PwC Legal advises flatex AG on acquisition of online broker DeGiro B.V.

December 20, 2019

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)

For further information please contact us:

Martin Krause
PwC Communications
Tel.: (0211) 981 – 16 57
E-Mail

 

About PwC Legal:

In today’s rapidly evolving marketplace, our clients are increasingly concerned with business collaborations, restructuring, mergers and acquisitions, financing and questions of social responsibility. They need legal security when dealing with such complex issues. That is why we work closely with PwC’s tax, human resources and finance experts and draw on the resources of our legal network in more than 100 countries to deliver comprehensive advice. Whether a global player, a public body or a wealthy individual, each client can rely on a personal account manager to address his or her specific legal needs. This dedication helps us ensure our clients’ long-term business success.

PwC Legal. More than 250 lawyers at 18 locations. Integrated legal advice for the real world.

About PwC:

The common purpose of PwC is to build trust in society and solve important problems. With a network of firms in 157 countries, more than 276,000 people are committed to providing high-value sector-specific services in the fields of Auditing, Tax- and Business Consulting.

The brand name, PwC, refers to the PwC network and/ or to one or several of its member firms, each of which is a separate legal entity. Further details under www.pwc.com/structure.

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Contributors

Dr. Thomas Wenninger

Corporate/M&A

Tel: +49 711 25034-1717

Dr Gerung von Hoff

Antitrust

Tel: +49 30 2636-2420

Juliane Höhn

Procurement Law

Tel: +49 30 2636-3427