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Portrait ofTobias Grau

Dr. Tobias Grau

Partner
Rechtsanwalt

CMS Hasche Sigle
Theodor-Heuss-Straße 29
70174 Stuttgart
Germany
Languages German, English

Tobias Grau specialises in Corporate/M&A, predominantly advising financial services and healthcare sector companies on domestic, as well as cross-border transactions and reorganisations. Tobias Grau has advised banks on both numerous acquiring and selling of shareholdings and is highly experienced in coordinating global divestitures, particularly in the healthcare industry. Beyond this, Tobias Grau regularly advises more generally in M&A mandates and on broader corporate law issues for companies in other sectors, often those with a strong US-focus.

Tobias Grau joined CMS in 2009 and has been partner since 2017. Further to this his career at CMS, Tobias Grau supports the development of young upcoming lawyers in the region as an Examiner at the Second State Bar Exams and as a lecturer at the Stuttgart Bar Association. In the past, Tobias Grau also held lectures at Steinbeis University Berlin. Beyond the national borders of Germany, Tobias has also had the opportunity to work internationally both with Johnson & Johnson in Belgium and the US in 2013 and 2014, as well as in Sydney, Australia with an international law firm during his clerkship (Referendariat).

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Listed for Mergers and Acquisitions

Deutschlands beste Anwälte 2023 – Handelsblatt in Kooperation mit Best Lawyers

Listed for Mergers and Acquisitions

Deutschlands beste Anwälte 2022 – Handelsblatt in Kooperation mit Best Lawyers

Listed as one of the key lawyers for M&A: large deals (€500m+) in Germany

The Legal 500 EMEA, 2022

Listed as one of the key lawyers for M&A: mid-sized deals (sub-€500m) in Germany

The Legal 500 EMEA, 2022

Listed for Mergers and Acquisitions

Deutschlands beste Anwälte 2021 – Handelsblatt in Kooperation mit Best Lawyers

Listed for Mergers and Acquisitions

Deutschlands beste Anwälte 2020 – Handelsblatt in Kooperation mit Best Lawyers

Relevant experience

Johnson & Johnson

Seven > USD 1 bn. transactions since 2014: Regularly advising and coordinating projects across up to 25 jurisdictions in EMEA:

  • Divestiture of Advanced Sterilization Products (ASP) business an Fortive Corporation, transaction value approx. USD 2.8 billion (Co-Lead CMS Germany) (2019)
  • Divestiture of LifeScan to Platinum Equity, transaction value approx. USD 2.1 billion (Co-Lead CMS Germany) (2019)
  • Divestiture of ProDisc to Centinel Spine (Co-Lead CMS Germany) (2018)
  • Acquisition of Surgical Process Institute Deutschland (Co-Lead CMS Germany) (2018)
  • Divestiture of Cordis business to Cardinal Health, transaction value approx. USD 2 billion (Co-Lead CMS Germany) (2017)
  • Divestiture of Codman Neurosurgery business to Integra LifeSciences Holding Corporation, transaction value approx. 1.045 billion (Co-Lead CMS Germany) (2017)
  • Divestiture of Ortho-Clinical Diagnostics business to The Carlyle Group, transaction value approx. USD 4 billion (Co-Lead CMS Germany) (2014)

Chart Industries

  • Advise on strategic partnership with Cryomotive, including Chart’s minority investment as well as a commercial agreement (2021)
  • Advising on the sale of its cryobiological products business to Cryoport, transaction value approx. USD 320 million (Lead CMS Germany) (2020)
  • Advising Chart Industries in the context of the divestiture of the oxygen-related products business to NGK Spark Play, transaction value approx. USD 133.5 million (Lead CMS Germany) (2019)

Oaktree

  • Advise on the acquisition of two virgin fiber cartonboard mills from the publicly listed Mayr-Melnhof Group for approximately € 105 million plus net debt (Co-lead) (2021)

