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White & Case Advises E.ON on €750 Million Green Notes Issuance

Global law firm White & Case LLP has advised E.ON SE on the issuance of Green notes with an aggregate principal amount of €750 million.

E.ON intends to use an amount equal to the net proceeds from the issuance for ‘Eligible Green Projects’ in line with its Green Bond Framework, which is the first EU Taxonomy aligned green bond framework.

The notes have a term of slightly under 12 years and a fixed coupon of 0.600%, and were admitted to trading on the regulated market of the Luxembourg Stock Exchange.

The White & Case team in Frankfurt which advised on the transaction was led by partner Karsten Wöckener and included local partner Peter Becker and associate Daniel Gillenkirch.

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Baker McKenzie Advises Mytheresa in Approximately $407mn IPO

Baker McKenzie advised MYT Netherlands Parent B.V., the parent company of luxury e-commerce platform Mytheresa, in its approximately USD 407 million initial public offering of American Depositary Shares (ADSs). Mytheresa’s ADSs now trade on the New York Stock Exchange under the symbol “MYTE.”

The Baker McKenzie team included Roger Bivans, Chris Bartoli, Leif King, Eric Mattingly, Jamie Nix, Jeremy Poore, Derek Liu, Tom Asmar, Jonathan Martin, Robin Chesler, Christoph Wolf, Bernhard Trappehl, Kim Tan, Rebecca Kuijpers-Zimmerman, Ulrich Weidemann, Denise Ozmis and Willem Treuren, and numerous other team members in the United States, Netherlands, Germany and other countries.

About Baker McKenzie

Baker McKenzie is a transactional powerhouse with over 2,500 deal lawyers and expertise in over 46 countries. Our strong global reputation for both issuer and underwriter counsel is based on our ability to successfully navigate the highly complex mix of legal system and cultures in complex cross-border and domestic equity and debt offerings.

Health and social care to gain the most from 5G efficiency gains

Productivity and efficiency gains enabled by 5G’s application will drive business, skills and service change worth US$1.3 trillion to global GDP by 2030.

In Powering Your Tomorrow, PwC quantifies for the first time, the economic impact of new and existing uses of 5G in utilities, health and social care, consumer, media, and financial services across eight economies with advanced rollout: Australia, China, Germany, India, Japan, South Korea, United States and the United Kingdom.

More than a faster version of mobile connectivity on 4G, 5G’s speed, reliability, reduced energy usage and massive connectivity will be transformative for businesses and wider society, enabling ubiquitous access to super fast broadband. Used in combination with investments in artificial intelligence and the internet of things, 5G can be used as a platform to enable business and society to realise the full benefits of emerging technology advances.

Economic gains are projected across all economies assessed in the study, as 5G offers the potential to rethink business models, skills, products and services, with the gains accelerating beginning in 2025 as 5G-enabled applications become more widespread

Based on the study, the United States (US$484bn), China (US$220bn) and Japan (US$76bn) will experience the largest uplift as a result of 5G technology applications, due to the size of their economies and strong modern industrial production sectors.

At a regional level, Europe, Middle East & Africa (EMEA) is expected to benefit the most from manufacturing applications of 5G, due to the size of the manufacturing sectors. It demonstrates the potential for regional competitive advantage through approaches to the adoption and regulation of the technology.

Wilson Chow, Global Technology, Media and Telecommunications Industry Leader, PwC China, comments: “These numbers quantify impact, but perhaps more important, our study reflects the value of 5G – new levels of connectivity and collaboration mean companies will be able to see, do and achieve more. It will open up new opportunities for growth and change as organisations rethink and reconfigure the way they operate in the post-pandemic world.”

“With the pandemic accelerating digitalisation across all sectors, 5G will act as a further catalyst. It will emerge in this decade as a fundamental piece of our societal infrastructure and as a platform for driving the competitiveness of national economies, new business models, skills and industries.”

Achieving better, faster outcomes in health and social care

Over half the global economic impact (US$530bn) will be driven by the transformation of health and social care experience for patients, providers and medical staff within the next ten years.

While the acceleration of telemedicine during the COVID-19 pandemic provided a glimpse of the future of healthcare, remote care is just one area in which 5G can enable both better health outcomes and cost savings.

5G’s applications include remote monitoring and consultations, real time in-hospital data sharing, improved doctor-patient communications and automation in hospitals to reduce health care costs.

