Freshfields advises E.ON in PSI Software investment alongside voluntary public takeover offer
Global law firm Freshfields is advising E.ON on its participation in the voluntary public takeover offer announced by Zest Bidco GmbH, a holding company indirectly controlled by funds managed by Warburg Pincus LLC, to the shareholders of PSI Software SE (Prime Standard, ISIN: DE000A0Z1JH9, stock exchange symbol: PSAN) on 13 October 2025 at a cash consideration of €45.00 per share, based on an investment agreement between the three parties.
E.ON currently is an important customer of PSI and also its second largest shareholder with a ~17.77 % stake. E.ON will retain its current stake in PSI and entered into a framework agreement with Warburg Pincus, which governs their relationship and future collaboration with PSI and its management team.
The transaction remains subject to customary conditions, including regulatory approvals. Closing is expected in the first half of 2026.
The Freshfields team was led by Partner Stephan Waldhausen and further comprised Associate Jonas Braun and Principal Associates Jan Michael Schmitz, Kevin Jansen (all Corporate/M&A, Düsseldorf) as well as Partner Ulrich Scholz (Antitrust, Düsseldorf), Counsel Uwe Salaschek (Foreign Direct Investment, Berlin), Principal Associates Dennis Chinnow (Finance, Frankfurt) and Julian Siegmund and Associates Pascal Schönemann (both Antitrust, Düsseldorf) and Philipp Baschenhof (Foreign Direct Investment, Brussels).
