US firms Paul Hastings and Weil, Gotshal & Manges have won lead roles on the OCEAN Holding acquisition of German mortgage bank Düsseldorfer Hypothekenbank, from the US investor Lone Star, in what is the largest German bank takeover since the economic downturn.
Paul Hastings’ team advised the buyer and was led by Frankfurt partner and office chair Christopher Wolff, alongside corporate associates Christian Mock, Friederike Schröder and Fritz Kleweta, and of counsel Uwe Halbig on tax issues.
Weil, Gotshal & Manges advised Lone Star in the sale, with corporate partner Uwe Hartmann leading out of Frankfurt, alongside tax partner Jürgen Börst and corporate partner Heiner Drüke.
OCEAN Holding, managed by Dr Patrick Bettscheider and Attestor Capital, bought the German bank which has €12bn in assets, from LSF5 German Investments II LP, Delaware, and LSF5 Riverside Ltd. & Co. KG, – two companies of the Lone Star Group.
The Lone Star Group first acquired the bank in 2010 with the injection of over more €500m since then to strengthen the bank’s core capital position. The purchase agreement is subject to approval by the regulatory authorities.