following the IPO. At the upper end of the price range, within which the shares in DWS are offered, the consideration for the acquisition of the 5 percent stake in the IPO will amount to EUR 360 million. As part of the strategic alliance between Nippon Life, which has been a shareholder of Deutsche Bank AG for almost thirty years, and DWS, a representative of Nippon Life will be appointed as member of the supervisory board of DWS. It is further intended to deepen the partnership among Deutsche Bank AG, DWS and Nippon Life through mandating investment assets to DWS and by enhancing human interactions.
Headed by Dr. Stephan Aubel (partner, corporate/capital markets, Frankfurt) and Dr. Michael Burian (partner, corporate/M&A, Stuttgart), the Gleiss Lutz team comprised: Dr. Martin Lembke (counsel, corporate/M&A, Stuttgart), Jan-Rasmus Roßkamp (corporate/capital markets, Frankfurt), Anselm Christiansen and Dr. Christopher Vogl (both corporate/M&A, Stuttgart), Dr. Maximilian von Rom (partner) and Dr. Benjamin Herz (both finance/banking regulatory, Frankfurt), Dr. Petra Linsmeier (partner) and Dr. Iris Benedikt-Buckenleib (counsel, both competition/antitrust, Munich), Dr. Stefan Mayer (partner) and Dr. Ocka Stumm (both tax, Frankfurt).
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