Another €99m in equity – Noerr advises Hertha BSC on increase in TENNOR’s stake

Noerr has advised Hertha BSC GmbH & Co. KGaA on the increase of Tennor Holding’s interest in the Bundesliga club. Investing another €99m, TENNOR now holds 49.9 per cent of the club’s limited liability capital. Jürgen Klinsmann, former national coach, World Cup and European Championship winner, was elected by Hertha’s annual general meeting as a new member of the supervisory board to act as the investor’s representative.

In June 2019, Hertha and TENNOR agreed a strategic partnership. In an initial step, TENNOR acquired 37.5 per cent of the limited partner shares in Hertha for over €125m. The present transaction implements the investor’s option agreed at the time to increase its stake for a higher price to 49.9 per cent. Back in June, the club’s supervisory board and executive committee as well as the supervisory and advisory boards of the limited partnership unanimously consented to this step. The increase in TENNOR’s interest comes with two additional seats on the supervisory board of Hertha BSC GmbH & Co. KGaA, which has nine members. One of these seats is now being taken by Jürgen Klinsmann.

As in TENNOR’s initial investment, Hertha once again relied on advice from Noerr and a team led by Christian Pleister and Holger Alfes. The Bundesliga club has been a client of Noerr for many years.

Hertha BSC GmbH & Co. KGaA negotiation team:

Ingo Schiller (Managing Director Finance, Organisation and Infrastructure), Björn Bäring (Head of Finance und Controlling)

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

Professor Christian Pleister (Frankfurt/Berlin), Dr Laurenz Tholen (Berlin, both Private Equity), Dr Holger Alfes, Dr Julian Schulze De la Cruz (both Capital Markets, Frankfurt)

Associates: Dr Anna Olbrys-Sobieszuk (Private Equity, Berlin), Lisa Schmitt, Aleksandra Vujinovic (both Corporate/M&A, Frankfurt)