A Gleiss Lutz team has advised the listed SYNLAB AG (“SYNLAB”) in connection with its delisting from the regulated market of the Frankfurt Stock Exchange as well as in connection with the public delisting acquisition offer by Cinven. The delisting became effective on 12 July 2024 with the expiry of the acceptance period of the delisting acquisition offer.
SYNLAB and the private equity investor Cinven concluded a delisting agreement at the end of May 2024, in which SYNLAB undertook, inter alia, to apply for the revocation of the admission of SYNLAB’s shares to the regulated market of the Frankfurt Stock Exchange.
The delisting offer provided for an offer price of EUR 11.09 per SYNLAB share, resulting in a market capitalization of SYNLAB of approximately EUR 2.5 billion. SYNLAB’s shares have formerly been traded on the regulated market (Prime Standard) of the Frankfurt Stock Exchange and were included in the SDAX index. The SYNLAB Group has more than 23,000 employees across more than 33 countries and generated an annual revenue of more than EUR 2.6 billion in the fiscal year 2023. This makes SYNLAB Europe's leading provider of medical diagnostics.
Cinven is a global private equity firm with more than EUR 39 billion in combined assets under management. Its portfolio companies have collectively generated a total revenue of more than EUR 44 billion.
At SYNLAB, the whole delisting transaction was handled in-house by Dr. Fabian Walla (Group General Counsel).
The following Gleiss Lutz team advised SYNLAB on the delisting transaction: Steffen Carl (partner, corporate, Munich), Dr. Christian Cascante (partner, Frankfurt), Dr. Markus Martin (counsel) and Dr. Julius-Vincent Ritz (all M&A, both Stuttgart).
Gleiss Lutz has extensive expertise in public takeovers and delistings and is regularly involved in top-flight transactions (both friendly and hostile) – advising bidders, boards of targets, or investment banks. A Gleiss Lutz team most recently advised e.g. Telefónica S.A. on the public acquisition offer and the subsequent delisting acquisition offer to the shareholders of Telefónica Holding Deutschland AG and Burda Digital SE on the delisting acquisition offer to the shareholders of New Work SE, which operates the business network XING.
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