Regional & Sector impacts

At a sector level, impacts vary for individual economies. The United States and Australia are projected to gain the most from financial services applications: India from smart utilities; China and Germany in manufacturing. Other industries analysed in the study show the significant potential of new and existing applications over the next decade, driving changes in skills, jobs, consumer products and regulation:

  • SMART utilities management applications will support environmental targets to reduce carbon and waste through enabling combined smart meters and grids to deliver energy savings, and improving waste and water management through tracking of waste and water leakage (US$330bn).
  • Consumer and media applications include: over the top gaming, real time advertising and customer services (US$254bn)
  • Manufacturing and heavy industry applications include: monitoring and reducing defects, increased autonomous vehicle use (US$134bn)
  • Financial services applications including reducing fraud and improving customer experiences (US$86bn)

Wilson Chow comments: “5G is more than mobile connectivity. It puts a new lens on advancing productivity and rethinking entire business models for the future. Given the scale of potential and its impacts, every organisation will need a plan for 5G’s implementation within five years across technology and business strategies to maximise opportunities and prepare for how they integrate their technology and business strategies, and engage with customers, supply chain and regulators.”

Policy & Trust

The study highlights that the reach of 5G’s technology potential will require businesses and government to consider new approaches to regulatory and consumer engagement – focusing on how the technology is used.

Wilson Chow comments: “With any technology, policy engagement, transparency and public trust are critical factors. Whether it’s considering the use of self driving vehicles or telemedicine, how data is managed, infrastructure deployed, or how different sectors collaborate, business and government need to shit from focusing on regulating a technology, to promoting transparency in 5G’s application, building and sustaining public trust in its use and potential.”

Pinsent Masons advises GNA Biosolutions GmbH on COVID-19 test

Multinational law firm 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 (BfArM). 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.

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.

Commenting on the project, Tobias Rodehau, said: “We are proud to have been able to assist GNA Biosolutions GmbH with this important project. Thanks to our expertise in the life sciences sector, we are familiar with the specifics of this industry and have been able to assemble a cross disciplinary team to play a role in facilitating swift access to this ground-breaking technology.”

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.

Consumer mobility shifts as the global pandemic forces change

The acceleration of consumer mobility preferences have rapidly shifted as a result of the COVID-19 pandemic, according to a new Strategy& report. The findings from Strategy&’s 9th annual Digital Auto Report focus on how Connected, Automated, Smart Mobility and Electric (CASE) strategies have had to be re-evaluated due to the global pandemic.

As a result of shifting mobility modes, the survey findings reveal most consumers are hesitant to use shared transportation. Consumers prefer to use their own vehicle over shared mobility and public transportation as a result of COVID-19. Shared mobility decreased the most in Germany with 77% of respondents intending to use less car sharing while the same holds true in both the US (56%) and in China (51%). In both China and the United States, consumers prefer the use of their own vehicle, while in Germany, the increase of commuting in cars is still equal to commuting on both bike and foot. Overall, seamless mobility solutions are still key for consumers.

Additionally, the total number of vehicles is expected to decrease in Europe (-1.2%) and increase in both the United States (+1.1%) and China (+3.9%) until 2035. This is primarily due to mobility growth (highest in China), consumer preferences for shared mobility (lowest in United States) and the average life of a vehicle until it is deposed (highest in Europe).

Though mobility preferences are changing, shared mobility providers can take steps to win back consumers, such as regular cleaning and disinfection. Consumers shared that these things are more important than lower prices in light of the pandemic.

Safety and navigation rank the highest for consumers, followed closely by vehicle management and vehicle features as a service. While connected services are important, the survey findings reveal that only consumers primarily in China (58%) are willing to pay for these services.

Gasoline continues to be the most preferred powertrain in both Germany and the United States. In China, 68% of consumers under the age of 40 prefer electric powertrains, while only 46% in Germany and 37% in the United States prefer electric powertrains.

Anil Khurana, PwC Global Leader, Industrial Manufacturing & Automotive comments, “Consumers’ mobility preferences are rapidly changing based on comfortability and technology. It’s paramount that the mobility industry quickly adapts to the new needs and expectations of consumers. CASE technologies and COVID-19 are game changers that will have lasting effects for years to come.”

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.