Holtzbrinck Publishing Group

  • Advice in connection with the launch of a single asset acquisition fund in SpringerNature by BC Partners in the amount of EUR 1 bn. (Lead) (2021)
  • Scheduled IPO of Springer Nature (2019)
  • Merger of Macmillan Science and Education/Springer Science+Business Media merger (2015)

Brenntag

  • Advising Brenntag on acquiring all shares in Leis Polytechnik - polymere Werkstoffe GmbH and Bloch GmbH (2016)

German state banks

  • Acquisition of shares in an online and mobile payment system (paydirekt) (2016)
  • Sale of shareholdings in DekaBank (2011)
  • Advising a state bank on a regular basis on selling and buying shareholdings

Stock exchange

  • Advising one of Europe’s top ten stock exchanges on its corporate reorganisation

Water Street

  • Advising Water Street in the context of the acquisition of Cato Research GmbH (Lead CMS Germany) (2019)

HQ Holding

  • Advising HQ Holding (Family Harald Quandt) on sale of majority stake in HQ Capital to asset manager LFPI (2022)

Porsche

  • Advise on the acquisition of all shares in FAZUA GmbH (2022)
  • Advise on the establishment of a joint venture with PON (2022)

Clariant

  • Advise on the sale of its Quats Business in the amount of USD 113m (2022)

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Memberships & Roles

  • German Bar Association
  • Stuttgart Bar Association
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Publications

