Global law firm White & Case LLP has advised a banking syndicate led by joint global coordinators BNP Paribas and J.P. Morgan on the €1.2 billion capital increase without preferential subscription rights by Sartorius Stedim Biotech SA (Sartorius Stedim) and the €200 million placement of treasury preference shares by Sartorius Aktiengesellschaft (Sartorius).
Sartorius, which owns approximately 73.6 percent of the Sartorius Stedim’s share capital, has participated in the Sartorius Stedim capital increase by placing an order for approximately €400 million. Concurrently, Sartorius placed approximately €200 million of treasury preference shares. The new shares form the capital increase and the treasury preference shares were placed exclusively with institutional investors by way of an accelerated bookbuilding process. Sartorius Stedim and Sartorius each intend to use the proceeds from the placements to accelerate deleveraging and to strengthen overall strategic flexibility.
The shares of Sartorius Stedim are admitted to trading on the regulated market of Euronext Paris and the shares of Sartorius are admitted to trading on the regulated of the Frankfurt Stock Exchange (Prime Standard).
The White & Case team which advised on the transaction was led by partners Thomas Le Vert and Séverin Robillard (both Paris) and included partners Max Turner, Estelle Philippi (both Paris), Thilo Diehl and Rebecca Emory (both Frankfurt), counsel Tatiana Uskova (Paris) and David Santoro (Frankfurt) and associates Sébastien Caciano, Jaime Lee, Claire Sardet (all Paris) and Timo Lockemann (Frankfurt).
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