LAWFUEL – The Legal Newswire – Leading international law firm Freshfields Bruckhaus Deringer has advised German-based Hypo Real Estate Holding AG on its intended merger with Irish DEPFA Bank plc. As a result of the merger, which will be implemented by way of a scheme of arrangement, DEPFA Bank plc will become a wholly-owned subsidiary of Hypo Real Estate Holding AG. The transaction, which will result in one of the largest German banks in terms of total assets and market capitalisation, is valued at approximately €5.7bn.
Hypo Real Estate Group, headquartered in Munich is a leading international provider of large volume commercial real estate financing. DEPFA Bank plc with registered offices in Dublin is one of the world’s leading providers of public finance.
Hypo Real Estate Holding AG will finance the transaction by issuing new shares to the former shareholders of DEPFA and also by way of a cash component. The transaction is subject to shareholder and regulatory approval and is expected to be completed in October 2007.
The Freshfields team was led by Achim Kirchfeld (corporate, Düsseldorf) and included partners Gunnar Schuster (corporate/finance, Frankfurt), Wilfried Schaefer (tax, Frankfurt), Jan Brinkmann (tax, Frankfurt) and Sarah Murphy (US corporate, London) as well as senior associates Markus Stephanblome (corporate, Düsseldorf) and Holger Dietrich (tax, Frankfurt).