Partner

Dr. Tobias Grau

Rechtsanwalt

Languages

German
English

Social media

Tobias Grau is head of the CMS Excellence Cluster M&A - Financial Services and has for many years been listed as one of the core lawyers for M&A (Legal 500) and as "Best Lawyer for Mergers and Acquisitions" (Handelsblatt in cooperation with Best Lawyers). Over the past 15 years, he has advised on numerous national and international transactions, primarily for financial institutions and life sciences companies as well as other industries.

Tobias Grau is co-editor of the annual CMS European M&A Study, which, now in its 17th edition, analyses nearly 7,000 M&A transactions in Europe in recent years that CMS has advised on.

In addition to his work at CMS, he is an examiner for the second state law exam and a lecturer at the Stuttgart Bar Association.

Tobias Grau joined CMS in 2009 and has been a partner since 2017.

Awards & Recognitions

01 –

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Listed for Corporate

Deutschlands beste Anwälte 2025 – Handelsblatt in Kooperation mit Best Lawyers
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Listed for Mergers and Acquisitions

Deutschlands beste Anwälte 2025 – Handelsblatt in Kooperation mit Best Lawyers
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Listed as one of the key lawyers for M&A: large deals (€500m+) in Germany

The Legal 500 EMEA, 2022 - 2024
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Listed as one of the key lawyers for M&A: mid-sized deals (sub-€500m) in Germany

The Legal 500 EMEA, 2022 - 2024
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Listed for Mergers and Acquisitions

Deutschlands beste Anwälte 2020-2024 – Handelsblatt in Kooperation mit Best Lawyers

Relevant experience

Commerzbank

Advice on joint venture on digital payment solutions (co-lead) (2024)

Bankhaus Metzler

Advice on the sale of the Irish fund management company to Universal Investment Group (2020)

HQ Holding

Beratung HQ Holding (Familie Harald Quandt) beim Verkauf einer Mehrheitsbeteiligung an HQ Capital an den Asset Manager LFPI (2022)

German state banks

Interest in an internet and mobile payment system (paydirekt) (2016)
Sale of shares to DekaBank (2011)
Regular advice to a German state bank in connection with the disposal and acquisition of interests

Stock exchange

Comprehensive advice to one of the top 10 stock exchanges in Europe in connection with its corporate restructuring

Johnson & Johnson

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

Divestiture of Advanced Sterilisation Products (ASP) business to 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

Advice on the acquisition of Howden for USD 4.4 billion (led by CMS Germany) (2022)
Advising 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)

Clairant

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

Holtzbrinck Publishing Group

Advising on successful IPO of Springer Nature (Lead CMS Deutschland), (2024)
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)

Porsche

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

Exyte

Advising on the acquisition of TTP Group (Lead CMS Deutschland), (2024)

Oaktree

Advising on the acquisition of two virgin fibre cardboard mills from the publicly listed Mayr-Melnhof Group for approximately € 105 million plus net debt (Co-lead) (2021)

Publications

CCH - Forms of Doing Business, Doing Business in Europe, 2024, Thomson Reuters (together with Dr. Kai Wallisch)
Success fees for M&A advisors in light of new case law, E-Book für GmbH-Geschäftsführung 2025 (Euroforum), 2025, p. 149-151 (together with Militsa Decheva Petrova) (in German)
"Deals with airbag: why W&I insurances are booming", FINANCE, 15.04.2025, (hier) (Quotes) (together with Dr Kai Wallisch) (in German)
„Best friends?“, FINANCE, 31.01.2025, p. 62-63 (quote) (together with Frederik Leenen)
Increased duties of the seller's managing director to provide information in connection with M&A transactions, Ebook for directors of limited liability companies 2024 (Euroforum), 2024, p. 78-80 (together with Kathrin Dengel) (in German)
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)

Memberships & Roles

German Bar Association
Stuttgart Bar Association

Lectures list

Bucerius Center on the Legal Profession on Tour: AI – How it is transforming law firms and being used in M&A transactions, 19.11.2025
„The changing culture of M&A", FINANCE Roundtable, 05.05.2025 (together with Dr Kai Wallisch)
„Stricter disclosure obligations for M&A deals: what CFOs need to pay attention to", FINANCE Roundtable, 23.04.2024 (together with Dr Kai Wallisch)
„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)

Education

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

Practice Areas

Corporate / M&A Mergers & Acquisitions International Group Structures

Insights

Global Reach

Karriere