Advising Düsseldorf International Airport
05 Sep 2018
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International law firm Simmons & Simmons has advised Flughafen Düsseldorf GmbH on its partial divestiture as well as the corporate and strategic restructuring of its stake in the regional airport in Mönchengladbach.
All competent authorities and bodies of all share- and stakeholders have approved the transaction. The project was implemented in several steps and has now been completed by the perfection of a capital increase at the level of Flughafengesellschaft Mönchengladbach mbH, subscribed by Flughafen Düsseldorf GmbH and the Municipality of Willich.
In a first step, Flughafen Düsseldorf GmbH sold and transferred shares in Flughafengesellschaft Mönchengladbach mbH to the city of Mönchengladbach. These shares were acquired by EWMG – Entwicklungsgesellschaft der Stadt Mönchengladbach mbH, the local infrastructure development company of the city of Mönchengladbach. Subsequently, numerous organisational and recapitalisation steps were implemented on the debt-side of the balance sheet. As a result, Düsseldorf International Airport downsized its stake to approximately 20%, whilst the city Mönchengladbach increased its shareholding from 30 to 80%. With 0.01%, the city of Willich remains involved as a minority shareholder, mainly to be seen against the local political background.
Lead partner Christian Bornhorst, from Simmons & Simmons Dusseldorf, commented: "We are very pleased to have advised and accompanied our client throughout this challenging project with all its legal, political and regional complexities. Having helped shaping and building a structure acceptable to all parties and all stakeholders fills us with pride."
Advisors of Flughafen Düsseldorf GmbH: Dr Christian Bornhorst (Lead), Dr Anja Schlichting (Corporate/M&A), Dr Martin Gramsch (IP and Antitrust Law), all Düsseldorf; Dr Barbara Heinrich (Real Estate Law), Regina Rath (Restructuring/Insolvency Law), both Frankfurt.
Inhouse: Andreas Klingler (Head of Legal and Compliance), Dr Dominik Schürmann (Legal), Ralf Henning (Head of Corporate Controlling & Investor Relations).
Advisors of the affiliated companies of the City of Mönchengladbach: Dr Martin Wittmann (Lead) and Maren Beneke (both Corporate/M&A, Cologne), Jürgen Funke (Tax, Düsseldorf) and Hubertus Kleene (Antitrust Law, Düsseldorf), all PwC Legal.
Inhouse: Christoph Höck (inter alia Head of Legal), Michael Theisejans (Head of Finance).