Hengeler Mueller advises Deutsche Börse on acquisition of majority stake in ISS

18. November 2020

Deutsche Börse AG has entered into binding agreements on the acquisition of Institutional Shareholder Services Inc. ("ISS"), a leading governance, ESG data and analytics provider. Deutsche Börse will acquire a majority stake of approximately 80% in ISS. Genstar Capital and the current management of ISS will continue to hold approximately 20% in ISS. The transaction is based on an ISS valuation of USD 2,275 million (EUR 1,941 million) cash and debt free for 100%. It is expected to close in the first half of 2021 with closing being subject to receiving required regulatory approvals and other customary closing conditions.

Hengeler Mueller advises Deutsche Börse on the transaction. The team is led by Daniel Möritz and Hans-Jörg Ziegenhain (both M&A/Corporate, Munich) and includes partners Christian Schmies (Regulatory), Christian Hoefs (Employment), Johannes Tieves (Financing) (all Frankfurt) and Markus Ernst (Tax, Munich), counsel Alexander Bekier (M&A/Corporate, Berlin) and Patrick Wilkening (IP/IT, Düsseldorf) as well as associates Daniel Illhardt, Thomas Daniel Weierer, Johannes Schmidt (all M&A/Corporate, Munich), Marius Marx (Tax), Conrad Ruppel and Daniel Adolph (both Regulatory) (all Frankfurt).

Hengeler Mueller works on this transaction in an integrated team together with Cravath Swaine & Moore LLP (partners Aaron M. Gruber and Mark I. Greene).