Heuking Kühn Lüer Wojtek Provides Counsel to Versatel AG on Sale of Cable Network
Advising Seller in Bidding Procedure and Wholesale Agreement
Listed Versatel AG sold all shares in Versatel Kabel GmbH, including the latter's subsidiaries, to financial investor Chequers Capital. The transaction is valued at EUR 66 million plus wholesale agreement.
Led by Ulrike Gantenberg and Sonja Groht, both Corporate Law in Düsseldorf, Heuking Kühn Lüer Wojtek provided counsel to telecommunications provider Versatel during the entire bidding procedure. In the scope of the transaction, with telecommunications attorney Michael Schmittmann as lead counsel, a wholesale agreement on providing network level 3 services on the basis of the available network infrastructure was also entered into.
The sale of the cable network allows telecommunications provider Versatel to focus on its B2B business and creates the required flexibility for a comprehensive strengthening of this segment.
Paris-based financial investor Chequers Capital specializes in taking over companies and developing them further with the management in place. Versatel Kabel's existing management will also continue to manage the company in the future.
The sale of the cable network signals Versatel's complete withdrawal from the end-customer cable market.
The transaction is subject to the approvals of the antitrust and regulatory authorities.
Counsel Versatel AG:
Heuking Kühn Lüer Wojtek, Düsseldorf:
Ulrike Gantenberg, Sonja Groht (Lead, Corporate Law)
Marion-Sangen Emden, Dr. Mirko Brill (Tax)
Michael Schmittmann, Astrid Luedtke, Dr. Georg Jacobs LL.M.,Dr. Philip Kempermann LL.M., (Telecommunications Law / IP)
Dr. Rainer Velte, Beatrice Stange (Antitrust Law)
Christoph Hexel (Employment Law) and Stephan Freund, Katharina Meckelnborg and Laura Boehm (Corporate Law).