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DGAP-News: Willkie Farr & Gallagher LLP / Key word(s): Mergers & Acquisitions
11.09.2018 / 20:40
The issuer is solely responsible for the content of this announcement.
| GALERIA Kaufhof GmbH and Karstadt Warenhaus GmbH, two traditional names in the German retail sector, merge to a joint venture with 32,000 employees and 243 locations. |
| The joint venture of SIGNA and HBC includes GALERIA Kaufhof GmbH, Karstadt Warenhaus GmbH, the entire retail business of HBC Europe (Saks OFF 5TH, GALERIA Inno in Belgium, Hudson's Bay in The Netherlands) as well as Karstadt Sports and the entire food and catering departments of both companies (Dinea, Kaufhof Gourmet, Karstadt Feinkost, Le Buffet) as well as the respective e-commerce platforms. SIGNA Retail will hold 50.01 percent of the shares of the holding company and HBC 49.99 percent. With the partnership, SIGNA acquires a 50 percent equity interest in HBC's German real estate holdings. These assets will include 39 properties owned by HBC's existing Joint Venture in Europe and 18 additional properties held at GALERIA Kaufhof. HBC will continue to hold 50 percent of the real estate assets. The Kaufhof location in Cologne and Carsch-Haus in Duesseldorf will be subsequently acquired by SIGNA Prime Selection AG and the proceeds will be invested in the combined operating entity. The European real estate assets will be held in a 50/50 joint venture between SIGNA Prime Selection and HBC. |
| The closing of the transaction is subject to approval from the antitrust authorities. |
| HBC is a diversified global retailer focused on driving the performance of high quality stores and their omni-channel platforms and unlocking the value of real estate holdings. Founded in 1670, HBC is the oldest company in North America. HBC's portfolio today includes formats ranging from luxury to premium department stores to off price fashion shopping destinations, with more than 480 stores and approximately 65,000 employees around the world. |
| In North America, HBC's leading banners include Hudson's Bay, Lord & Taylor, Saks Fifth Avenue, and Saks OFF 5TH, along with Home Outfitters. In Europe, its banners include GALERIA Kaufhof, the largest department store group in Germany, Belgium's only department store group GALERIA INNO, as well as Saks OFF 5TH in Germany and The Netherlands and Hudson's Bay in The Netherlands. |
| HBC has significant investments in real estate joint ventures. It has partnered with Simon Property Group Inc. in the HBS Global Properties Joint Venture, which owns properties in the United States and Germany. In Canada, it has partnered with RioCan. |
| The Willkie team was led by Georg Linde (Corporate, Frankfurt) and Gordon Caplan (Corporate, New York) and included partners Dr. Patrick Meiisel, Dr. Bettina Bokeloh (both Tax, Frankfurt), Dr. Jasmin Dettmar (lead Finance, Frankfurt), Dr. Christian Rolf (HR, Frankfurt), Susanne Zuehlke (Antitrust and Competition, Brussels/ Frankfurt), Michael Brandt (Corporate, New York) and Henry Cohn (Steuerrecht, New York), Counsel Dr. Andreas Vath (Corporate, Frankfurt), and associates: Johannes Eckhardt, Wolfgang Münchow, Stefan Bührle, Dr. Erik Göretzlehner, Ali Kilic, Manuel Köchel, Ilie Manole, Lukas Nein, Andreas Sandberger, Karsten Silbernagel, Matthias Strecker, Martin Waskwoski (all Corporate, Frankfurt), Simone Kristin Schmidt (Tax, Frankfurt), Christopher Clerihew (Finance, Frankfurt), Philipp Heuser (Antitrust and Competition, Brussels/ Frankfurt), David Blassberger, Thomas Merante (both Corporate, New York), Guy Inbar (Tax, New York) and Phil Coletto (Corporate, London). |
| Willkie Farr & Gallagher LLP is an international law firm, comprising more than 650 attorneys with offices in New York, Washington, Houston, Paris, London, Milan, Rome, Frankfurt and Brussels. The headquarters are in New York, 787 Seventh Avenue, Tel.: 001 212 728 8000. |
| Frankfurt am Main, September 11, 2018 |
11.09.2018 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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