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Freshfields advises Vonovia on its planned merger with Deutsche Wohnen

Freshfields Bruckhaus Deringer ('Freshfields') has been advising Vonovia SE, a leading German real estate company, on its contemplated business combination with Deutsche Wohnen SE by way of a public tender offer to all shareholders of Deutsche Wohnen SE to acquire all outstanding shares in Deutsche Wohnen.

Deutsche Wohnen shareholders are expected to receive an offer consideration of EUR 52,00 per share. Together with the announced Deutsche Wohnen dividend of EUR 1.03 per share, this corresponds to a value per Deutsche Wohnen share of EUR 53.03. This is equivalent to a premium of approx. 19 percent on the closing price of the Deutsche Wohnen share on 21 May 2021. The transaction volume therefore amounts to approx. EUR 27.8 billion.

The boards of Deutsche Wohnen support the transaction and have declared their intention to recommend the acceptance of the tender offer.

As with the successful acquisitions of conwert Immobilien Invest SE in 2016, BUWOG AG in 2017/18, Victoria Park AB in 2018 and the majority stake in Hembla AB in 2019, DAX-listed Vonovia has again worked with Freshfields on the current transaction.

The Freshfields team comprises Rick van Aerssen, Gregor von Bonin, Kai Hasselbach, Timo Piller, Max Alles, Simon Stepper, Daniel Vogt and David Langenbach (all Corporate); Mario Hüther, Stephan Pachinger, Simone Bono, Alexander Ruschkowski, Alexander Pospisil, Victoria Bazil, Dennis Chinnow, Jennifer Brokamp and Christina Banz (all Finance); Martin Schiessl and Claus-Peter Knöller (both Tax), Thomas Müller-Bonanni and Alice Jenner (both People&Reward), Kathrin Gassner and Tobias Pukropski (both Competition).