Gleiss Lutz advises BAWAG Group on acquisition of BFL Leasing
Gleiss Lutz advised the BAWAG Group on the conclusion of a binding agreement for the complete acquisition of BFL Leasing GmbH from BFL Gesellschaft des Bürofachhandels mbH & Co. KG. The majority owner is VR-LEASING AG. Closing of the transaction is subject to the customary regulatory clearances. The parties have agreed to keep the purchase price and the details of the agreement confidential.
BFL Leasing GmbH, which is headquartered in Eschborn near Frankfurt, is a specialised financing provider which has been providing leasing services and products for technology and equipment since 1973. The undertaking supplements the business model of the BAWAG Group with its distribution model, while at the same time providing an opportunity to grow its leasing business in Germany.
BFL Leasing GmbH currently has around 75 employees, its total assets at the end of 2017 came to around EUR 600 million. BFL Leasing GmbH has been developing financial solutions for trade and system houses, as well as manufacturers, for over 40 years. Today, it has more than 140 shareholders and, with its distribution partners and around 50,000 customers, it is one of the leading IT project financing specialists in Germany. As a subsidiary of VR-LEASING Aktiengesellschaft, BFL is part of Genossenschaftliche FinanzGruppe, the second largest banking group in Germany.
BAWAG Group AG is the listed holding company of BAWAG P.S.K., with registered office in Vienna, and the essential bank subsidiaries easybank and start:bausparkasse in Austria, as well as Südwestbank in Germany. With more than 2.5 million customers, BAWAG P.S.K. is one of the largest banks in Austria and has a brand that is known throughout the country. The BAWAG Group’s balance sheet total at the end of 2017 came to around EUR 46 billion.
The following Gleiss Lutz led by Dr. Jan Balssen (partner, corporate/M&A) advised BAWAG in the course of the transaction: Dr. Olaf Hohlefelder, Stephanie Dausinger (both corporate/M&A), Steffen Carl (partner), Dr. Tobias Harzenetter (counsel, both corporate, all Munich), Dr. Alexander Molle (counsel), Dr. Matthias Schilde, (both IP/IT, Berlin), Anselm Christiansen (Stuttgart, corporate/M&A), Dr. Stefan Mayer (partner), Dr. Ocka Stumm (both tax), Dr. Jens Günther (partner), Dr. Matthias Böglmüller (both employment), Dr. Iris Benedikt-Buckenleib (counsel, antitrust, all Munich), Dr. Timo Bühler (banking regulatory), Dr. Burkhard Jäkel (partner), Vanessa Bayliss (counsel), Dr. Mohamed Assakali (all finance/leasing), Dr. Philip Naab (counsel, real estate), Dr. Dirk Scherp (of counsel), Marina Stoklasa (both compliance & investigations, all Frankfurt), Dr. Jacob von Andreae (partner), Aylin Hoffs (both Düsseldorf, public law), Simon Wegmann (data protection, Berlin) Dr. Britta Kamp (commercial contracts, Stuttgart).