Hengeler Mueller advises KKR on sale of Versatel to United Internet
04. September 2014
KKR has announced the signing of a binding agreement to sell the 74.9% stake in Versatel GmbH (“Versatel”), held by funds advised by KKR, to United Internet AG (“United Internet”) for a total enterprise value of around EUR 1.25 bn. Together with the 25.1% stake which United Internet already holds, United Internet will increase its stake in Versatel to 100%. The Versatel transaction is subject to approval by the relevant competition authorities.
KKR had acquired Versatel in the course of a public takeover offer in July 2011 and raised its holding to 100% by way of a squeeze-out. In December 2012, United Internet had acquired a 25.1% stake in Versatel. Over the last three years, Versatel developed into the leading alternative fibre operator in Germany, the largest telecommunications market in Europe.
Hengeler Mueller is advising KKR on the transaction. The Hengeler Mueller team is led by partners Bernd Wirbel, Christian Schwandtner (both Corporate/M&A) and includes Maximilian Schiessl (M&A), Alf-Henrik Bischke (Competition) (all Düsseldorf) as well as associates Mikolaj Pogorzelski, Katharina Hesse (both Corporate/M&A), Stefanie Budde (Competition) and Martin T. Mohr (Tax) (all Düsseldorf).
Hengeler Mueller had already advised KKR on the acquisition of Versatel in the course of a public takeover offer in July 2011 and on the increase in its stake to 100% by way of a squeeze-out.