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Competition law compliance

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Compliance with competition law is a key part of responsible corporate governance.

Our experts for competition law compliance provide comprehensive support, both in a preventative capacity, for example through setting up compliance systems and training, and in investigations should a crisis situation arise, such as competition law infringements or inspections by the competition authorities.

Our lawyers are part of the CMS Compliance & Forensic Services practice group, which enables us to provide interdisciplinary, comprehensive advice on competition law compliance.

Instruction and training on competition law compliance

Our team conducts many competition law training sessions every year, on topics such as competition law and proper conduct during inspections by the competition authorities. The individual courses are based on the client’s specific requirements. Training can be delivered at your premises or online, depending on your needs

Inspections by the competition authorities

Inspections by the competition authorities

The CMS Dawn Raid Service provides training and on-site support in the event of an inspection. Our service includes:

  • Practical guidelines for reception staff and your internal dawn raid response team. If required, we would be pleased to review your own documentation and provide further customised guidance.
  • Training sessions that provide an overview of what happens during an inspection and how serious mistakes can be avoided. This training course can be de-livered online or at your premises.
  • Dawn raid network, which provides contact persons for the event of an inspection in all major countries where our clients are located.
  • Our CMS Dawn Raid App, developed as a supplementary service. The app covers 27 jurisdictions plus the European Commission and includes the CMS Dawn Raid guidelines. 
CMS Dawn Raid App

Internal investigations as part of competition law compliance 

Our specialised lawyers have extensive experience of conducting internal company investigations into a range of antitrust and competition law matters. 

Forensic review with CMS Evidence

CMS Evidence is an e-discovery platform that allows large quantities of data to be structured and analysed with the aid of technology. It provides particular support for internal investigations, litigation and arbitration – wherever large quantities of data need to be re-viewed quickly and efficiently.

CMS Evidence was developed by an in-house CMS team and incorporates market-leading technology (including Brainspace and RelativityOne). 

The entire e-discovery process, from uploading or transferring the data for structuring through to the final review, is supported by a specialist and experienced forensic team working alongside the lawyers involved.

