Gleiss Lutz has advised United Internet AG on the financing of its voluntary public takeover offer for Drillisch AG. The offer is financed by a syndicated loan of EUR 2.5 billion provided by a syndicate of international banks. Further, Gleiss Lutz simultaneously advised on the consolidation of the existing syndicated loans.
United Internet is one of Europe's leading internet specialists, boasting brands such as 1&1, GMX and WEB.DE, 51 million customer accounts and employing a workforce of approx. 8,100 people. With 3.62 million mobile phone customers, Drillisch is one of the largest network-independent telecommunications providers in Germany and is to retain a separate stock exchange listing.
The public takeover offer is part of a business combination agreement between United Internet and Drillisch, which provides for the phased acquisition of 1&1 Telecommunication SE by Drillisch under the roof of United Internet. United Internet’s mobile phone and landline business, which is managed by 1&1 Telecommunication SE, is to merge with Drillisch’s mobile communications business. The transaction is expected to close by late 2017.
Gleiss Lutz has advised United Internet frequently in recent years on financing issues, including the financing of its acquisition of Versatel and the purchase of a minority interest in Rocket Internet, as well as the subsequent refinancing by way of a promissory note loan.
The following Gleiss Lutz team advised United Internet on the financing of its public takeover offer: Frank Schlobach (lead, partner, banking and finance, Frankfurt), Dr. Jochen Tyrolt (partner, corporate/M&A, Stuttgart), Patrick Steinhausen (banking and finance, Frankfurt).
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