CMS advises renewable energy investor IKAV on acquisition of shares in two geothermal companies from Daldrup & Söhne AG

Hamburg – Luxembourg-based fund IKAV Invest S.à r.l., part of the IKAV Group, has concluded agreements with drilling technology and geothermal energy company Daldrup & Söhne AG regarding the purchase and assignment of shares in Geysir Europe GmbH and geox GmbH. IKAV is acquiring 48.9% of the shares in Geysir Europe GmbH and 1.0% of the shares in geox GmbH. In return, Daldrup will receive earmarked funds of around EUR 5.2 million. Geysir Europe GmbH holds shares in several companies that operate or develop geothermal projects in Germany, including geox GmbH as operator of the Landau geothermal project.

A CMS team headed by lead partner Dr Holger Kraft and counsel Kai Ostermann advised IKAV on all legal aspects of the deal.

Headquartered in Hamburg, IKAV is a renewable energy investor. The company manages more than EUR 1.5 billion in assets relating to renewable energy and energy efficiency.

Daldrup is based in Grünwald/Geiselgasteig in Bavaria and is a specialised provider of drilling and environmental services. The company’s shares are listed on Scale, a sub-segment of the Open Market on Frankfurt Stock Exchange. The sale of the shares is a key element in the restructuring programme that Daldrup’s Management Board is gradually implementing in response to its operational results in the 2018 financial year. The company intends to use the funds to reduce the Daldrup Group’s debt and de-consolidate the Geysir Group.

CMS Germany

Dr Holger Kraft, Lead Partner
Dr Hilke Herchen, Partner
Kai Ostermann, Counsel
Laura Moosleitner, Senior Associate
Dr Levent Hancioglu, Associate
Luise Pelzer, Associate, all Corporate/M&A
Dr Julia Runge, Principal Counsel, Banking & Finance
Dr Hans Fabian Kiderlen, Counsel
Sebastian Belz, Senior Associate, both Real Estate & Public
Dr Martin Mohr, Counsel, Tax

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