CMS Evidence

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14/06/2024
CMS advises a consortium of Swiss Life and Vesper on the acquisition of...
Duesseldorf – An international and mul­tidiscip­lin­ary CMS team has advised a consortium of Swiss Life Asset Managers, on behalf of their infrastructure funds, and Vesper Next Generation Infrastructure Fund I SCSp on the acquisition of all shares in RAD-x SAS, a leading Pan-European diagnostic imaging platform, from private equity investor Gilde Healthcare. RAD-x is one of the leading diagnostic imaging providers in Germany and Switzerland. Through its continued focus on technology and innovation, RAD-x remains at the forefront of diagnostic imaging as it provides high quality and reliable diagnostic services to its patients. Established in 2011, the Swiss Life Asset Managers Infrastructure Equity platform manages over EUR 10bn in Assets under Management for its clients and partners, and includes 75 infrastructure investments across the energy, communications, transportation, regulated utilities, social infrastructure and renewable energy sectors. Vesper Infrastructure Partners’ Next Generation Infrastructure Fund I is a closed-end alternative investment fund based in Luxembourg managed by Sanne LIS, which pursues infrastructure investment opportunities, including healthy living solutions. CMS Germany Dr Sebastian Becker, Partner Ole Gunnar Weyand, Senior Associate Nina Becker, As­so­ci­ate Car­oline Rolf, Associate Greta Ludewig, Associate, all Private Equity/M&A Dr Martin Friedberg, Partner Dr Hendrik Arendt, Senior Associate, both Tax Dr Angela Emmert, Partner Lennard Lürwer, Counsel Daniel Hennig, Counsel Dr Mario Brungs, Counsel Dr Yannick Schmitter, Associate, all Employment Law Dr Andreas Hofelich, Partner, Pensions Dr André Frischemeier, Partner Thomas Schaak, Senior Associate Dr Dirk Schmidbauer, Associate, all Finance Kai Neuhaus, Partner Dr Björn Herbers, Partner Moritz Pottek, Counsel David Rappenglück, Associate, all Antitrust and Foreign Investment Control Dr Roland Wiring, Partner Philippe Heinzke, Partner Dr Siham Hidar, Senior As­so­ci­ate Se­basti­an Vautz, Senior Associate Noah Rodenkirchen, Associate, all IP Maike Füchtmann, Senior Associate, Real Estate & Public CMS UK Narinder Jugpal, Partner Ben Mc­Par­land Jen­nifer Ross, all Private Equity/M&A Patrick Donegan, Partner Andreas Göller, both Finance CMS France Thomas Hains, Part­ner Anne-Flore Millet Louise Paysant CMS Switzerland Stephan Werlen, Part­ner Ferdin­and BlezingerPress Con­tact presse@cms-hs. com
12/06/2024
Joint venture to strengthen engagement in Ukraine: CMS advises GOLDBECK...
Berlin – GOLDBECK SOLAR Investment and the European Bank for Reconstruction and Development (EBRD) have signed an agreement to establish the joint venture company GOLDBECK SOLAR Investment Ukraine on the sidelines of the Ukraine Recovery Conference. Completion of the transaction is subject to the usual regulatory approvals. The aim of the joint venture is to develop, finance, build and operate solar energy projects in Ukraine, thereby supporting Ukraine's energy independence and resilience. GOLDBECK SOLAR Investment Ukraine plans to realize up to 500 MWp of solar projects in the next three to five years. Construction of the first solar park is set to begin in autumn 2024. GOLDBECK SOLAR wants to set an example with the joint venture. The company sees great potential in Ukraine and is confident that it will not only make a sustainable contribution to the country's energy supply, but also encourage other companies to follow this path. GOLDBECK SOLAR and the EBRD have already worked together on previous debt financing transactions in Poland and Kazakhstan. An international CMS team headed by lead partner Dr Igor Stenzel provided comprehensive legal advice to GOLDBECK SOLAR Investment during the negotiation of the agreements to establish the joint venture. GOLDBECK SOLAR Investment GmbH, based in Hirschberg an der Bergstraße in Baden-Wuerttem­berg, is part of the GOLDBECK SOLAR Group, a leading global provider of EPC and O&M services. Founded in 2018, the company specializes in project development, acquisition and sales, structuring, financing and asset management from the owner's perspective. It is currently active in twelve countries and has a project development portfolio of over four GWp and a project portfolio of completed assets of over 440 MWp. CMS Germany Dr Igor Stenzel, Lead Part­ner Al­ex­an­der Gaul, Associate Dr Hanna Heimrath, Research Associate, all Corporate/M&A Dr Jens Moraht, Partner, Banking, Finance & Insurance Dr Rolf Hempel, Partner Elisa Götz, Associate, both Antitrust, Competition & Trade Dr Martin Friedberg, Partner, Tax law CMS Ukraine Vitaliy Radchenko, Partner, Energy Olga Belyakova, Partner Mykola Heletiy, Senior Associate, both Com­pet­i­tion Mari­ana Saienko, Senior Associate, Corporate/M&APress Con­tact presse@cms-hs. com  
