Deutsche Börse AG’s €3.9 Billion Recommended Takeover Offer for SimCorp A/S
April 27, 2023
On April 27, 2023, Deutsche Börse AG, an international exchange organization and market infrastructure provider, and SimCorp A/S, which offers a front‑to‑back investment management platform and ecosystem used by asset owners and managers, entered into a binding agreement pursuant to which Deutsche Börse AG will make an all cash voluntary recommended public takeover offer to acquire all the shares (except treasury shares) in SimCorp A/S at a price of DKK 735.0 per share, adjusted for any dividends or other distributions paid by SimCorp A/S prior to completion of the offer, valuing the entire issued capital of SimCorp A/S at €3.9 billion. In parallel to the takeover of SimCorp A/S, Deutsche Börse AG intends to combine its existing data & analytics subsidiaries Qontigo and ISS under one leadership. Upon completion of the offer, the intended combination of Qontigo/ISS and SimCorp A/S will be grouped within a newly created Investment Management Solutions segment. Cravath is representing Deutsche Börse AG as U.S. counsel in connection with the transactions.
The Cravath team is led by partners Aaron M. Gruber and Bethany A. Pfalzgraf and includes associate Maria Ricaurte on M&A matters; partner Ronald E. Creamer Jr. and associate Jamie H. Lee on tax matters; partner Eric W. Hilfers and senior attorney Sarah W. Colangelo on executive compensation and benefits matters; and partner Margaret T. Segall and of counsels Jesse M. Weiss and Benjamin G. Joseloff on regulatory matters.
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