Gleiss Lutz advises main shareholders on voluntary public takeover offer by KKR for Versatel

Gleiss Lutz advises United Internet AG and Cyrte Investments BV, as two of the main shareholders of Versatel AG, on the intended takeover of the telecommunications company by Kohlberg Kravis Roberts & Co. L.P. (KKR). Private equity investor KKR intends to launch an all cash voluntary public takeover offer for all outstanding shares of Versatel AG.

The three main shareholders of Versatel, Vienna II S.à r.l. (a company advised by Apax Partners LLP), Cyrte Investments BV and United Internet AG, who together hold approximately 92 per cent of the shares in Versatel AG, have previously agreed with KKR to sell their shareholdings. In addition, United Internet AG has been granted several options to acquire shares in the holding company set up by KKR for the purpose of carrying out the takeover.

Two of the main shareholders were advised by independently acting Gleiss Lutz teams:

United Internet AG was advised on the sale of its shares and the structuring of the options and the shareholders’ relations upon their exercise by Dr. Stefan Hoffmann and Dr. Kolja de Vries (both Partner, Corporate/M&A, Hamburg)

Cyrte Investments BV was advised by Dr. Cornelius Götze (Partner, Corporate/M&A, Frankfurt) and Dr. Christian Cascante (Partner, Corporate/M&A, Stuttgart).