10/06/2024
CMS advises Metzler Pension Management GmbH on acquisition of Nürnberger...
Frankfurt am Main – Metzler Pension Management GmbH has acquired all the shares in Nürnberger Pensionsfonds AG from Nürnberger Lebens­ver­sicher­ung AG. The transaction is subject to the usual regulatory conditions, including completion of the holder control procedure by the German Federal Financial Supervisory Authority (BaFin). Nürnberger Pensionsfonds AG’s portfolio management, which has to date been conducted within the group, will be outsourced to an external portfolio manager once the transaction has completed.A CMS team headed by partner Dr Hendrik Hirsch advised Metzler Pension Management GmbH, which is part of Metzler Bank, on all legal aspects of the transaction. Metzler Bank is a longstanding CMS client and relies on the team’s expertise on a regular basis. Metzler Pension Management GmbH offers a wide range of services and financing vehicles for occupational pension schemes, with a focus on capital market-based solutions for structuring pension as­sets.NÜRN­BER­GER Pensionsfonds AG (NPF) covers one of the five implementation methods for occupational retirement provision in Germany. NPF’s products provide employers with various options for removing pension obligations from the balance sheet. Assets under NPF management amounted to around EUR 290 million as at the end of 2023. The portfolio comprises more than 700 companies with some 3,600 individual pension accounts. CMS Germany Dr Hendrik Hirsch, Lead Partner Dr Maximilian Stark, Senior Associate Dr Petra Schaffner, Partner, all Corporate/M&A Dr Andreas Hofelich, Partner Dr Mario Brungs, Counsel, both Labor, Employment & Pensions Dr Winfried Schnepp, Partner Dr Thomas Maur, Partner Dr Eva Margareta Wolff, Principal Counsel  Dr Aline Icha-Spratte, Coun­sel Kath­ar­ina Kipar, Senior Associate, all Insurance Dr Annett Kenk, Principal Coun­sel  Stef­fen Preis, Senior Associate, both Tax Theresa Lenger, Senior Associate, TMC Stefan Lehr, Partner Kirsten Baubkus-Gérard, Senior Associate, both Antitrust, Competition & TradePress Con­tact presse@cms-hs. com
28/05/2024
Strategic restructuring: CMS advises Hydro Systems shareholder on merger...
Stuttgart – Hydro Systems KG, based in Biberach (Baden-Württem­berg), and Rhinestahl, which is headquartered in Cincinnati, USA, have merged to become R-H Aviation. The two aviation suppliers are aiming to boost their market position, achieve continued growth and create a new global industry champion for ground support equipment (GSE) and tooling. They are also seeking to play a greater role in speeding up decarbonisation. In addition, the merger marks the completion of a succession arrangement for Hydro Systems KG. R-H Aviation’s headquarters is located in Cincinnati, but Hydro Systems will remain in Biberach and the location will be further strengthened. Other details of the transaction were not disclosed. An international CMS team headed by lead partners Dr Maximilian Grub and Dr Kai Wallisch advised the shareholder of Hydro Systems on all legal aspects of the merger. A particular focus was on structuring the transaction from a corporate and tax law viewpoint, the merger control and foreign trade approval procedures, and on financing issues. Hydro Systems has around 650 employees. For some 60 years, it has been developing and producing innovative solutions for the assembly, maintenance and repair of civil and military aircraft. In addition to its main site in Biberach, the company has locations in Germany, China, the UK, France, Singapore, the US and the United Arab Emirates. Hydro’s business areas include GSE, tooling (with a focus on Airbus and Rolls-Royce) and worldwide service. CMS Germany Dr Maximilian Grub, Lead Partner Dr Kai Wallisch, Partner, Lead Partner Dr Christian Zielonka, Principal Counsel Birgit Schlemmer, Senior As­so­ci­ate Mil­itsa Decheva Petrova, Senior Associate Yella Schick, As­so­ci­ate Kath­rin