Latham & Watkins Advises Hyundai on Investment in Sixt Leasing SE
Latham & Watkins LLP advised Hyundai on the acquisition of Sixt SE's entire shareholding in Sixt Leasing SE as well as on a voluntary public takeover bid for all remaining shares in Sixt Leasing SE through Hyundai Capital Bank Europe (HCBE), a joint venture between Santander Consumer Bank AG and Hyundai Capital Services Inc.
With the acquisition from Sixt SE, Hyundai will take over 41.9 percent of the shares in Sixt Leasing SE. The purchase price of €18.00 per share results in a total volume of around €155.6 million for the stake. Sixt SE will be entitled under the agreement to a dividend on its participation in Sixt Leasing SE for the financial year 2019, depending on the consolidated profit for the financial year 2019 as stated in the audited consolidated financial statements of Sixt Leasing SE, of up to EUR 0.90 per share. The takeover offer as well as the share purchase agreement will be made subject to certain completion conditions, amongst others, merger control and other regulatory clearances, a minimum acceptance threshold of 55 percent of the shares of Sixt Leasing SE and further customary closing conditions.
Sixt Leasing SE based in Pullach near Munich is a market leader in online direct sales of new vehicles as well as a specialist in the management and full-service leasing of large fleets. With tailor-made solutions, the company enables the longer-term mobility of its private and corporate customers.
HCBE is the captive financial services provider of Hyundai Motor and Kia Motors for their car brands Kia and Hyundai. The company is located in Frankfurt am Main. HCBE successfully passed the EU-wide standard bank approval procedure and received the German full-license from the ECB in September 2016.
Latham & Watkins already advised Hyundai and Kia with a cross boarder team on its investment into Munich based High-Power EV Charging Network IONITY, a joint venture of BMW Group, Daimler AG, Ford Motor Company, and Volkswagen Group with Porsche that is set up with the goal on building a high power charging network for electric vehicles along major highways in Europe. The firm also advised Hyundai Motor Group with a cross-border multidisciplinary deal team on a US$4 billion milestone transaction with the autonomous joint venture with Aptiv.
Latham advised Hyundai in the transaction with a team led by Düsseldorf partner Natalie Daghles, with partner Harald Selzner, counsel Sebastian Goslar, associates Benedikt Vogt, Gerrit Henze, Florian Döpking, Jörg Ruff, Hannah Besting, Steffen Augschill, David Funken, Fabian Klumpen, Alexander Belk and Carolin Ostendorf. Advice was also provided on private equity matters by Frankfurt partner Oliver Felsenstein and associate Ku-Hyun Baek; on tax matters by Munich partner Stefan Süß, counsel Ulf Kieker and by Hamburg associate Simon Pommer; on finance matters by Frankfurt partner Alexandra Hagelüken and associate Kim Woggon; on capital markets matters by Frankfurt counsel Frank Bierwirth and associate Alexander Vorndran; on employment matters by Munich counsel Dirk Schnelle and associate Annika Juds; on antitrust matters by Hamburg counsel Jana Dammann and associate Niklas Brüggemann; on technology matters by Frankfurt counsel Thies Deike; on regulatory matters by Frankfurt partner Markus Krüger, counsel Joachim Grittmann, associates Dominik Schöneberger and Max von Cube. Advice was also provided on M&A matters by Seoul partner Steve Kang, associate Regina Jinseo Kim and Tokyo associate Hae-in Park.