Hengeler Mueller advises on Cherry IPO
29. June 2021
Cherry AG, a global leader in the manufacture of premium mechanical gaming switches and peripherals for gaming, office and industry as well as healthcare and security applications, made its debut on the Frankfurt stock market (Prime Standard) today.
At the final offer price of EUR 32 per share, the total volume of the IPO was significantly oversubscribed. The total number of shares and the final offer price corresponds to a market capitalization of approx. EUR 778 million. The total volume of primary and secondary shares placed in the IPO amounts to approx. EUR 416 million.
Prior to the IPO, the principal (indirect) shareholders of Cherry AG were private funds managed by Argand Partners, LP, the New York and San Francisco Bay Area, USA, based private equity firm.
Hengeler Mueller advised Cherry AG and its selling shareholders on the IPO and related corporate work.
The Hengeler Mueller team was led by partner Alexander Rang (Capital Markets, Frankfurt) and included partners Peter Weyland, Annika Clauss, Lucina Berger (all Frankfurt), Georg Seyfarth (Düsseldorf) (all Corporate), counsel Cecilia Di Cio (Capital Markets, Frankfurt) and Patrick Wilkening (IP/IT, Düsseldorf) as well as associates Pascal Brandt, Christoph Roggemann, Dominik Stolz (all Capital Markets), Philipp Ersfeld, Nicholas Kubesch, Benedikt Hoegen, Malte Christians, Georg Tauser and Georg Lorenz (all Corporate), Tom Shingler (Finance) (all Frankfurt), Anika Sonnenberg (Corporate), Carsten Bormann (Public Law) and Vicki Treibmann (Employment) (all Düsseldorf).
On US aspects of the transaction the IPO team was supported by Cravath, Swaine & Moore LLP (partner Philip Boeckman and associates Brian Bodensteiner and Johannes Liefke).
Hengeler Mueller had advised Argand Partners in 2020 on its acquisition of a majority stake in Cherry and has served as corporate counsel advising Cherry AG and its selling shareholders since that time.