Dengel, Associate, all Corporate/M&A Dr Christian Friedrich Haellmigk, Partner Kai Neuhaus, Partner David Rappenglück, Associate Malena Hansen, Senior Associate, all Antitrust, Competition & Trade Dr Martin Mohr, Partner Dr Olaf Thießen, Principal Counsel Lukas Braun, Senior Associate Tobias Wacker, Associate, all Tax Dr Volker Zerr, Partner Michelle Schickinger, Senior Associate Maike Füchtmann, Senior Associate, all Real Estate & Public Dr Marc Seibold, Partner Carl Werner, Principal Counsel Dr Andreas Grunert, Principal Counsel Julian Lacher, Senior Associate Carla Kaeber, Associate, all Banking, Finance & Insurance CMS Shanghai Michael Munzinger, Counsel Ran Li, Associate Locke Lord, Houston, Texas Edward A. Razim III, Partner Jaremy Chilton, Tax PartnerPress Con­tact presse@cms-hs. com
24/05/2024
CMS advises Dutch investor Stibbe Participaties on the sale of Heinkel...
Frankfurt/Main – The Alsatian family-owned group, De Dietrich Process Systems, acquires the Heinkel Group. Seller is the Dutch investor Stibbe Participaties. The Heinkel Group, with its recognized brands HEINKEL, COMBER, BOLZ-SUMMIX and JONGIA, is an international premium provider of solid-liquid separation solutions and drying and mixing systems, mainly for the pharmaceutical, chemical and food industries. Stibbe Participaties acquired the companies in 2005 after a turbulent time caused by a sharp downturn in the pharmaceutical industry and has developed Heinkel Group through add-on acquisitions to an international player in its sector. The combination of solid German management and hands-on support from Stibbe Participaties led to a revival of Heinkel – resulting in a strong market position and a stable recurring income from after sales and service. With the strategic merger of Heinkel Group and De Dietrich, De Dietrich enriches and broadens its portfolio and becomes a global leader in the fields of solid-liquid separation and the drying of active ingredients. An international CMS team headed by lead partner Dr Hendrik Hirsch advised Stibbe Participaties on all legal aspects of the transaction, including legal advice in more than seven jurisdictions (including Germany, the USA, Italy, the Netherlands, China, Singapore and India), legal support on the auction process and negotiation of contractual terms for the best possible integration of the Heinkel Group into the group of the successful bidder as the new owner as well as on tax and IP topics. Stibbe Participaties, based in Laren, Netherlands, is a family-held investor pursuing a buy-and-build strategy. The firm focuses on midsize industrial manufacturing companies with an experienced management and a position in a niche market with potential for market leadership. CMS Germany Dr Hendrik Hirsch, Lead Partner Maxine Notstain, Senior Associate, Co-Lead Markus Herz, Partner Dr Till Alexander von Poser, Associate, all Corporate/M&A Dr Hendrik Arendt, Senior Associate Dr Martin Friedberg, Partner, both Tax Dr Thomas Hirse, Part­ner Se­basti­an Vautz, Senior Associate Lisa Dietrich, Associate, all IP Till Komma, Counsel Lena Schauer, Associate, both Banking, Finance & Insurance Moritz Pottek, Counsel, Antitrust, Competition & Trade Tina Karakurt, Counsel Dr Franz Maurer, Counsel, both Real Estate & Public Dorothée Janzen, Partner, Com­mer­cial Birgit Wagner, Legal Manager, Smart Operations SMOP CMS Netherlands Pieter van Duijven­voorde Car­ola Bruijn Pieter de Kanter CMS Italy Daniela Murer Alessandra Cuni Sara TammarazioPress Con­tact presse@cms-hs. com
06/05/2024
Obligation to include a "No Russia clause" in supply agreements
For some export transactions, re-exportation to Russia must be contractually prohibited. Model clauses present conflicts with German law on general terms and con­di­tions.Com­pan­ies must keep abreast of...
22/04/2024
CMS advises Vattenfall on sale of 49% of shares in offshore wind farm projects...
