Salans LLP has advised S-Finanzgruppe, represented by Deutsche Sparkassen- und Giroverband (DSGV), in connection with the acquisition of DekaBank.

The sales contract was signed in Frankfurt yesterday. It states that the German Savings Banks take on 50% of the stakes previously held by the Land Banks at a purchase price of EUR 2.3 billion. In the preceding weeks, the regional Savings Banks had already passed the approving resolutions at the level of the Savings Banks and their association. Until now, the Savings Banks and the Land Banks owned 50% each of DekaBank, fund providers.

The Savings Banks will pay EUR 1.3 billion of the purchase price. DekaBank will repurchase shares from the Land Banks for about EUR 1.0 billion covered by its equity capital.

A Salans team, led by Berlin partners Dr. Stephan Busch and Dirk-Reiner Voss, comprehensively advised the purchaser on the acquisition with regard to all legal and tax aspects as well as with regard to its structuring. Stephan Busch has longstanding mandate relations with S-Finanzgruppe. For instance, Salans lawyers advised the German Savings Banks, inter alia, in 2007 on the acquisition of Landesbank Berlin; in 2008 they advised Landesbank Berlin on the acquisition of the customer credit division of BHW Bank, a Postbank affiliate. In 2005 they advised on the sale of Weberbank to Westdeutsche Landesbank, and in 2002 they advised Bankgesellschaft Berlin in connection with its rescue by the Federal Province of Berlin in terms of warranting with a value of EUR 21.6 billion.