BaFin approves for the first time unpaid equity commitment as a Tier 2 ancillary own-fund item, creating a cash-efficient alternative to group-internal own-fund financing
17 May 2024
Elbe BidCo AG, a holding company controlled by investment funds, vehicles and accounts advised and managed by Kohlberg Kravis Roberts & Co. L.P. and its affiliates, has signed an Investment Agreement with ENCAVIS AG, a leading and proven German renewable energy platform and independent power producer. Viessmann Group GmbH & Co KG will invest as shareholder in a KKR-led consortium.
In this context, Elbe BidCo AG has announced its intention to launch a voluntary public take-over offer for all outstanding shares of ENCAVIS. ABACON CAPITAL and other shareholders have signed binding agreements to sell ca. 18% and roll-over ca. 13% of ENCAVIS shares.
Hengeler Mueller advised KKR on the transaction together with Latham & Watkins.
Hengeler Mueller team for KKR
M&A/Capital Markets: Oda Goetzke, Maximilian Schiessl (both lead, Dusseldorf), Elisabeth Kreuzer (Munich), Bernd Wirbel (Dusseldorf, all partners), Matthias Cloppenburg, Christian Strothotte (both counsels, Dusseldorf), Tim Jaeger, Van Nguyen, Bernardo Wappler (all associates, Dusseldorf),
Financial Regulatory: Christian Schmies (Frankfurt), Carl-Philipp Eberlein (Dusseldorf, both partners), Martin Peters (counsel, Frankfurt), Marvin Geisler (Dusseldorf), Matthias Hausdorf, Katharina Limberger (both Frankfurt, all associates),
FDI: Vera Jungkind (partner), Jan Schülting (associate, both Dusseldorf).