Hamburg – Vattenfall has sold 49% of its shares in the Nordlicht 1 and Nordlicht 2 wind farm projects to BASF. The wind farm zone consists of two separate sites and is located in the German section of the North Sea, around 85 kilometres north of the island of Borkum. The two sites, Nordlicht 1 and Nordlicht 2, have planned capacities of approximately 980 MW and 630 MW, respectively. Full commissioning is scheduled for 2028, when a total of around six terawatt hours (TWh) of electricity is expected to be generated per year, enough to power 1.6 million German households. This makes the Nordlicht wind project the biggest offshore wind farm project that Vattenfall has realised to date. Construction is expected to start in 2026, subject to the final investment decision. Vattenfall is acting as developer and builder of both Nordlicht sites.A CMS team headed by partners Dr Holger Kraft and Dr Jacob Siebert advised Vattenfall on all legal aspects of the transaction. Vattenfall and BASF signed a Memorandum of Understanding with regard to the joint project in December of last year, when the CMS team likewise advised Vattenfall. CMS Germany Dr Holger Kraft, Lead Partner Dr Jacob Siebert, Lead Part­ner Dorothée Janzen, Partner, Com­mer­cial Mat­thi­as Sethmann, Principal Counsel Dr Christoph Löffler, Counsel Dr Stefan Kühl, Senior Associate Dr Christian Seeburger, Associate, all Corporate/M&A Dr Niklas Ganssauge, Partner Mathias Cordero, Senior Associate, both Real Estate & Public Christoff Soltau, Partner Dr Denis Schlimpert, Counsel Dr Robert Bodewig, Senior Associate, all Antitrust, Competition & Trade Dr Kerstin Block, Partner, Banking & Finance Prof. Malte Grützmacher, Partner, TMC Dr Nikolas Gregor, Partner, Intellectual Prop­erty Se­basti­an Belz, Counsel Katja Meisel, Senior Associate Knut Göring-Tisch, Associate, all Public Dr Arne Burmester, Principal Counsel  Birgit Wagner, Legal Manager Shae Lynn Washington, Legal Co­ordin­at­or  Sarah Przybylski, Senior Legal Specialist Edris Trabzadah, Senior Legal Specialist Jule Marie Holz, Legal Specialist, all Smart OperationsPress Con­tact presse@cms-hs. com
17/04/2024
Update - The new EU rules for digital markets go live!
The European Union's Digital Strategy aims to regulate the digital economy. And the new rules are now coming to life. CMS is pleased to invite you to our EU Digital Regulation and Antitrust Briefing in the CMS Representative Office in Mountain View on Tuesday, April 16 at 5:00 pm PST with our special guest: Andreas Schwab, Member of the European Parliament, and specialist in antitrust, digital regulation and AI. We will discuss everything you need to know about the new EU rules for digital markets: Digital Gatekeepers must comply with the Digital Markets Act (DMA) since March 7, and the Digital Services Act (DSA) is fully in force since February. The groundbreaking EU Artificial Intelligence Act (AIA) has been agreed and will soon come into force. And there is much more.
08/04/2024
EU Commission enforces obligation to provide correct and complete information...
EU merger control law provides for an obligation of the parties to provide correct and complete information in merger control proceedings. This obligation has a very high relevance for the European Commission...
03/04/2024
CMS advises CTS Eventim on planned acquisition of ticketing and festival...
Hamburg – MDAX-listed CTS Eventim AG & Co. KGaA, the number one provider of ticketing services in Europe and number two in the world, has today entered into a put option agreement with companies in the listed French media group Vivendi. This grants Vivendi the right to sell to CTS Eventim all the shares in the companies that are part of its festival and international ticketing activities. Vivendi will now conduct a consultation procedure with the relevant employee representative bodies so that it can decide on accepting the put option. Vivendi’s ticketing business includes See Tickets UK, the second-biggest ticketing firm in England, along with other companies in Europe and the US. These companies sold a total of around 44 million tickets in the 2023 financial year. The deal does not include the shares in Vivendi’s French ticketing company, See Tickets SAS. The festival business operated by Vivendi includes companies from England and France that organise festivals such as Junction 2 and Garorock. CMS advised CTS Eventim on all aspects of the transaction. The team headed by Henrik Drinkuth worked closely with several CMS offices in countries including France, England, Spain, Switzerland and the Netherlands. CMS Germany Dr Henrik Drinkuth, Lead Partner Dr Hendrik Quast, Senior Associate, both Corporate/M&A Prof. Malte Grützmacher, Partner, IT/Data Pro­tec­tion Chris­toff Soltau, Part­ner Al­ex­an­der Laute, Senior Associate, both Competition Dr Martin Gerecke, Partner, Media Law CMS France Alexandra Rohmert Vincent Desbenoit Dylan Allali, all Corporate/M&A Claire Van­nini  Guil­laume Melot, both Competition CMS UK John Enser, TMT Nick Crosbie  Jade Tran  Maria Doran, all Corporate/M&A CMS Spain Luis Miguel De Dios Jorge Peris Hevia, both Corporate/M&A and Commercial CMS Portugal Miguel Santos Ferreira, Corporate/M&A and Commercial CMS Switzerland Stefan Brunnsch­weiler An­drea Relly Anna Mast, all Corporate/M&A CMS Netherlands Elmer Veenman Bob Barnhoorn, both Corporate/M&A and CommercialPress Con­tact presse@cms-hs. com
