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Pinsent Masons Advises KATEK SE on Latest IPO

An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail investors. An IPO is typically underwritten by one or more investment banks, who also arrange for the shares to be listed on one or more stock exchanges.

Pinsent Masons advised KATEK SE and Hauck & Aufhäuser Privatbankiers AG on KATEK SE’s initial public offering on the regulated market of the Frankfurt Stock Exchange.

Led by corporate partner at Pinsent Masons Dr. Alexander Thomas, the firm prepared the IPO prospectus and assisted in the prospectus approval process. Hauck & Aufhäuser acted as Sole Global Coordinator and together with M.M.Warburg & CO as Joint Bookrunners for the IPO.

Commenting on the listing, Dr. Alexander Thomas, said: “We are delighted to have joined the Joint Bookrunners in the successful IPO of KATEK SE. KATEK is a very dynamic and high-growth company that addresses global trends such as the rise of electric vehicles and the need for e-mobility charging stations, the increasing demand for solar energy and innovative healthcare solutions.

By going public, KATEK is taking the next step in its growth story.”

KATEK SE is the parent company of the KATEK Group, a leading European electronics company offering hardware and software development, prototyping and manufacturing, and related services.

The range of services covers the entire life cycle of electronic assembly projects and devices.

All 3,948,042 shares were placed at a price of EUR 23.00 per share. The offering comprised 3,433,080 newly issued shares from a cash capital increase and 514,962 shares from the holdings of existing shareholders as part of an over-allotment in line with market conditions.

KATEK SE plans to use the circa EUR80 million proceeds of the IPO to advance its growth strategy.

The team at Pinsent Masons included capital markets partner Dr. Susanne Lenz, capital markets senior associate Dušan Stojković and associate Sara Šepac.

Pinsent Masons Law Firm Advises GNA Biosolutions GmbH

Pinsent Masons advised GNA Biosolutions GmbH on IP and commercial aspects of its rapid PCR COVID-19 test. The test, developed by German molecular diagnostics company GNA Biosolutions, has been approved by the domestic regulatory German Federal Institute for Drugs and Medical Devices.

PCR means polymerase chain reaction. It’s a test to detect genetic material from a specific organism, such as a virus. The test detects the presence of a virus if you have the virus at the time of the test.

The new PCR test, which produces a result in 40 minutes, is being rolled out across Germany with EU-wide approval expected in the coming months

The reliability of the rapid test system by GNA Biosolutions is comparable to common PCR tests, which, however, require up to 48 hours for a result.

GNA Biosolutions is a molecular technology company based in Martinsried, Germany.

Their breakthrough technology, Pulse Controlled Amplification, transforms molecular testing by combining ultrafast nucleic acid amplification with intrinsic sample prep, to enable powerful solutions for the laboratory, on-site applications and the Point of Care.

Theirvision is to bring the power of molecular testing, from sample to answer, to everyone, everywhere.

The Pinsent Masons team advising on the deal was led by corporate partner Tobias Rodehau and included head of German public and regulatory Dr. Anke Empting, commercial and IP partner Dr. Michael Reich, technology, science and industry sector head Dr. Florian von Baum, head of German IP Marc Holtorf, and commercial legal director Dr. Igor Barabash.

GNA Biosolutions GmbH is a long-standing client of Pinsent Masons. In 2019 the firm successfully advised the company on its USD 13.5 million Series C financing.

The Bavarian state government has acquired six GNA Biosolutions test devices, which were officially approved in December, as well as 60,000 test kits.

DLA Piper wins landmark broadcasting dispute

DLA Piper has obtained two landmark decisions on central broadcasting law issues for ProSiebenSat.1 TV Deutschland GmbH and Sat.1 SatellitenFernsehen GmbH in a dispute with the state media authorities of Rhineland-Palatinate (LMK) and of Hesse (LPR) at the Federal Administrative Court (BVerwG).

The appeal proceedings concerned the legality of the license for the nationwide television channel SAT.1. This licence has been granted to ProSiebenSat.1 TV Deutschland GmbH by the state media authority of Hamburg/Schleswig-Holstein (MA HSH). It was issued under the condition that the previous licence for SAT.1, which has been granted by the LMK in 2008, is returned by its current holder Sat.1 SatellitenFernsehen GmbH.

After the actions for annulment of the new licence brought by LMK and LPR had already been unsuccessful in the lower courts, the Federal Administrative Court has now also rejected the appeals of the two state media authorities in last instance and confirmed the licence granted to ProSiebenSat.1 TV Deutschland GmbH. In August of last year the Federal Administrative Court had already rejected a motion for interim measures by a third party claiming detriments as a result of the planned change of the licence holder. Unlike the Higher Regional Court the Federal Administrative Court now generally denied the state media authorities’ right to sue. The Higher Regional Court had still assumed such right for the LMK.

The Federal Administrative Court has ruled that actions brought by state media authorities are inadmissible when they are directed against a licence for a nationwide television programme granted by another state media authority. In this respect, according to the court, a state media authority does not have any entitlement. Such entitlement neither arises from the fundamental right of freedom of broadcasting (Article 5 (1) sentence 2 of the German constitution) nor from an “ultimate responsibility for the legality of broadcastings in the respective purview of each state media authority”.

