A team composed of members from several offices, led by Dr. Michael Dröge, Fabian G. Gaffron, Dr. Jörg Schewe, and Christoph Prochnau, comprehensively advised Aquila Holding GmbH (Aquila Capital), an independent, globally operating alternative investment manager, on its strategic partnership with Daiwa Energy & Infrastructure Co. Ltd. (DEI), Japan. As part of the transaction, DEI will acquire a 40% minority stake in Aquila Capital. The parties have agreed not to disclose the purchase price.
The agreement on the acquisition was notarized at the beginning of November. Closing of the transaction, expected for early 2020, is subject to approval by the relevant regulatory and antitrust authorities, in particular the European Commission. Aquila Capital’s founders will continue to manage the company.
Aquila Capital and DEI are drawing upon their partnership of several years in the field of Japanese solar investments. The joint venture will enable Aquila Capital to strengthen its position on the European market for tangible assets while developing additional attractive investment opportunities for investors in the Asia-Pacific region.
Hamburg-based Aquila Group is an experienced and long-term tangible asset investor. Established in 2001 by Dr. Dieter Rentsch and Roman Rosslenbroich, the group has currently some EUR 9.5 billion assets under management for a number of institutional investors in Europe and Asia. Among others, the company has invested in renewable energies with a capacity in excess of 4.2 gigawatts and in real estate with a total area of 1.3 million square meters to date (as of October 31, 2019). The group operates 13 branches in twelve countries with more than 300 employees.
Daiwa Energy & Infrastructure Co., Ltd. was established in 2018 as a subsidiary of Daiwa Securities Group Inc., one of Japan’s leading financial services companies. Via DEI, Daiwa develops and operates energy and infrastructure plants for its customers, offering access to financial products and solutions supported by energy and infrastructure plants.
Heuking Kühn Lüer Wojtek acted as lead advisor to Aquila Capital, with Clifford Chance providing support in corporate and IP law. DEI was advised on the transaction by CMS Hasche Sigle.
The team from the Hamburg office, led by Dr. Michael Dröge, has been retained by Aquila Capital since the company’s establishment, advising on a vast number of transactions in the past and on day-to-day business. The strategic partnership agreed with DEI marks a further milestone for Aquila Group, concluding its most important transaction to date.
Counsel to Aquila Capital Holding GmbH
Heuking Kühn Lüer Wojtek:
Dr. Michael Dröge (Partner), M&A/Corporate, Investment Funds
Fabian G. Gaffron (Partner), Tax, M&A/Corporate
Dr. Jörg Schewe (Partner), M&A/Corporate, Joint Ventures
Christoph Prochnau, LL.B. (Salaried Partner), M&A/Corporate, all Lead, all Hamburg
Dr. Sarah Slavik-Schulz (Senior Associate / Project Coordination),
Katharina Waszczynski (Associate),
Lena Sieven (Associate),
Viktoria Kämper (Associate), all M&A/Corporate, W&I Insurance
Dr. Julia Cramer (Salaried Partner)
Dr. Sabine Ottow (Salaried Partner),
Sven Johannsen (Senior Associate), all Capital Markets, Investment Funds
Dr. Kai Erhardt (Salaried Partner), Finance
Dr. Johan-Michel Menke, LL.M. (Partner),
Dr. Arietta von Stechow (Senior Associate),
Timo Trefzger (Associate), all Employment
Dr. Stefan Bretthauer (Partner), Antitrust
Dr. Ullrich Schlichtherle (Senior Associate), Real Estate, all Hamburg
Dr. Thorsten Kuthe (Partner), Finance
Dr. Stefan Jöster, LL.M. (Partner), Insurance, both Cologne
Dr. Martin Ströhmann, LL.M. (Salaried Partner)
Fabian Becker, LL.M. (Senior Associate)
Sarah Kraft, LL.B. (Associate), all Finance, Investment Funds, all Munich
Irene Braunagel (Associate), Finance, Frankfurt
Clifford Chance (Frankfurt / Düsseldorf):
Stefan Bruder, LL.M. (Partner), M&A/Corporate
Günther Barth (Associate), Intellectual Property
(Aquila Capital Holding GmbH):
Dr. Florian Becker, Chief Operating Officer & General Counsel, Aquila Capital