Noerr advises artnet AG on takeover and delisting offer by Beowolff Capital

With a team led by Holger Alfes and Philip M. Schmoll, Noerr is advising artnet AG ("artnet") on the takeover and delisting offer by Beowolff Capital Management Ltd ("Beowolff Capital") and on the investment and delisting agreement entered into in connection with the offer.

On 27 May 2025, Beowolff Capital published its intention to launch a voluntary public takeover offer to the shareholders of artnet for all outstanding shares of artnet ("artnet Shares"). The offer simultaneously fulfils the requirements of a delisting offer under the provisions of the German Stock Exchange Act, which is required for the revocation of the existing admission of artnet shares to trading on the regulated market of the Frankfurt Stock Exchange.

Beowolff Capital offers artnet shareholders €11.25 in cash per artnet share. The Offer Price implies a significant premium of c. 97% to the XETRA closing share price of artnet on March 3, 2025, the last trading day prior to the publication of an ad-hoc notification of artnet’s major shareholder Weng Fine Art AG about a potential takeover offer for artnet by an interested party and of c. 38% to the XETRA closing share price of artnet on April 10, 2025, the last trading day prior to the publication of an ad-hoc publication of artnet about ongoing negotiations about a potential takeover offer for artnet.

artnet is a leading data, media, and digital marketplace provider to the international art market. Founded in 1989 by Hans Neuendorf, artnet has revolutionized the way collectors, professionals, and art market enthusiasts discover, research, and collect art today. artnet has 67 million unique users annually, making it the largest global platform for fine art.

Beowolff Capital is a private investment firm which combines long-term, value-added partner capital with its own balance sheet and founder capital to take substantial positions in a highly concentrated portfolio of investments. It employs its proprietary digital, data, and artificial intelligence capabilities to grow its companies, generate substantial investment returns, and make the world a better place.

Noerr is providing comprehensive advice to artnet in connection with the takeover and delisting offer and the subsequent delisting. In the past, Noerr has advised the company for many years on stock corporation and capital markets law, including its annual general meetings, as well as on financing.

Advisors to artnet AG: Noerr

Holger Alfes (lead, partner, Frankfurt), Stephan Schulz (partner, Hamburg), Laurenz Wieneke (partner, Frankfurt), Philip M. Schmoll (associated partner, Frankfurt), Jörg-Peter Kraack (associated partner, Hamburg), Jan Hoffmann Linhard (associated partner, Hamburg), Sebastian de Schmidt (counsel, Frankfurt; alle Capital Markets Law)