Gleiss Lutz advised BAWAG P.S.K., one of the largest Austrian banks, on its acquisition of all shares in Südwestbank AG. The transaction is expected to close in 2017 and is subject to the customary closing conditions and regulatory approvals. The parties have agreed to keep the purchase price and the details of the agreement confidential.
The acquisition of the medium-sized, South German private bank, is part of BAWAG P.S.K.’s DACH region (German, Austrian and Switzerland) strategy and will give it a solid foundation for expanding its business activities in Germany.
52% of BAWAG P.S.K. is owned by Cerberus Capital Management LP and 40% by GoldenTree Asset Management LP. BAWAG P.S.K. has a balance sheet total of EUR 40 billion and serves over 2.2 million private, SME and corporate customers throughout Austria. The activities in Austria are supplemented by international business with a focus on private, corporate, commercial real estate and portfolio financing in selected western industrialised countries.
Südwestbank, with its registered office in Stuttgart, has been active in commercial banking in Baden-Württemberg since 1922. In 2016 it had a balance sheet total of more than EUR 7 billion, which makes it one of the largest independent financial institutions in Germany. Today the company has around 650 employees at 28 sites and serves around 100,000 private and corporate customers.
Gleiss Lutz advised BAWAG P.S.K. comprehensively in connection with the transaction and collaborated closely with BAWAG P.S.K.’s legal department.
BAWAG P.S.K. was advised by the following team of Gleiss Lutz lawyers, led by Dr. Jan Balssen (Munich) and Dr. Christian Cascante (Stuttgart, both corporate/M&A):
Corporate/M&A: Dr. Michael Ilter (Frankfurt), Dr. Verena Koppmann, Dr. Johannes Wittmann, Peter Steffen Carl (partner) (all three Munich), Sava Kasaliyski (Stuttgart)
Finance: Frank Schlobach (partner), Dr. Maximilian von Rom (partner), Dr. Thomas Kulzer (counsel), Dr. Dr. Tajan Tober, Dr. Benjamin Herz, Eva Legler, Dieu Hong Mai (all Frankfurt)
Compliance: Dr. Dirk Scherp (of counsel), Dr. Christoph Skoupil (both Frankfurt)
Antitrust: Dr. Iris Benedikt-Buckenleib (counsel), Christian Köhli, (both Munich)
Employment: Dr. Jens Günther (partner), Dr. Matthias Böglmüller (both Munich)
Real estate: Dr. Philipp Naab (counsel), Oksana Weber-Kim, Dr. Claudia Wirth (all Frankfurt)
IP/IT: Dr. Alexander Molle (counsel), Matthias Schilde (both Berlin)
Public law: Dr. Jacob von Andreae (partner), Kevin Grimmeiß, Dr. Eva Koch (all Düsseldorf), Dr. Christian Hamann (counsel, Berlin)
Tax: Dr. Johann Wagner (partner, Hamburg), Dr. Stefan Mayer (partner), Christian Heinrichs (both Frankfurt).
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