02/04/2024
CMS advises Main Street Capital Corporation on the acquisition of Maass...
Ham­burg/Stut­tgart – Main Street Capital Corporation, a publicly traded financial investor based in Houston, Texas, has acquired Maass Global Group through one of its portfolio companies, Gulf Manufacturing, LLC. The Essen-based company is a global leader in the manufacture and sale of flanges and forged specialty products, forged steel bars, seamless tubes and fittings made of duplex, stainless steel and high-nickel alloys. In addition to its headquarters in Essen, the Maas Global Group has further locations in the Netherlands, the United Kingdom, India, Singapore and the United Arab Emirates.A CMS team led by Dr. Eckart Gottschalk and Dr. Kai Wallisch provided comprehensive legal advice to Main Street Capital Corporation on this transaction. In addition to corporate law advice, the focus was on the legal implementation of the financing. As part of the transaction, CMS Germany worked closely with CMS law firms from the Netherlands, Singapore and the United Arab Emirates as well as the American law firm Locke Lord and AZB & Partners from India. Main Street Capital Corporation is a publicly traded investment company with a market capitalization of approximately USD 3.9 billion. It specializes in long-term financing of middle-market companies in various industries through management buyouts, re­cap­it­al­iz­a­tions, growth financing and acquisitions. With the investment to acquire Maas Global Group, Main Street Capital Corporation is deepening its existing investment in the manufacturing of flanges, fittings and other specialty products for industrial applications. CMS Germany Dr. Eckart Gottschalk, Lead Partner Dr. Kai Wallisch, Lead Partner Dr. Paul Kintrup, Senior As­so­ci­ate Mil­itsa Decheva Petrova, Senior Associate Dr. Alexander Weinhold, Senior As­so­ci­ate Tjorben Drawe, Associate Sonja Schanze, As­so­ci­ate Kath­rin Dengel, Associate, all Corporate/M&A Dr. Marc Seibold, Partner Anne Waßmuth, Counsel Carla Kaeber, Associate, all Banking & Finance Dr. Hans Fabian Kiderlen, Principal Counsel Theresa Friedle, Associate, both Real Estate & Public Dr. Michael Kraus, Partner Thomas Fröhlich, Counsel, both TMC Dr. Jacob Hinze, Counsel, Employment Law Dr. Martin Mohr, Partner, Tax Christoff Henrik Soltau, Partner Dr. Robert Bodewig, Senior Associate, both Antitrust, Competition & Trade Kai Neuhaus, Partner Moritz Pottek, Counsel, both Brussel EU Law Office CMS Netherlands Roman Tarlavski, Partner Maarten Feenstra, Associate Fleur Assendelft de Coningh, Associate Anne Fleur Krijthe, Candidate civil law notary CMS Singapore Toby Grainger, Partner Leslie Tay, Associate CMS UAE Patrik Daintry, Partner Fawzi Oueidat, Associate Locke Lord Greg Heath, Partner Nicholas Jennings, Partner Jason Ulezalka, Partner Case Towslee, Associate Jake Chagoury, Associate Mason Marek, Associate AZB & Partners Srinath Dasari, Senior Partner Gautam Rego, Partner Yash Anand, Associate Gopika Menon, AssociatePress Con­tact presse@cms-hs. com
26/03/2024
CMS advises SEFE on all aspects of acquiring WIGA Group
Hamburg – SEFE Securing Energy for Europe GmbH (SEFE) has acquired all the shares in WIGA Transport Beteili­gungs-GmbH & Co. KG (WIGA) from its co-shareholder Wintershall Dea AG. The transaction is currently awaiting approval from the competition authorities. SEFE is wholly owned by the Federal Republic of Germany. WIGA owns regulated gas pipeline operators GASCADE Gastransport GmbH and NEL Gastransport GmbH, who operate one of the largest high-pressure gas networks in Germany with a combined length of around 4,150 kilometres. These networks have a key role to play in European energy security and the green energy transformation. The transaction will strengthen SEFE in its role of ensuring secure and reliable energy supply in Germany and Europe, as well as boosting its hydrogen ex­pert­ise.“With the full acquisition of WIGA as sole shareholder, we are strategically strengthening SEFE as an independent and autonomous midstream company,” commented Reinhard Gorenflos, Chairman of the SEFE Supervisory Board.