  • Contractual liability exclusions in M&A deals - what directors should look out for, Ebook for directors of limited liability companies 2023 (Euroforum), 2023, p. 79-82 (together with Simon C. Kirchner) (in German)
  • Despite the uncertain market environment a strong transaction year 2022 – Results of the CMS European M&A Study 2023, M&A Review 5/2023(together with Yella Heubach)
  • „The new conversion law“, Deutscher Anwaltsspiegel, 12.04.2023 (here)(together with Simon Kirchner)(in German)
  • “It is worthwhile not to stop at the national border”, Börsen-Zeitung, 11.03.2023 (here) (Interview)(together with Simon C. Kirchner) (in German)
  • Effect of ESG on mergers and acquisitions transactions (ICCLR publications, Thomson Reuters), Issue 11, October 2022, (here) (paywall)
  • Recent control systems and corporate policies as a flexible instrument, Handelsblatt(together with Militsa Decheva), 10.10.2022, (here)(in German)
  • Grau/Sorg, § 13 Tochtergesellschaften – Haftung, in: Hamann/Sigle/Grub, Vertragsbuch Gesellschaftsrecht, 3rd edition, 2022 (in German)
  • ESG – Sustainability of corporate management and M&A transactions, Ebook for directors of limited liability companies 2022 (Euroforum), 2022, p. 43-45(together with Militsa Decheva) (in German)
  • A new type of foreign trade control, Börsen-Zeitung, 07.05.2022, (more)(guest commentary; in German)
  • M&A Market still ambivalent about ESG - Spotlight on new survey by CMS and FINANCE, Deutscher AnwaltSpiegel, 10.11.2021, (more) (in German)(together with Dr Oliver Wolfgramm)
  • M&A Panel 2021/II Survey by CMS and FINANCE: M&A Market still ambivalent about ESG, 27.10.2021, (more) (in German)(together with Dr Oliver Wolfgramm)
  • GmbH Geschäftsführung 2021: Ihr Update zu allen haftungsträchtigen Themen dieser Zeit, eBook GmbH-Geschäftsführer*innen 2021 (more)Autoren: Alexandra Schluck-Amend, Franziska Fuchs, Tobias Grau und Militsa Decheva
  • Recent control systems and corporate policies as a flexible instrument, Ebook for directors 2021 (Euroforum Verlag), 2021, p. 111/112(together with Militsa Decheva) (in German)
  • M&A expert is warning: „Some M&A players intend to cover all and every Corona risk”, Finance-TV, 10.05.2021 (more) (in German)
  • Analysis: M&A-Profis overcome Corona crises, dfpa.info, 29.04.2021 (more) (in German)
  • M&A Panel 2021/I of CMS and FINANCE: M&A-Profis overcome Corona crises, Deutscher AnwaltSpiegel, 29.04.2021, (more) (Quotes, in German)(together with Dr Oliver Wolfgramm)
  • M&A advisors are in party mood again, FINANCE, 23.04.2021, (more) (Quotes, in German)
  • FINANCE M&A Panel, 22.04.2021, (more) (Quotes, in German)(together with Dr Oliver Wolfgramm)
  • M&A: Deals in light of the new medical device regulation, NZG 2021, p. 410 - 416 (more)(together with Dr Roland Wiring and Simon Kirchner) (in German)
  • Communication in M&A Deals: Do’s and Don’ts, FINANCE Magazin, 08.03.2021(more) (Quotes, in German)
  • Der Notar als Stellvertreter bei Handelsregisteranmeldungen in gesellschaftsrechtlich geprägten Sachverhalten, GWR 2021, p. 23 - 26(together with Simon Kirchner)
  • Group Guidelines as efficient instrument for groups and matrix organizations, Betriebsberater 2021, p. 131 - 134 (more)(together with Militsa Decheva) (in German)
  • Ways of efficient group control, in particular considering matrix structures, DER KONZERN 2020, p. 419 - 424 (more)(together with Militsa Decheva)
  • Do earn-out clauses help with M&A transactions influenced by COVID-19?, CMS bloggt, 22.07.2020 (more)(together with Simon Kirchner)
  • Do earn-out clauses help with M&A transactions influenced by COVID-19?, Law-Now 16.07.2020 (more)(together with Simon Kirchner)
  • Approval requirements for M&A transactions over the entire assets of the company, eBook für Geschäftsführer 2020, p. 40-41 (more)(together with Militsa Decheva) (in German)
  • Current Trends and Market Standards for M&A Transactions in the Life Sciences Sector, M&A Review 2020, p. 166 - 171 (more)(together with Simon Kirchner) (in German)
  • Alternative ways of holding meetings of the GmbH supervisory board in times of the corona virus, CMS bloggt, 31.03.2020 (more)(together with Steffen Sorg) (in German)
  • M&A and GDPR: announced GBP 99 m hotel chain fine highlights due diligence issue, Lexology, September 2019 (more)(together with Dr Axel Funk and Lena Stoll)
