Ashurst advised a consortium of banks consisting of UniCredit, Commerzbank, ING and IKB Deutsche Industriebank on the financing of the acquisition of a majority participation in Universal-Investment. The purchaser is the British financial investor Montagu which acquired the shares in the fifth largest German fund provider from the private bank Berenberg in Hamburg and Bankhaus Lampe in Bielefeld. The parties have agreed to maintain confidentiality with respect to the purchase price and financing volume.

Berenberg and Lampe have been participating in Universal-Investment for decades and have increased their shares gradually over the last number of years, most recently in August 2012 to 50 per cent., respectively.

Ashurst covered the financing as well as the regulatory, corporate law and tax law aspects of the mandate with a multi-practice team.

The team was led by the Munich partner Dr Bernd Egbers who was assisted by partner Sebastian Schoon, counsel Christiane Bestgen, senior associate Dr Karsten Raupach, associate Isabell Pöller and transaction manager Susanne Kasnitz (all finance, Munich). Corporate law aspects were covered by the Munich corporate partner Holger Ebersberger. Partner Dr Detmar Loff advised on regulatory, partner Heiko Penndorf advised on tax law (both from Frankfurt).