“SEFE being the sole shareholder of WIGA will ensure that GASCADE can convert the existing high-performance infrastructure to hydrogen in the future. In this way, we can help drive forward the green energy transformation. Transportation infrastructure is a pivotal part of the future hydrogen value chain,” said Dr Egbert Laege, CEO of SEFE. “The two WIGA subsidiaries, GASCADE and NEL, will continue to operate independently and market their capacity in a transparent and non-dis­crim­in­at­ory manner.”SEFE CFO Dr Christian Ohlms highlighted the importance of WIGA with regard to the privatisation of SEFE, which is due to take place by the end of 2028: “With this transaction, which is expected to complete by summer 2024, we are strengthening SEFE’s asset base. Our aim is to continue the long-term development of SEFE on a stable financial footing.”A multinational CMS team headed by Hamburg-based partner Dr Holger Kraft advised SEFE on all aspects of acquiring WIGA. In addition to extensive due diligence on the entire WIGA Group, including GASCADE and NEL, which are regulated under energy law, this work covered negotiation of the share purchase agreement and separate agreements with the shareholders of Wintershall Dea AG. Alongside negotiating the transaction agreements, the advice focused on safeguarding the transaction through several W&I insurance agreements, including negotiating the policies, and handling regulatory issues relating to gas network operation and other public-law matters. CMS Germany worked closely with the CMS law firms in the UK and Luxembourg, and with US law firm Faegre Drinker Biddle & Reath LLP. CMS previously advised the Federal Network Agency (BNetzA) and the Federal Ministry for Economic Affairs and Climate Action in 2022 and 2023 around their trusteeship over SEFE and its subsequent nationalisation by way of corporate actions. The instructions for this transaction followed on from that successful cooperation. About SEFE:As an integrated midstream energy company headquartered in Berlin, SEFE Securing Energy for Europe ensures the security of energy supply in Germany and Europe and is driving the green energy transformation. SEFE is active in trading & portfolio management, sales, transportation and storage of energy and has its strongest presence in Germany and the UK. SEFE employs around 1,500 people and supplies over 50,000 customers, in particular industrial customers and municipal utilities in Germany and seven other European markets. With a sales volume of around 200 TWh of power and gas, SEFE plays a central role in stability of the energy supply in Germany and Europe. SEFE is owned by the Federal Government of Germany. CMS Germany Dr Holger Kraft, Lead Partner Dr Jan Schepke, Partner Matthias Sethmann, Principal Counsel Dr Dirk Baukholt, Principal Coun­sel Char­lotte von der Heydt-von Kalckreuth, Counsel Dr Stefan Kühl, Senior Associate Dr Paul Kintrup, Senior Associate, all Corporate/M&A Dr Rolf Hempel, Partner Dr Friedrich von Burchard, Partner Nicole Köppen, Senior Associate, all Regulatory Dr Hermann Müller, Partner Dr Arno Görlitz, Associate, both Public Commercial Law Dr Martin Mohr, Partner Dr Olaf Thießen, Principal Counsel, both Tax Dr Alexandra Schluck-Amend, Partner Manuel Nann, Senior As­so­ci­ate Pit-Jo­hannes Wagner, Associate, all Restructuring Dr Andreas Hofelich, Partner Dr Mario Brungs, Counsel Dr Lena Pingen, Associate, all Em­ploy­ment/Pen­sions Dr Fritz von Hammerstein, Partner Jan Gröschel, Senior Associate Heike Weyer, Senior Associate, all Public Law Dr Stefan Voß, Partner Tamara Bux, Associate, both Real Estate Dr Sebastian Cording, Partner Martin Krause, Partner Dr Shaya Stender, Associate Joel Coché, Associate, all Commercial Dr Julia Runge, Principal Counsel, Finance Dr Michael Bauer, Part­ner Chris­toff Henrik Soltau, Partner Dr Robert Bodewig, Senior Associate Luisa Thomasberger, Associate, all Antitrust, Competition & Trade CMS UK Russel Hoare, Partner Sam De Silva, Part­ner Jean-Fran­cois Willems, Of Counsel Jennifer Louch, Senior As­so­ci­ate Max­imili­an Weaver, Senior Associate Louisa Mottaz, Associate CMS Luxembourg Angelique Eguether, Senior As­so­ci­ate Guil­laume Flagollet, Managing Associate Faegre Drinker Biddle & Reath LLP (USA) Mollie D. Sitkowski Inhouse at SEFE Securing Energy for Europe GmbH Dr Jörg Kammerer Jörn RimkePress Con­tact presse@cms-hs. com