Global law firm Freshfields has comprehensively advised Vienna Insurance Group AG on the signing of a business combination agreement with NÜRNBERGER Beteiligungs-AG.

Based on this agreement, VIG has announced its intention to launch a voluntary public purchase offer for up to 100% of the share capital of NÜRNBERGER at a price of €120.00 per share in cash. The offer values NÜRNBERGER at an equity value of €1.382bn for 100% of its share capital.

Several major shareholders of NÜRNBERGER, including Münchener Rückversicherungs-Gesellschaft, Versicherungskammer Bayern, Daido Life Insurance Company, and Swiss Reinsurance Company Ltd., have already irrevocably committed, under tender agreements, to tender shares representing a total of approximately 64.4% of the company’s share capital into the offer.

VIG, headquartered in Vienna, is the leading insurance group in the Central and Eastern European region. The company employs around 30,000 people and operates in approximately 30 countries through more than 50 insurance companies and pension funds.

NÜRNBERGER is a German insurance group that offers a broad range of insurance services in the areas of life, health, and property/casualty through around 50 subsidiaries.

Freshfields’ advice covered all aspects of the transaction, including the negotiation of the business combination agreement, due diligence, regulatory structuring, and the public purchase offer. The Freshfields team was led by Partners Wessel Heukamp (Corporate/M&A, Regulatory, Munich) and Sabrina Kulenkamp (Corporate/M&A, Frankfurt).

The team further comprised:

Partners: David Beutel (Tax, Munich), Ulrich Sittard (Düsseldorf/Munich), Thomas Granetzny (Düsseldorf, both Employment Law), Alexander Glos (Regulatory, Frankfurt), Philipp Dohnke (Commercial/IP, Hamburg), Christoph Werkmeister (Data Protection, Düsseldorf), Gerrit Beckhaus (Real Estate, Hamburg)

Counsel: David Schwintowski (Corporate/M&A, Regulatory, Singapur), Alicia Hildner (Regulatory, Frankfurt), Lukas Pomaroli (Compliance, Vienna), Uwe Salaschek (Antitrust, Berlin)

Principal Associates: Nils Pelzer (Silicon Valley), Velina Ziegler (Frankfurt, both Corporate/M&A), Theresa Kreft (Corporate/M&A, Regulatory, Munich), Aljosha Barath (Commercial/IP, Hamburg), Philipp Carstens (Tax, Munich)

Associates: Lisa-Marie Woschniak, Anett Scholz, Giulia Zöller, Nicolas Ormanns, Jonas Regener, Thimo Brand (all Munich), Jannes Drechsler (Frankfurt, all Corporate/M&A), Julia Kilp, Tobias Kalb (both Empoyment Law, Munich), Lena Minkenberg, (Commercial/IP, Düsseldorf), Maximilian Meisgeier (Regulatory, Brüssel/Berlin), Florian Nicolas Schröder (Real Estate, Hamburg), Annabelle Hamelin (Data Protection, Berlin), Julia Sommer (Compliance, Vienna), Matthias Wahls (Antitrust, Munich)

Inhouse at VIG: Claudia Ungar-Huber (Head of Subsidiaries & Transaction Management), Viktoria Jevtic (Head of Team Legal M&A), Marija Blagojevic (Transaction Manager)