May 29, 2020
Latham & Watkins LLP is advising the banking consortium on the planned listing of the Energy Division of Siemens AG on the regulated market (Prime Standard) of the Frankfurt Stock Exchange. The completion of the spin-off and the listing of the new Siemens Energy is planned for September 2020.
Siemens AG will retain 45 percent of the shares, 9.9 percent of Siemens Energy will be invested in the company's pension fund and 55 percent of Siemens Energy will be spun off to Siemens shareholders. Depending on the strategic and operational development of both companies, Siemens AG intends to further significantly reduce its stake in Siemens Energy within 12 to 18 months.
Siemens Energy's products will include, among other things, combined cycle turbines, generators, transformers and compressors. The company will have about 91,000 employees worldwide.
The Latham team is co-led by Frankfurt capital markets partner Oliver Seiler and Munich corporate partner Rainer Traugott, with Frankfurt capital markets counsel Gregory Walker and associates David Rath, Camilla Kehler-Weiß, Alexandre Maturana, and Isabel Willius, and Munich corporate associate Rieke Klie. Advice was also provided on tax matters by Munich partner Thomas Fox.