  • The M&A environment and expectations for the year ahead, in: Storms brewing: European M&A Outlook 2019, September 2019 (Quotes)
  • Impact of GDPR on M&A – more bite than you might like, LexisNexis, Interview, 15.08.2019 (more)
  • M&A and GDPR: announced GBP 99 m hotel chain fine highlights due diligence issue, Law-Now, 31.07.2019 (more)(together with Dr Axel Funk and Lena Stoll)
  • Intention to fine Marriott more than £99 million under GDPR for data breach, CMS bloggt, 30.07.2019 (more)(together with Dr Axel Funk) (in German)
  • How the GDPR changed M&A processes, FINANCE Magazin, 30.07.2019 (more) (Quotes, in German)
  • Data Protection Conference: Dealing with data at asset deals, 19.07.2019 (more)(together with Dr Axel Funk) (in German)
  • Germany's data protection authorities hand down a decision on M&A and GDPR, Law-Now, 18.07.2019 (more)(together with Dr Axel Funk and Lena Stoll)
  • Glossary of Key M&A and Corporate Terms, 2019, 5th edition, CMS(together with Dr Kai Wallisch)
  • Börse Online | More state as path to the future?, 14.03.2019(together with Kai Neuhaus) (in German)
  • CCH - Forms of Doing Business, Doing Business in Europe, 2019, Sweet & Maxwell(together with Dr Thomas Meyding and Dr Peter Baisch)
  • Stricter controls of foreign investors, in: GmbH-Geschäftsführer 2019, Euroforum (more)(together with Kai Neuhaus) (in German)
  • The state as a white knight, 15.02.2019 (more)(together with Kai Neuhaus) (in German)
  • „M&A and GDPR - Economic sectors particularly affected by digital transformation”, 30.01.2019 (more)(together with Dr Axel Funk) (in German)
  • FINANCE | America First, 11/12 2018, p. 68(together with Kai Neuhaus) (Quotes, in German)
  • karrierefuehrer.de | Lawyers bring back confidence Reporting, 01/2019 (together with Dr Axel Funk) (Quotes, in German)
  • The GDPR puts established M&A processes to the test, M&A Review 09/2018, VI
  • The GDPR complicates M&A processes, interview, Finance on 11.09.2018 (more)(together with Dr Axel Funk) (in German)
  • Data protection and M&As – New requirements as a result of the GDPR, interview, Der Betrieb on 30.08.2018(together with Dr Axel Funk) (in German)
  • Data protection versus confidentiality, interview, lto.de on 29.08.2018 (more)(together with Dr Axel Funk) (in German)
  • FINANCE-Ratgeber: How companies can placate the CFIUS, interview, Finance on 01.06.2018 (more) (in German)
  • Gaining in importance; Washington extends investment controls – will Brussels and Berlin follow suit?, Business Law Magazine 04/2018 (more)(together with Kai Neuhaus) (in German)
  • The "new" shareholders' list, Ebook for directors 2018 (Euroforum Verlag), 2018, p. 72-74(together with Steffen Sorg) (in German)
  • Market standards in M&A-transactions in the healthcare sector, M&A Review 2/2015 (in German)
  • M&A under current market conditions, in: Schalast (Hrsg.), Aktuelle Aspekte des M&A-Geschäfts, Jahrbuch 2011, 2012 und 2014, Frankfurt School Verlag (in German)(together with Dr Thomas Meyding) (in German)
  • Legalese Part 19: Joint venture and stalemate scenarios – Winding up the partnership, 05/2014 (more) (in German)
  • Legalese Part 18: Joint venture and stalemate scenarios – Resolving conflicts among partners, 04/2014 (more) (in German)
  • Legalese Part 15: What happens between signing and closing?, 03/2014 (more) (in German)
  • Legalese Part 8: Ingredients for an MAC, 11/2012 (more) (in German)
  • Legalese Part 7: Negotiations broken off: what now?, 11/2012 (more) (in German)
  • Legalese Part 6: Going, going, ... gone, 10/2012 (more) (in German)
  • Legalese Part 5: Safeguarding warranties in M&A transactions, 10/2012 (more) (in German)
  • Legal Due Diligence: Corporate, Euroforum Verlag, 6th edition, 2012(together with Dr Thomas Meyding) (in German)
  • Earn-out clauses and securing warranty claims - a “time bomb” for distressed M&A?, NZG 2011, 41(together with Dr Thomas Meyding) (in German)
  • The right to make counter-statements in public broadcasting, Hamburg, 2010(in German)
  • CMS European M&A Survey Reveals Clear Shift to Buyer’s Market, Executiveview.com, 2009(together with Dr Thomas Meyding) (in German)
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Lectures list

