Frankfurt am Main - Paul Hastings LLP, a leading global firm, announced today that it advised OCEAN Holding GmbH on the acquisition of the Düsseldorfer Hypothekenbank AG, a major German mortgage bank, from the US investor Lone Star. Measured by total assets estimated at €12 billion, this is the largest German bank takeover since the financial crisis.
On August 21, OCEAN Holding GmbH, a fund managed by Dr. Patrick Bettscheider and Attestor Capital LLP, acquired Düsseldorfer Hypothkenbank AG from the previous owner, LSF5 German Investments II LP, Delaware, and LSF5 Riverside Ltd. & Co. KG, two companies of the Lone Star Group. The Lone Star Group acquired the bank in 2010 and injected more than €500 million since then to strengthen the bank’s core capital position. The purchase agreement is subject to approval by the regulatory authorities. The transaction is intended to further stabilize the bank’s core capital position, through the conversion of mandatory obligations.
The Paul Hastings team was led by Frankfurt partner and office chair Christopher Wolff, with corporate associates Christian Mock, Friederike Schröder, and Fritz Kleweta, and of counsel Uwe Halbig on tax issues. Paul Hastings is a leading global law firm with a strong presence throughout Asia, Europe, Latin America and the United States. Through a collaborative approach, entrepreneurial spirit, and commitment to client service, the professionals of Paul Hastings deliver innovative solutions to many of the world’s top financial institutions and Fortune 500 companies.