Thilo Diehl

Partner, Frankfurt

Biography

Thilo Diehl: ‘Impressive quality of advice. Extremely quick, diligent, hands-on and reliable.’
Legal 500 Deutschland 2025

Overview

Thilo is a partner in our global Capital Markets Practice and focuses on capital markets transactions, public M&A and listed companies.

Thilo regularly advises issuers, financial investors and underwriters on a wide range of public and private offerings of equity and debt securities, including initial public offerings (IPOs), rights offerings, accelerated primary and secondary offerings and convertible bonds. In addition, Thilo is a trusted advisor to multiple listed companies advising on capital markets compliance and corporate matters.

Bars and Courts
Rechtsanwalt
Education
LLM
Columbia Law School
Second State Exam
Higher Regional Court of Frankfurt
First State Exam
University of Münster
Languages
German
English

Experience

About You / Zalando
Advised e-commerce group ABOUT YOU Holding on the conclusion of a business combination agreement with online multi-brand fashion retailer Zalando and €1.1 billion public takeover offer by Zalando.

Deutsche Beteiligungs
Advised Deutsche Beteiligungs on its €100 million unsubordinated and unsecured convertible bonds due 2030.

Delivery Hero
Advised Delivery Hero on the US$950 million sale of its foodpanda delivery business in Taiwan to Uber and on Uber's US$300 million equity investment in Delivery Hero.

Delivery Hero
Advised Delivery Hero SE on extending the maturity of its existing US$813 million and €300 million term loans, raising additional term loans with an aggregate amount of approximately €740 million equivalent, increasing its existing revolving credit facility to €500 million and borrower-friendly amendments to the loan terms.

Sartorius
Advised the underwriters, including joint global coordinators BNP Paribas and J.P. Morgan, on the €1.2 billion capital increase without preferential subscription rights by Sartorius Stedim Biotech and the €200 million placement of treasury preference shares by Sartorius.

Volvo Cars
Advised the underwriters, including joint global coordinators and joint bookrunners Goldman Sachs, SEB and BNP Paribas, on the US$350 million sale of shares in Volvo Car sale by Geely Sweden Holdings. Geely Sweden Holdings is a subsidiary of Zhejiang Geely Holding Group, a global automotive group holding several international brands including Geely Auto, LYNK & CO, Polestar, London Electric Vehicle Company, Lotus, and Volvo Cars.

Georg Fischer
Advised Georg Fischer on its €2.1 billion voluntary recommended public cash tender offer for all shares in Uponor, a leading global provider of solutions that move water through cities, buildings and homes.

Siemens Energy
Advised the underwriters, including joint global coordinators Citigroup and Société Générale, on the €1.3 billion capital increase of Siemens Energy.

Deutsche EuroShop
Advised Deutsche Bank as sole global coordinator on the €316 million rights issue of Deutsche EuroShop against contributions in cash and in-kind.

Porsche
Advised Qatar Investment Authority (QIA) as cornerstone investor on the €9.1 billion IPO of Porsche.

wefox
Advised wefox on its US$400 million Series D funding round. The Series D financing was led by Mubadala with participation from existing investors including LGT, Horizon Ventures and OMERS Ventures.

J.P. Morgan
Advised J.P. Morgan and JPMorgan Chase Bank on the financing of the €1.4 billion voluntary public takeover offer by Hercules BidCo for all shares in Deutsche EuroShop.

Delivery Hero
Advised Delivery Hero on a Term Loan B financing comprising of a US$825 million term facility and a €300 million term facility and a new €375 million revolving credit facility.

JOST Werke
Advised JOST Werke in connection with its conversion to a European stock corporation (Societas Europaea).

Deutsche Lufthansa
Advised Deutsche Lufthansa on the issuance of two tranches of notes with a principal amount of €1.5 billion. The first tranche has a principal amount of €600 million and the second tranche has a principal amount of €900 million.

Deutsche Lufthansa
Advised Deutsche Lufthansa on its €2.1 billion rights issue. The net proceeds were primarily used to repay the silent participation I of the Economic Stabilization Fund of the Federal Republic of Germany in the amount of €1.5 billion.

wefox
Advised wefox, a leading pan-European digital insurance business and insurance distribution platform, on its US$650 million Series C financing. The Series C financing was led by Target Global.

Deutsche Lufthansa
Advised Deutsche Lufthansa on the issuance of two tranches of notes with a principal amount of €1.0 billion, each with a principal amount of €500 million.

Friedrich Vorwerk
Advised the underwriters on the €414 million IPO of Friedrich Vorwerk and listing on the Frankfurt Stock Exchange (Prime Standard).

Qatalyst Partners
Advising Qatalyst Partners on the €4.9 billion public takeover offer by Renesas Electronics Corporation of Japan for Dialog Semiconductor.

Drägerwerk
Advised Drägerwerk on its €80 million capital increase.

Goldman Sachs
Advised Goldman Sachs as selling shareholder on the US$200 million IPO of Jumia Technologies on Nasdaq.

Symrise
Advised the underwriters, including BNP Paribas and UniCredit, on the €400 million capital increase of Symrise.

Summit
Advised Morgan Stanley and Deutsche Bank as initial purchasers on the €300 million 2.0% bond due 2025 of Summit Germany.

Cinven/JOST Werke
Advised Cinven and JOST Werke on JOST Werke's €230 million IPO and listing on the Frankfurt Stock Exchange (Prime Standard).*

Delivery Hero
Advised the underwriters, including global coordinators Citigroup, Goldman Sachs and Morgan Stanley, on Delivery Hero's €1 billion IPO and listing on the Frankfurt Stock Exchange (Prime Standard).*

SGL Carbon
Advised the underwriters, including global coordinators Credit Suisse and Commerzbank, on the €180 million rights issue of SGL Carbon.*

Vonovia
Advised Vonovia on its €2.9 billion public takeover of conwert and its attempted €9 billion public takeover of Deutsche Wohnen.*

Midea/Kuka
Advised Midea on its €4.5 billion public takeover of Kuka.*

CVC/Douglas
Advised CVC on the€1.1 billion dual-tranche bond offering to finance the acquisition of Douglas.*

windeln.de
Advised windeln.de on its €205 million IPO and listing on the Frankfurt Stock Exchange (Prime Standard).*

SGL Carbon
Advised the underwriters, including global coordinators Commerzbank and HSBC, on the €267 million rights issue of SGL Carbon.*

Deutsche Annington/Gagfah
Advised Gagfah on its €8.6 billion business combination with Deutsche Annington.*

* Matters prior to joining White & Case.

Publications

Co-author: "Financial reporting obligations pursuant to Sections 114 et seq. of the German Securities Trading Act (WpHG) following initial admission to trading on a regulated market (Finanzberichterstattung nach §§ 114 ff. WpHG bei erstmaliger Zulassung zum regulierten Markt)" BKR 2023, 697 (with Timo Lockemann)

Awards and Recognition

Best Lawyer Germany in Capital Markets Law, Mergers and Acquisitions Law, Handelsblatt 2021-2024

Frequently recommended lawyer, JUVE 2024/2025
IPOs and Capital Increase – Germany

Recommended lawyer, Legal 500 2022
Capital Markets: ECM - Germany