6 years of GDPR: 5th edition of the GDPR Enforcement Tracker Report is now available

Berlin, 27.06.2024 – FLEX Capital, a Berlin-based private equity fund focusing on medium-sized software companies in the DACH region, has acquired a majority stake in PROXORA. PROXORA is a compliance management software and offers intelligent solutions for effective compliance processes. With the acquisition, both companies aim to make PROXORA a leading provider of compliance management software for corporations and SMEs. The parties have agreed not to disclose details of the transaction.A CMS team headed by Dr Igor Stenzel provided comprehensive legal advice to FLEX Capital on this transaction. The advice included in particular the legal due diligence as well as the drafting and negotiation of the contractual documentation. CMS teams regularly advise the PE investor FLEX Capital on transactions. Press Con­tact presse@cms-hs. com

Because environmental, social and governance (ESG) is such an increasing focal point of good corporate governance, we address ESG duties and responsibilities first. For more general duties and re­spons­ib­il­it­ies...

Munich, 25.06.2024 – Raiffeisen Vertriebs GmbH has acquired from FTI Touristik GmbH ("FTI") its minority stakes in RT/Raiffeisen Touristik Group GmbH ("RTG"). FTI is thus no longer a shareholder of RTG. Raiffeisen Vertriebs GmbH also acquired further 50% of the shares in Tour­istik­ver­triebsgesell­schaft mbH ("TVG") from FTI Distribution Holding GmbH, making it the sole owner of TVG. This has created planning security for the cooperation of around 230 TVG travel agencies. As part of the transaction, Raiffeisen Vertriebs GmbH is also taking over the trademark rights of "Flugbörse".A CMS team headed by partner Dr Eva Annett Grigoleit provided comprehensive legal advice to Raiffeisen Vertriebs GmbH on this transaction. As part of Raiffeisen Touristik Group GmbH, Raiffeisen Vertriebs GmbH is a long-standing CMS client. Press Con­tact presse@cms-hs. com

Frankfurt/Main, 26.06.2024 – Aareal Bank and Advent International (“Advent”) have entered into an agreement with TPG and CDPQ for them to acquire Aareon, a European provider of Soft­ware-as-a-Ser­vice (SaaS) solutions for the property industry. The financial terms of the sale are based on an enterprise value for Aareon of approximately € 3.9 billion, valuing Aareal Bank’s equity stake in Aareon at approximately € 2.1 billion. Closing is expected to take place in the second half of 2024, subject to customary closing conditions and approvals. The transaction and partnership with TPG will provide Aareon access to additional, dedicated resources and expertise to drive innovation and further growth. TPG will invest in Aareon through TPG Capital, the firm’s U.S. and European private equity platform, in consortium with CDPQ, a global investment group, who will co-invest alongside TPG for a minority interest in Aareon. Advent will continue its involvement in Aareon with the investment of new equity for a minority interest in the standalone company. With its Property Management System, Aareon promotes efficient and sustainable property management and maintenance. The company’s portfolio enables seamless, automated end-to-end processes connecting property managers and owners across the residential and commercial real estate sectors. The company is headquartered in Mainz, Germany. Following the transaction, Aareal Bank and Aareon will continue to seamlessly cooperate to support their clients through their joint venture First Financial Software. First Financial Software provides clients with specialist expertise around payment software solutions for the property sector and related industries. Aareal Bank’s banking business excluding Aareon is well on track to achieve its operating target of € 250 million to € 300 million for the 2024 financial year. The Bank alone generated around € 92 million of consolidated operating profit in Q1 2024 and accounted for an operating profit of € 221 million in 2023.A CMS team headed by partner Dr Oliver Wolfgramm advised Aareal Bank on all corporate/M&A and governance aspects of the transaction. CMS Germany Dr Oliver Wolfgramm, Lead Partner Dr Eckart Gottschalk, Partner Dr Matthias Löhle, Counsel Dr Philipp Koch, Counsel Dominik von Zehmen, Counsel Kai Lichtenberg, Senior As­so­ci­ate Tjorben Drawe, Associate, all Corporate/M&APress Con­tact presse@cms-hs. com

London/New York/Duessel­dorf, 21.06.2024 – Vehicles managed by Lazard Asset Management acquire Collective Energy GmbH. Vehicles managed by Lazard Asset Management's Sustainable Private Infrastructure Fund (Lazard SPI) have executed a binding agreement to acquire 100% of the shares in Collective Energy GmbH, an Austrian company providing advisory services and solar generation solutions to commercial customers. An international CMS team led by CMS Partners Dr Sebastian Becker and Dr Peter Huber has advised Lazard Asset Management in every legal aspect of the transaction. The parties involved have agreed not to disclose details of the transactions. Press Con­tact presse@cms-hs. com

Frankfurt/Main, 20.06.2024 – zvoove, a leading European provider of digitalisation solutions for the temporary staffing and cleaning services sector, has acquired DirectSkills, a French provider of workforce management solutions. This strategic acquisition enables zvoove to extend its reach into the French market and strengthens its position in the European personnel services industry. Numerous international companies such as Auchan, Daher and Eiffage rely on the solutions provided by DirectSkills. zvoove, a portfolio company held by funds advised by LEA Partners, has established itself as the market leader in the temporary employment sector in Germany, the Netherlands, Switzerland and Austria. It offers its clients unparalleled SaaS and AI-based digitalisation solutions and services. zvoove’s acquisition of DirectSkills further underlines its goal of offering comprehensive personnel solutions throughout Europe.A German-French CMS team headed by Frankfurt-based partner Markus Herz advised zvoove on all legal aspects of the transaction. CMS Germany Markus Herz, Lead Partner, Corporate/M&A CMS France Benoît Gomel, Partner Vincent Desbenoit, Associate Dylan Allali, Associate, all Corporate/M&APress Con­tact presse@cms-hs. com

Medical use The legalisation of cannabis for medical use took place in 2017. It is therefore permitted to grow, sell and import cannabis for medical use in Germany. Pursuant to the German Narcotics Act...