Sidley advised investment funds managed by Apollo and certain other shareholders on the sale of the German bank Oldenburgische Landesbank (OLB) to TARGO Deutschland GmbH, a subsidiary of leading French cooperative bank Crédit Mutuel Alliance Fédérale, which is the ninth largest bank in the Eurozone in terms of total assets. The Sidley team also advised the Apollo Funds and certain other shareholders on the dual-track alternative of an IPO of OLB, which was ultimately discontinued in connection with the sale of OLB. OLB has 1 million customers and total assets of more than €30 billion, making it a significant financial institution in Europe subject to direct regulatory oversight by the European Central Bank (ECB). Upon completion of the transaction, the consolidated German group of Crédit Mutuel will become the tenth largest bank in Germany, with a comprehensive offering in corporate and retail banking.
The transaction is subject to satisfaction of customary closing conditions, including regulatory approval by the ECB. Financial terms of the transaction were not disclosed.
The Sidley team was led by partners Ramy Wahbeh and Kaisa Kuusk, counsel Florian Kamp, managing associate Jessica Edwards, and associate Jagata Swaminathan (M&A and Private Equity). The broader cross-office and cross-practice team included Björn Holland and Matthias J. Annweiler (M&A and Private Equity); Jason Menzies, Roderic Pagel, and Ellie Verran (Tax); Sven De Knop and Alessandra Moroni (Global Arbitration, Trade and Advocacy); and Matthew Shankland (Commercial Litigation and Disputes).
