Global law firm Freshfields Bruckhaus Deringer (‘Freshfields’) advises Deutsche Bahn on the sale of international transport business Arriva, including all of its operating businesses across 10 European markets to I Squared Capital, a leading global infrastructure investment manager.

Completion of the transaction is expected in 2024, and is subject to the customary closing conditions, including the approval of the Deutsche Bahn Supervisory Board and the Federal Ministry for Digital and Transport of the Federal Republic of Germany. As part of its Strong Rail Group strategy, Deutsche Bahn announced that it intended to sell Arriva to enable additional growth in rail transport in Germany and allow it to focus its resources on its core business, supporting a shift to greener transport and cleaner cities across Europe.

The Freshfields team is being led by partners Richard Thexton and David Sonter and senior associate Yvonne Barry, together with associates Tim Wuttke-Henshall, Charmaine Ho and Christine Khuat, partner Nick French, senior associate Theo Souris and associate Aaron Hanif on anti-trust matters, partner Jill Gatehouse and associate Nicola Cavey on tax matters, partner Andrew Murphy and senior associate Lauren Jackson advising on pension and employment matters while separation and IP support is provided by partner Giles Pratt, senior associate Tony Gregory and associate Jamaal Jackson.

A cross-border, cross-practice team at Freshfields has worked closely with Arriva and Deutsche Bahn over many months to deliver the transaction, in particular with the Deutsche Bahn legal team of Alexander Wismeth, Martin Lamm, Thomas Götze and Christian Wörz and the M&A team of Stefan Klenke, Thomas Wagner and Philipp Lohöfer and with the Arriva legal team of Scott Marshall and Helen Seeber.

Alexander Wismeth, Head of Legal for DB Arriva at Deutsche Bahn said “The Freshfields team, as a whole and each of its members, was exceptional and a great pleasure to work with throughout this transaction, which forms a vital part of Deutsche Bahn’s Strong Rail Group strategy”.