Gleiss Lutz has comprehensively advised United Internet AG on its up to EUR 800 million (approx. JPY 130 billion) project financing for its 5G network expansion.
The funds are provided by a direct tranche of Japan Bank for International Cooperation (JBIC), a bank wholly owned by the Japanese government, and a tranche guaranteed by JBIC of a syndicate of European and Japanese commercial banks led by Commerzbank Aktiengesellschaft and Deutsche Bank AG as mandated lead arrangers and sole bookrunners pursuant to a facilities agreement governed by English law.
The financing for United Internet is JBIC's first ever transaction based on the new legal regime introduced pursuant to an enactment of the revised Japan Bank for International Cooperation Law in October 2023, enabling JBIC to lend funds to foreign companies which support the overseas business deployment of Japanese companies, and is considered a landmark transaction in the Japanese market.
With over 28 million fee-based customer contracts and more than 39 million ad-financed free accounts as well as 11,000 employees, United Internet AG is a leading European internet specialist.The following Gleiss Lutz team advised United Internet on the financing: Frank Schlobach (partner), Dr. Katja Lehr (both lead, counsel, both Banking & Finance), Dr. Michael Burian (partner, all Frankfurt) and Dr. Torsten Spiegel (both M&A, Berlin).
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