Cross-border teams from Freshfields Bruckhaus Deringer and Sullivan & Cromwell are advising on the €1.7bn (£1.2bn) tie-up between banking technology companies Wincor Nixdorf and Diebold in Germany and the US.
Freshfields Bruckhaus Deringer is fielding a team across both jurisdictions, with Düsseldorf corporate partners Stephan Waldhausen and Gregor von Bonin taking the lead alongside partners Peter Lyons and Michael Levitt in New York.
Partners Stephan Eilers and Adalbert Rödding are working on tax matters in Cologne, while partner Adam Siegel and counsel Daniel Cendan advise on dispute resolution in New York.
The magic circle firm is also fielding a finance team in Frankfurt and New York, with partners Michael Josenhans and James Douglas both acting. Düsseldorf partner Uta Itzen and counsel Juliane Ziebarth were instructed on the antitrust side, along with Washington DC partner Tom Ensign and counsel Mary Lehner.
The billion pound bid for Wincor Nixdorf was made by US rival Diebold, which sought advice from Sullivan & Cromwell New York partner Francis Aquila, as well as Frankfurt partners Carsten Berrar and York Schnorbus.
Partners Catherine Clarkin and Ronald Creamer are handling equity capital markets and tax matters respectively in New York.
Simpson Thacher & Bartlett represented JPMorgan Chase Bank and Credit Suisse in connection with the financing to Diebold. Banking partner Patrick Ryan is advising alongside partner Art Robinson and counsel Patrick Baron. Corporate partner Edward Chung also worked on the deal, while partners David Rubinsky and Rob Holo dealt with employment and tax matters respectively. Senior counsel Adeeb Fadil handled environmental issues.
The transaction is expected to make the new company, Diebold Nixdorf, one of the world’s largest makers of cash machines. The combined company will be listed on the New York Stock Exchange and the Frankfurt Stock Exchange.
Background to the deal
The deal comes amid Freshfields’ own German restructuring in which the firm plans to merger its offices in Cologne and Düsseldorf into one office.
German-based Wincor Nixdorf listed on the Frankfurt Stock Exchange back in 2004, turning to Sullivan & Cromwell partner Carsten Berrar for advice. However, this time the US firm acted on the other side for Ohio-based Diebold, which hired Jonathan Leiken as its chief legal officer last year from the partnership of Jones Day.
Meanwhile Simpson Thacher has acted for JPMorgan Chase on multiple transactions in the past year. According to The Lawyer Market Intelligence, these include the equity interest sale of Carlson Wagonlit Travel group and Mercuria Energy Group in 2014. US partner Ryan is a key point of contact for JP Morgan and the firm is believed to be on the bank’s panel, which was reviewed last year.