Noerr advises Baader Bank on €200 million capital increase of IFA Hotel & Touristik AG
Noerr has advised Baader Bank AG on a capital increase of IFA Hotel & Touristik AG with subscription rights for existing shareholders, in return for cash contributions and the issuance of 29,700,000 new shares. The capital increase generated gross proceeds of around €200 million.
Baader Bank AG, as sole global coordinator, offered the new shares to the company’s existing shareholders by means of an indirect subscription right. The shares were then admitted to the regulated market at the Düsseldorf Stock Exchange and the Frankfurter Stock Exchange (General Standard). Due to a backstop commitment, Lopesan Touristik S.A., Las Palmas, Spain, as the company’s largest shareholder, acquired most of the new shares, and now holds around 76% of the share capital. The net proceeds of the capital increase are to be used primarily for the further expansion of the IFA Group. This is intended to include in particular not only modernising and erecting hotel facilities but also further acquisitions.
The lead of the transaction was shared by Noerr’s Frankfurt partners Holger Alfes and Dominik Kloka. Noerr’s Capital Markets team advises Baader Bank AG regularly on capital market transactions and matters involving capital markets regulation.
Advisors to Baader Bank AG: Noerr LLP
Dr Holger Alfes, Dr Dominik Kloka (joint lead), Dr Laurenz Wieneke, Dr Julian Schulze De la Cruz (all Frankfurt, Capital Markets), David Zafra Carollo (Real Estate, Spanish law, Düsseldorf), Dr Martin Haisch (Frankfurt, Tax), Associate: Dr Dirk Buken (Capital Markets, Frankfurt).