Deutsche Börse’s $2.275 Billion Acquisition of ISS

On November 17, 2020, Deutsche Börse AG, Institutional Shareholder Services Inc. (“ISS”) and Genstar Capital LLC announced that Deutsche Börse will acquire approximately 80% of leading governance, ESG data and analytics provider ISS, valuing ISS at $2.275 billion for 100% of the business. Genstar Capital and current management will continue to hold a stake of approximately 20%. Cravath, alongside Hengeler Mueller, is representing Deutsche Börse in connection with the transaction.

The Cravath team is led by partner Aaron M. Gruber and includes associates Lee M. Blum, Ryan J. Patrone and Isaac H. Todd on M&A matters; partner Eric W. Hilfers and associates Sally Ye and Brian Diliberto on executive compensation and benefits matters; associates Cecily Xi and Carlos Nicholas Obando on tax matters; partner David J. Kappos and associate Rohan E. George on intellectual property matters; partner Matthew Morreale on environmental matters; partner John W. White and associates Zachary R. Smith and Ashley Gust on regulatory matters; and practice area attorneys Brian M. Budnick and Laurel R. Berkowitz on real estate matters.