  • „ESG – pitfalls M&A transactions”, WM Academy, 30.06.2022, Frankfurt
  • „A paper tiger or a powerful tool? How investment control affects your M&A transaction“, FINANCE, Webinar, 22.04.2021 (together with Dr Oliver Wolfgramm)
  • „Group under Control”, ECLA General Counsel Roundtable, webinar, 11.03.2021 (together with Dr Clemens Grossmayer)
  • "Group management and matrix structures – everything under control?" – webinar, 01.04.2020, Stuttgart
  • CMS for CRH, Heraeus, Exyte, Implenia - Legal Tech Tool "Group under Control" – webinars in April/May/June 2020
  • „M&A Hot Topics“, 13.11.2019, Stuttgart
  • „M&A deals and GDPR: field reports after one year GDPR”, webinar, 09.07.2019
  • „M&A deals and GDPR: How to avoid pitfalls”, Finance-Roundtable Mergers & Acquisitions, Frankfurt, 06.06.2019
  • „Effects of digitalisation on M&A transactions”, M&A Academy, 28.05.2019, Stuttgart
  • „Purchase Price Mechanisms in M&A Deals”, 06.05.2019, Stuttgart
  • „M&A-Transactions in Light of New Data Protection Laws”, 04.04.2019, Zürich, Switzerland
  • „M&A-Transactions in Light of New Data Protection Laws”, 22.03.2019, Edinburgh, UK
  • „Common Practice in Corporate Law for Lawyers” 2021, 2020, 2019, 2018, 2017, 2016, 2015, 2014, district courts in Stuttgart, Ulm, Heilbronn and Ellwangen
  • „M&A and GDPR”, 09.11.2018, Bonn
  • „M&A and GDPR”, 19.09.2018, Stuttgart
  • „Common Practice in M&A Deals Healthcare and Life Sciences”, 05.11.2015, Johnson & Johnson, New Brunswick, USA
  • „Common Practice in M&A Deals Healthcare and Life Sciences”, 31.09.2015, Johnson & Johnson, Norderstedt
  • „Common Practice in M&A Deals Healthcare and Life Sciences”, 23.09.2015, Johnson & Johnson, Brussels, Belgium
  • „Disclosure duties owed to the capital market”, LBBW, 2009 (together with Dr Thomas Meyding, Dr Karsten Heider)
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Education

