The Management Board of Deutsche Bahn AG signed an agreement for the sale of its logistics subsidiary DB Schenker to the Danish transport and logistics group DSV for an enterprise value of EUR 14.3 billion. Including net debt and the expected interest income until completion, the total sales value amounts to EUR 14.8 billion. The agreement is subject to final approval by the Supervisory Board of Deutsche Bahn AG and the German Federal Government in accordance with the Federal Budget Code (BHO). The transaction is expected to be completed in the course of 2025 following receipt of all regulatory approvals.
Hengeler Mueller advised Deutsche Bahn comprehensively on the transaction.
Hengeler Mueller team for Deutsche Bahn
M&A/Corporate: Hans-Jörg Ziegenhain (partner, lead, Munich), Georg A. Frowein (partner, lead), Jan Häller, Ioanna Tsotsa (all Frankfurt), Ingo Berner, Philipp Pauschinger (both Berlin, all senior associates), Moritz Jacob, Philip Falk (both associates, Frankfurt),
State aid law/FDI/Public Law: Jan Bonhage (partner, Berlin), Thomas Ruthemeyer (counsel, Düsseldorf), Matthias Schindlbeck, Roman Kalin, Kevin Marschhäuser (all associates, all Berlin),
Finance: Daniela Böning (partner), Pascal Brandt (senior associate), Jennifer Ellen Klein (associate, both Frankfurt),
Antitrust: Philipp Otto Neideck (partner), Anja Balitzki (counsel), Leonie Lentner (associate, all Dusseldorf),
Tax: Gunther Wagner (partner), Tim Würstlin (senior associate), Julia Gramer (associate, all Munich),
Employment: Hendrik Bockenheimer (partner), Andreas Kaletsch (senior associate), Mona Geimer (associate, all Frankfurt),
IP: Matthias Berberich (counsel), Kevin Dollerschell (associate, both Berlin).
Team Deutsche Bahn
The in-house legal team at Deutsche Bahn AG comprised:
Alexander Wismeth (lead),
Corporate: Thomas Götze (lead), Rolf Kinner, Martin Lamm, .
Antitrust: Friederike Finkelnburg, Christian Wörz, Nina Simone,
Public law/State aid law: Udo Woll (lead), Cornelia Leitner, Helmer Krane,
The in-house tax team at Deutsche Bahn AG comprised:
Hella Schmidt-Naschke (lead), Roxana Leske, Matthias Schlageter, Roxana Leske, Stefan Butz, Patric Schwarz, Matthew Reeves, Philipp Baudy, Julian Beister, Christiane Bartels, Thomas Reindl, Cleiton Valentim, Julie Graf.