7 julho 2023 Mergers and Acquisitions

Linklaters advises thyssenkrupp on the conversion and IPO of the hydrogen subsidiary thyssenkrupp nucera

Linklaters has advised thyssenkrupp AG on the conversion of tk Uhde Chlorine Engineers GmbH into today's thyssenkrupp nucera AG & Co. KGaA and the subsequent IPO of thyssenkrupp's subsidiary nucera.

Until the IPO, thyssenkrupp nucera AG & Co KGaA was 66% owned by thyssenkrupp and 34% by the Italian company Industrie De Nora. Linklaters therefore advised thyssenkrupp in particular on the negotiations with Industrie De Nora on the structure of the IPO and the reorganisation of the governance of thyssenkrupp nucera AG & Co KGaA. Furthermore, Linklaters supported thyssenkrupp nucera AG & Co. KGaA in establishing an independent company capable of being listed on the stock exchange.

During the IPO, a total of 30,262,250 shares (including over-allotments) of thyssenkrupp nucera AG & Co. KGaA were placed with investors and private investors at a price of 20.00 euros. This corresponds to around 24% of the share capital of thyssenkrupp nucera AG & Co. KGaA. Of the offered shares, 26,315,000 shares were newly issued as part of a capital increase of thyssenkrupp nucera AG & Co. KGaA. The remaining 3,947,250 shares originate from the holdings of thyssenkrupp and Industrie De Nora. As part of the IPO, BNP Paribas Asset Management UK Limited (BNPP) and the Energy Solutions Company (ESC), a wholly owned subsidiary of the Public Investment Fund (PIF), have taken stakes in tk nucera as cornerstone investors of approximately 3.3% and 6% respectively. Based on the offer price, the calculated market capitalisation of the electrolysis technology manufacturer is around €2.53 billion.

thyssenkrupp intends to hold a majority stake in its subsidiary in the long term. The gross proceeds of thyssenkrupp nucera from the issue of shares amount to around 526 million euros. thyssenkrupp nucera intends to use these proceeds for investments to further expand its electrolysis business.

In the first step, the international Linklaters team, led by Dr Ralph Wollburg (Partner, Corporate/M&A, Düsseldorf), advised on the corporate law reorganisation of the hydrogen subsidiary thyssenkrupp Uhde Chlorine Engineers GmbH and corporate transformation to thyssenkrupp nucera AG & Co. KGaA.

Other lawyers significantly involved in this transaction from several departments were Dr Marco Carbonare (Partner, Corporate/M&A, Frankfurt), Dr Andreas Zenner (Partner, Corporate/M&A, Düsseldorf), Dr Bolko Ehlgen (Partner, Intellectual Property/IP, Frankfurt), Dr Michael Leicht (Partner, Technology, Media & Telecommunications, Frankfurt), Dr. Julius Raapke (Counsel, Corporate/M&A, Düsseldorf); Dr Geesa de Vries (Managing Associate, Corporate/M&A, Düsseldorf), Dr Ibrahim Hoveyes (Associate, Corporate/M&A, Düsseldorf), Dr Nikolas Kau (Associate, Corporate/M&A, Düsseldorf), Dr Veronika Koch (Associate, Corporate/M&A, Düsseldorf). Colleagues from the London, Milan, New York, Tokyo and Washington offices were also involved in the mandate.

thyssenkrupp was advised on the preparation and execution of the IPO of thyssenkrupp nucera by a cross-practice and international team led by the two partners Dr Ralph Wollburg (Corporate/M&A, Düsseldorf), and Dr Alexander Schlee (Capital Markets, Frankfurt).

The following lawyers provided key advice: Dr Marco Carbonare (Partner, Corporate/M&A, Frankfurt), Dr Kerstin Wilhelm (Partner, Litigation, Arbitration and Investigations, Munich), Dr Andreas Zenner (Partner, Corporate/M&A, Düsseldorf), Ulli Janssen (Counsel, Corporate/M&A, Frankfurt), Dr. Julius Raapke (Counsel, Corporate/M&A, Düsseldorf), Marco Huchzermeier (Managing Associate, Corporate/M&A, Düsseldorf), Dr. Geesa de Vries (Managing Associate, Corporate/M&A, Düsseldorf), Tosan Kraneis (Managing Associate, Capital Markets, Frankfurt), Dr. Nikolas Kau (Associate, Corporate/M&A, Düsseldorf), Dr. Veronika Koch (Associate, Corporate/M&A, Düsseldorf). Other offices involved were London, Milan, New York, Tokyo, Washington.