Eelco van der Stok

Global law firm Freshfields Bruckhaus Deringer advised Canada Pension Plan Investment Board (‘CPP Investments’) on its long-term investment partnership with Power2X. The partnership plans to invest an initial EUR 130 million to accelerate the growth of Power2X as a development platform and fund green molecule projects. Under the terms of the deal, CPP Investments will acquire a majority interest in Power2X. Headquartered in Amsterdam, Power2X develops large-scale new energy assets and infrastructure focusing on decarbonising industrial value chains. The investment supports Power2X’s mission to become a long-term developer, owner and operator of next-generation energy assets with a focus on green hydrogen and other clean molecules such as green methanol and ammonia. The Freshfields team advising CPP Investments was led by partner Saloua Ouchan, with support from Marius Weyers, Nayoung Kwon, Emelde Rubaij-Bouman, Nick Surgey, Tijn Mandema, Sebastiaan Bonapart, Jordi Wals (Corporate), Eelco van der Stok and Daan van Schaik (Tax), Paul van den Berg, Rosa Warning and Clara Mendez de Vigo (Antitrust and Regulatory), Brechje Nollen, Julia Van Heusden and Babette Koning (People & Reward), Bert Spijkervet (Notarial) and Jan-Jaap Koningsveld (IP).

Jul 14

1 min

Global law firm Freshfields Bruckhaus Deringer (‘Freshfields’) has advised Siemens Energy AG on the indirect issuance of a mandatory convertible bond in the total nominal amount of €960 million. It represents the largest issue of a mandatory convertible bond in Germany in the past six years. The mandatory convertible bond, which was placed exclusively with institutional investors under exclusion of shareholders' subscription rights, has a term of three years, an annual interest rate of 5.625 percent and a conversion premium on the maximum conversion price of 17.5 percent in relation to the reference share price. The mandatory convertible bond is to be included in trading on the Open Market of the Frankfurt Stock Exchange. The mandatory convertible bond was issued by a wholly owned subsidiary of Siemens Energy AG and is guaranteed by Siemens Energy AG on a subordinated basis. At maturity, the convertible bonds will be mandatorily converted into Siemens Energy AG shares (conversion obligation). Due to this special structure, the mandatory convertible bond is to be attributed to equity by the rating agencies, thereby strengthening not only the liquidity but also the equity base of Siemens Energy AG. In addition to capital markets and corporate law issues, Freshfields also advised Siemens Energy AG on the issue with regard to tax law and Dutch law. The net proceeds of the bond issue will be used to partially finance the voluntary cash tender offer for all outstanding shares of Siemens Gamesa Renewable Energy, S.A. announced by the company in May 2022. Freshfields had already comprehensively advised Siemens Energy AG on the voluntary cash tender offer. The Freshfields team comprised Partners Rick van Aerssen and Simon Schwarz as well as Principal Associate Nikolaus Bunting and Associate Maren Abraham (all Global Transactions, Frankfurt) as well as Partner Philipp Redeker and Counsel Peter Stark (Frankfurt, both Tax). On Dutch law, Partner Thijs Flokstra, Counsel Tim Elkerbout and Associate Daniel van Loggerenberg (all Global Transactions) as well as Partner Eelco van der Stok and Senior Associate Daan van Schaik (both Tax, all Amsterdam) advised.

Sep 23

2 min

Freshfields Bruckhaus Deringer (‘Freshfields’) is advising CVC, a leading global private markets manager, on its acquisition of a majority stake in leading infrastructure manager, DIF Capital Partners, with a commitment to acquire the remaining shares over time. This combination creates a global private markets manager with seven complementary strategies and approximately €177 billion of total assets under management. This strategic acquisition provides CVC with a leading infrastructure platform, directly adjacent and highly complementary to its existing private equity, secondary and credit strategies. In addition, this acquisition accelerates the growth of DIF. The Freshfields team is being led in London by partners Andy Robinson, Charles Hayes, David Sonter and Jill Gatehouse and in Amsterdam by partners Hanneke Rothbarth, Menno Verboom and Eelco van der Stok.

Sep 6

1 min

Freshfields Bruckhaus Deringer (‘Freshfields’) is advising CVC Growth, part of one of the world’s leading private equity and investment advisory firms, on CVC Growth Fund's investment of approximately €200 million to acquire a significant minority stake in TOPdesk, an IT service desk platform. This investment marks a pivotal moment in TOPdesk’s history, as it represents the first instance of external capital infusion for the business, which has remained under the majority ownership of its founders. CVC Growth Funds’ investment is expected to close in the first half of 2024, subject to certain regulatory clearances and employee representative bodies’ advice. Started by CEO and co-founder Wolter Smit in the nineties in Delft in the Netherlands, TOPdesk has a phenomenal growth story to tell, now with over 10 million active users on its platform, 14 offices operating across 11 countries and with over 1,000 employees worldwide. CVC will collaborate with Wolter Smit and CFO Rob Haaring to expedite the business’ growth and further its development. The Freshfields team is being led by partners Charles Hayes, Menno Verboom and Alex Mitchell and senior associates Evelyn Bradley, Hannah Turton and Terence Ayres and associates Zoe Walker and Lasse de Vooght, with support from a team across the Freshfields network including partners Tom McGrath, Brechje Nollen, Stephanie Brown Cripps and Eelco Van Der Stok. Further details about the transaction can be found here.