The decisions have fundamental importance. In 1997 the Federal Administrative Court had confirmed such ultimate responsibility of the state media authorities on basis of the Interstate Broadcasting Treaty in force then and in view of constitutional protection duties. Yet, the Federal Administrative Court no longer adheres to this in view of amendments to the Interstate Broadcasting Treaty which came into force mainly in 2008. Rather, in the opinion of the Federal Administrative Court, the current licensing and supervisory precludes ultimate responsibility of the individual state media authorities when it comes to licensing of nationwide broadcasters. With the new regulation the decision on the licensing of nationwide broadcasters had been transferred to joint bodies of the state media authorities, in particular the Commission for Licensing and Supervision (ZAK), which makes binding decisions with the majority of its legal members.

Moreover, the Federal Administrative Court did not follow the constitutional objections raised by the state media authorities against the reorganisation of media supervision introduced in 2008. The fact that the pluralistically composed decision-making bodies of the state media authorities lost a considerable amount of importance is compatible with the requirements of Article 5 (1) sentence 2 of the German constitution as well as with the principles of federalism and democracy.

Pinsent Masons hires real estate regulatory and investment partner

Multinational law firm Pinsent Masons has hired real estate funds regulatory and investment specialist Dorothee Atwell into its Frankfurt office.

Dorothee is a funds regulatory lawyer advising on regulatory aspects of transactions and fund formation to institutional investment managers investing into real estate in Germany and abroad.

Dorothee joins from investment company Universal-Investment where she developed innovative structures for complex real estate transactions working closely with asset managers and custodians. Dorothee is also admitted to the bar in the UK and United States.

Dr. Wolfram Pätzold, Head of Real Estate Germany at Pinsent Masons said, “Dorothee is a recognised expert in real estate investment and regulatory law and will be a valuable addition to the development of the firm’s real estate offering in Germany.”

Rainer Kreifels, Head of Germany and member of the global board at Pinsent Masons said, “Dorothee’s appointment follows our continued commitment to expand the firm’s Frankfurt office which opened in 2019. This is particularly true of our real estate and financial services teams following the appointment of Antony Morton in May. Dorothee’s expertise spans across both real estate and financial services sectors and is a natural fit for the firm.”

The growth of Pinsent Masons in Germany underlines the success of its sector focus approach. Last year, its German real estate practice doubled in size. With the addition of Dr. Tobias Nuß and Katharina von Hermanni joining the partnership in 2019 and additional associates joining the team, the German real estate practice now comprises 13 lawyers in Munich, Frankfurt and Düsseldorf. The German Financial Services Team now comprises 8 lawyers in Munich and Frankfurt.

Pinsent Masons is one of the top 50 law firms in Germany. With three locations in Germany (Düsseldorf, Frankfurt and Munich) the firm focusses on the technology, life sciences, energy, real estate and financial services sectors.

Clifford Chance advises KKR on €1.5 billion bolt-on acquisition

Telxius has agreed to acquire, from Telefonica’s subsidiary in Germany (O2 Deutschland), circa 10,100 mobile sites in Germany for €1.5 billion. The deal also includes a built-to-suit undertaking by means of which Telxius will build 2,400 new sites in Germany in the next four years so that O2 Deutschland can rapidly scale its tower footprint to meet existing obligations with the German government.

The €1.5 billion consideration will be mainly funded by a capital increase of Telxius to be subscribed by its existing shareholders. In 2017, KKR acquired a 40% stake in Telxius, Telefónica’s global telecommunications infrastructure company. The Spanish telecom giant retains an indirect controlling stake in Telxius, through a partnership with Pontegadea (Amancio Ortega’s investment platform).

The Clifford Chance multijurisdictional team advising KKR was led from Madrid and Frankfurt by Corporate partners Javier Amantegui, Frederik Mühl and Samir Azzouzi and senior associate Jorge Martín Sainz, and included advising on: (i) Spanish law matters by Daniel García and Laura Geli, from Corporate; Rodrigo Uría and Juan Puras, from Finance; and Jaime Almenar and Octavio Canseco, from Regulatory; (ii) German law matters by Gerd Hegele, from Corporate; Dennis Blechinger and Amrei Fuder, from Real Estate; and Dimitri Slobodenjuk, from Regulatory; and (iii) Luxembourg law matters by Christian Kremer, Mélissa Kdyem and Nina Aymé, from Corporate; and Marc Mehlen, Veronika Kaszas and Tjasa Perger, from Finance.

Dentons advises shareholders of VRmagic on the sale of their shares

Global law firm Dentons advised the Board of Directors and shareholders of VRmagic on the sale of 77 percent of their shares in the company to the Swiss medical technology company Haag-Streit.

VRmagic was founded in 2001 and is a pioneer in virtual and augmented reality technology for medical training. The solutions developed by VRmagic enable realistic simulation of examinations and operations on the eye. The company has special expertise in the development of camera systems for high-precision optical tracking. With its Eyesi® product group, VRmagic is the market leader in the training of ophthalmologists.

With this acquisition, Haag-Streit is expanding its ophthalmology product portfolio in the key area of medical training. The transaction follows a four-year collaboration between the two companies to develop a simulator for slit lamp examinations, an important instrument for microscopic examination of the human eye.

A Dentons team led by partner Robert Bastian advised the Executive Board and the shareholders of VRmagic on the sale. Bastian has advised the company’s largest shareholder Leonardo Venture on numerous transactions over the past years.