Noerr advises Hertha BSC on €125 million equity investment

Noerr has advised the Bundesliga football club Hertha BSC on a strategic partnership with the investment company Tennor Holding B.V. The agreement covers an open-ended equity investment, initially for €125m.

Tennor is acquiring a minority stake of 37.5 per cent in the club with this investment. An option to increase its stake to 49.9 per cent for a higher share price has also been agreed. Seven months after the buy-back of the shares and options (totalling 36.3 per cent for €71.2m) from the Kohlberg Kravis Roberts & Co. (KKR), this new partnership allows the club to repay a significant portion of its debt and to invest in the key operating areas of sport, digitalisation and internationalisation in the coming years.

The first-division club is a long-standing client of Noerr. A team headed by Christian Pleister and Holger Alfes also advised Hertha on the successful issue of an institutional bond at the end of last year and the entry and exit of financial investor KKR.

Advisors to Hertha BSC GmbH & Co. KGaA: Noerr LLP

Professor Christian Pleister (Private Equity, Frankfurt/Berlin), Dr Holger Alfes (Capital Markets, Frankfurt), Dr Laurenz Tholen (Private Equity, Berlin)

Associates: Dr Anna Olbrys-Sobieszuk, Franz Hahn, Dr Manuel Weiß (all Private Equity, Berlin)