Dec 12

1 min

Global law firm Freshfields Bruckhaus Deringer ("Freshfields") has advised DAX 40 listed Siemens Energy AG ("Siemens Energy") comprehensively from a corporate, finance, state aid and tax law perspective on the conclusion of a "guarantee package" with a consortium of banks and the German government and a related partial sale of its interest in the Indian company "Siemens Limited" ("SIL"). For long-term projects, Siemens Energy AG is dependent on certain guarantees for advance payments, performance or warranty guarantees. Under the agreements with the consortium of banks and the German government, Siemens Energy AG has secured guarantee lines totalling EUR 12 billion. EUR 11 billion will be provided by a consortium of banks under a guarantee facility, for which the German government will provide a proportional guarantee in the amount of EUR 7.5 billion. The remaining EUR 1 billion will be provided by another consortium of banks led by Deutsche Bank. The theoretical default risk under this line is covered by structured loss protection of up to EUR 1 billion. As part of the agreements, Siemens Energy AG now intends to sell 18% of its shares in the Indian company SIL to its majority shareholder Siemens AG for a purchase price of approximately EUR 2.1 billion in order to strengthen its balance sheet. In addition, Siemens Energy AG and Siemens AG have agreed on a structure that covers the theoretical default risk of the guarantees by accessing a first loss amount of up to EUR 1 billion. This amount is collateralised by a block of shares as well as agreed payment deferrals. The Freshfields team was led by partners Dr. Stephan Waldhausen (Corporate/M&A, Düsseldorf), Dr. Simon Schwarz (Corporate/M&A, Frankfurt), Dr. Frank Laudenklos (Finance, Frankfurt), Dr. Andreas von Bonin (Antitrust, Brussels) and principal associate Dr. Mesut Korkmaz (Corporate/M&A, Düsseldorf). They were supported by partners Dr. Philipp Redeker (Tax, Düsseldorf), Dr. Christian Sistermann (Tax, Munich), Eelco Van Der Stok (Tax, Amsterdam), Dr. Lars Westpfahl (Restructuring, Hamburg), Michael Broeders (Restructuring, Amsterdam), counsel Judit Gajdics (Corporate/M&A, Munich), Jan-Philip Wilde (Restructuring, Hamburg), Alexander Ruschkowski (Capital Markets, Frankfurt), Dr. Janina Heinz (Regulatory, Frankfurt), Dr. Peter Stark (Tax, Frankfurt), Dr. Justus Anacker (Corporate/M&A, Düsseldorf) and Tim Elkerbout (Finance, Amsterdam) as well as principal associates Dr. Dennnis Chinnow (Finance, Frankfurt), Dr. Julian Siller (Tax, Munich) and Dr. Christoph Becherer (Corporate/M&A, Berlin). The team also included the associates Finn Poll-Wolbeck (Corporate/M&A, Düsseldorf), Marc Philipp Lebioda (Corporate/M&A, Munich), Dr. Burak Firat (Corporate/M&A, Berlin), Hannes Butz (Corporate/M&A, Frankfurt), Laura Korndörfer (Finance, Frankfurt), Jonas Levermann (Antitrust, Brussels), Dr. Rebecca Hettich (Corporate/M&A, Frankfurt), Viktoria von Abel (Tax, Frankfurt), Antonius Gehringhoff (Corporate/M&A, Berlin) and Merel Van Essen (Tax, Amsterdam). Inhouse at Siemens Energy AG, the project was supported on the legal side by Dr. Ilkin Karakay (General Counsel), Dr. Christian Zentner (Head of Corporate/M&A), Dr. Lars Stelling (Head of Legal M&A, Antitrust & Regulatory), Christian Kallenbach (Senior Legal Counsel), Jörn Eickhof (Head of Legal Competition & Regulatory), Dr. Elke Wachenfeld-Teschner (Head of Capital Markets & Shareholdings), Dr. Michael Hölzl (Head of Tax), Nadin Beatrix Fink (Vice President / Head of Group Tax) and Dr. Stefan Höhns (Siemens Gamesa Renewable Energy, General Counsel).

Nov 15

2 min