  • 2007 - 2009: Trainee lawyer in Stuttgart and Sydney
  • 2005 - 2007: PhD
  • 2000 - 2005: Law studies at the University of Tübingen
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Feed

21/03/2024
CMS European M&A Study 2024
The CMS Corporate/M&A Group is pleased to launch the 16th edition of the European M&A Study
26/01/2024
CMS advises on sale and leaseback of high-tech site near Stuttgart
Stuttgart – CMS has advised a technology service provider on the sale of its Flugfeld-Allee 12 site in Sindelfingen near Stuttgart to an institutional investor. A lease with a fixed term of 15 years was then concluded with the seller for the whole area, with options to extend the lease once for five years and once for three years.A CMS team led by Dr Volker Zerr advised on all legal and tax aspects of the sale and leaseback transaction. Constructed in 2015, the property at Flugfeld-Allee 12 is located on a site of around 30,000 square metres in the Flugfeld Böblin­gen/Sindelfin­gen mixed residential and commercial area. It comprises several buildings: 9,703 square metres of office space, an 8,081 square metre workshop fitted out for research and development, 1,628 square metres for storage and a canteen covering 1,039 square metres. CMS Germany Dr Volker Zerr, Lead Partner Sandra Scheib, Counsel Dr Kathrin Groß, Counsel Michelle Bucher, Senior Associate, all Real Estate & Public Dr Tobias Grau, Partner Susanne Waldhans, Senior Associate, both Corporate/M&A Dr Andreas Grunert, Principal Counsel, Banking, Finance & Insurance Tobias Schneider, Partner, TaxPress Con­tact presse@cms-hs. com
11/01/2024
CMS advises Commerzbank on joint venture for digital payment solutions
Frankfurt am Main, Atlanta, - CMS, led by Dr. Tobias Grau and Dr. Florian Plagemann, has comprehensively advised Commerzbank on the formation of a joint venture with Global Payments, a leading global provider of financial technologies and software solutions (here). CMS regularly advises banks and payment service providers on M&A transactions and regulatory matters, including Commerzbank's repurchase of the installment loan business from BNP Paribas. CMS Germany Dr Tobias Grau, Partner, Co-Lead Dr Florian Plagemann, Partner, Co-Lead Birgit Schlemmer, Senior Associate Dr Kai Wallisch, Partner Dr Tobias Kilian, Of Counsel Dr Marcel Hagemann, Partner Dr Christian Zielonka, Principal Counsel Carmen Hübner, Senior Associate Dr Maximilian Stark, Senior Associate Dr Miriam Bach, As­so­ci­ate Kath­rin Dengel, Associate Gustav Isele, Associate, all Corporate/M&A Dr Markus M. Pfaff, Client Relationship Partner Moritz Gerstmayr, Coun­sel Char­lotte Salathé, Counsel  Marcel Moussaoui, Associate Mohal Jennifer Egzau, Associate, all Banking & Finance Philipp Lotze, Partner Dr Michael Kraus, Partner Dr Anna Lena Füllsack, Senior As­so­ci­ate Theresa Lenger, Senior Associate, all TMC Kai Neuhaus, Partner Dr Björn Herbers, Partner Moritz Pottek, Counsel, all Antitrust, Competition & Trade Jörg Schrade, Part­ner Chris­ti­an Linseisen, Senior Associate, both Tax Dr Oliver Simon, Partner Dr Michael Rein, Principal Counsel Dr Philipp Deuchler, Senior Associate, all Labor, Employment & Pensions Commerzbank AG (Legal) Dr Benedikt Leffers (Group Legal, Head of Corporate / Regulatory Law)  Lars Kauer (Group Legal, Senior Legal Counsel, Corporate / Regulatory Law)  Markus Vetter (Group Legal, General Counsel, Technology, Data & In­fra­struc­ture) Carina Erlenwein (Group Legal, Senior Legal Counsel, Sales, Account Management, Payment Trans­ac­tions) Press Con­tact presse@cms-hs. com
21/12/2023
CMS advises C.C.A.G. Crotti on the acquisition of Gutmann Group
Stuttgart – An international team led by Dr Georg Lauster and Susanne Waldhans advised C.C.A.G. Crotti S.r.l., based in Bergamo, Italy, on the acquisition of the Gutmann Group's operating business in...
02/05/2023
CMS advises on the sale of Solvians Group to Bowmark Capital
Stuttgart - An international team led by CMS partner Dr. Tobias Grau advised founder Thomas Schwanhäuser on the sale of all shares in Solvians Group to Bowmark Capital LLP, a London-based private equity...
21/03/2023
CMS advises Chart Industries on acquisition of Howden for USD 4.4 bn
Stuttgart – CMS, led by M&A partner Dr Tobias Grau, advised Chart Industries, Inc. (NYSE: GTLS) (“Chart”) on the completed acquisition of Howden, a leading global provider of mission critical air...
05/09/2022
CMS advises Clariant on the Signing of definitive agreement to sell Quats...
Stuttgart – Clariant, a focused, sustainable, and innovative specialty chemical company, announced that it has reached a definitive agreement for the divestment of its Quats business to Global Amines...
06/07/2022
CMS advises Allgaier on Westron Group becoming the new majority shareholder
Stuttgart – The Westron Group has become the new majority shareholder in the Allgaier Group. The deal involves the Hundt family, as shareholders of Allgaier Werke GmbH, and Allgaier Werke GmbH transferring...
10/05/2022
CMS advises HQ Holding on sale of majority stake in HQ Capital to asset...
Frankfurt/Main – HQ Holding, which is part of Harald Quandt (HQ), has sold a majority stake in private equity specialist HQ Capital to French alternative asset manager LFPI, having made a strategic...
22/12/2021
CMS advises listed SFS Group on transaction with Hoffmann Group
Stuttgart – Listed Swiss company SFS Group AG, a world-leading supplier of mechanical fastening systems, precision moulded parts, assemblies and logistics solutions, has signed an agreement to acquire...
27/10/2021
M&A panel 2021/II survey by CMS and FINANCE: M&A market still ambivalent...
Frankfurt/Main – ESG is now an issue in the M&A market, with more and more attention being paid to potential ESG risks and value drivers when selecting suitable targets. As such, companies are increasingly...
16/07/2021
CMS advises Holtzbrinck Publishing Group in connection with the launch...
Stuttgart - BC Partners has launched a single-asset acquisition fund of one billion euros with regard to its 47 percent stake in Springer Nature and has shifted its shares in the science publisher to...