PwC Legal advises flatex AG on acquisition of online broker DeGiro B.V.
Frankfurt, 20th December 2019.
PwC Legal provided flatex AG (flatex) with comprehensive legal advice on the acquisition of DeGiro B.V. (DeGiro) for a purchase price of EUR 250 million on a cash and debt-free basis. This includes structuring and contract negotiation as well as all relevant legal issues of the transaction under German and Dutch law. With this acquisition, flatex will become the leading pan-European online broker with a presence in over 15 European countries, over one million customers and more than 35 million transactions expected in 2020.
As a first step, flatex acquired a 9.4 percent stake in DeGiro directly upon signing the contract. The acquisition of the remaining 90.6 percent is subject to the approval of the relevant regulatory authorities. The closing of the entire transaction is expected by the beginning of the second quarter of 2020. The transaction is fully supported by DeGiro’s management.
In order to finance the purchase price for 100 percent of the shares in DeGiro, flatex will carry out a capital increase in kind at closing. Within this framework, up to 7.5 million new flatex shares will be created and issued to the current DeGiro shareholders, excluding the subscription rights of existing shareholders. In addition, flatex will pay up to EUR 60 million in cash.
With over 300,000 customers and more than 12 million securities transactions processed, flatex is one of the leading online brokers in the DACH region. With around 500,000 customers and over 18 million transactions, DeGiro has established itself as a leading international player in Western and Southern Europe. Taking into account the current market conditions and the expected synergies, both companies consider the transaction to be trend-setting.
Legal advisor flatex AG:
PwC Legal (Frankfurt):
Dr. Angelika Bartholomäi (lead, corporate / M&A), Sylvia Semkowicz, Frank Scheele, Dr. Thomas Wenninger, Alexander Schmidt, Georg Friedhelm Buchenhorst, (all corporate / M&A), Christina Grulke (banking supervisory law), Dr. Gerung von Hoff, Juliane Höhn (antitrust law)
PwC Legal (Netherlands):
Jochen Blaffert, Julius Lussenburg, Kees Wegener Sleeswijk, Claire van Zwam (all FS Regulatory/Banking Supervision), Ivo Verheijden, Ronald Landman, Ilse van Wendel de Joode (Corporate / M&A), Tanja Reuver, Joey Keppel, Yvette van Gemerden, Nicolien Borggreve (P&O/Labour Law/Privacy Protection)
About PwC Legal Business Solutions:
In our global, rapidly changing business world, cooperation, restructuring, transactions, financing and social responsibility are topics that increasingly concern our clients. They need legal certainty for a wide range of complex tasks. That is why we advise them holistically and in close cooperation with PwC’s tax, human resources and finance experts and our international legal network in over 100 countries. Whether a globally active company, a public corporation or a wealthy private individual, every client has a personal contact at our firm who supports them responsibly in all matters of commercial law. In this way, we help our clients to secure their economic success in the long term.
PwC Legal Business Solutions in Germany. More than 370 lawyers at 18 locations. Integrated, tech-powered legal advice.
About PwC Germany:
Our clients face diverse challenges, strive to put new ideas into practice and seek expert advice. They turn to us for comprehensive support and practical solutions that deliver maximum value. Whether for a global player, a family business or a public institution, we leverage all of our assets: experience, industry knowledge, high standards of quality, commitment to innovation and the resources of our expert network in 149 countries. Building a trusting and cooperative relationship with our clients is particularly important to us – the better we know and understand our clients’ needs, the more effectively we can support them.
PwC Germany. More than 15,000 dedicated people at 20 locations. €3.05 billion in turnover. The leading auditing and consulting firm in Germany.
