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Allen & Overy advises Sartorius group on EUR 1.4bn equity raising

Published Date
Feb 8, 2024
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Allen & Overy has advised the Sartorius group on equity raisings with a total volume of EUR 1.4 billion. The transaction comprised the placement of 613,497 preference shares currently held in treasury by Sartorius Aktiengesellschaft ("Sartorius AG") resulting in gross proceeds of approximately EUR 200 million, and 5,150,215 new shares in Sartorius Stedim Biotech S.A. ("SSB"), the French listed subgroup of Sartorius group, resulting in gross proceeds of approximately EUR 1.2 billion.

In both placements, the shares were offered and sold exclusively to institutional investors by way of accelerated bookbuilding processes, with the exclusion of existing shareholders' subscription rights. Sartorius AG participated in SSB's capital increase by acquiring 1,716,739 new SSB shares for an aggregate amount of approximately EUR 400 million at the placement price of the SSB capital increase.

The net proceeds of both the treasury share placement and the capital increase are intended to accelerate the Sartorius group's debt deleveraging beyond strong internal cash generation and strengthen its overall strategic flexibility.

The German Allen & Overy team was led by partner Dr Knut Sauer and counsel Nadine Kämper and also comprised associate Patrick Reuter (all Equity Capital Markets, all Frankfurt). The team providing French law advice was led by partner Olivier Thebault and also comprised associate Jade Billere-Mellet (both Capital Markets, both Paris). Partner Diana Billik (Paris) and senior associate Carolyn Slauson Ali (London) advised on aspects of U.S. law. Partner Mathieu Vignon and senior associate Virginie Chatte (both Paris) advised on tax aspects.

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This content was originally published by Allen & Overy before the A&O Shearman merger

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