Allen & Overy LLP has advised M.M. Warburg & CO (AG & Co.) KGaA, Hamburg (Warburg) on the sale of its subsidiaries Warburg Invest Luxembourg S.A. and M.M. Warburg & CO Luxembourg S.A. to Apex Group Ltd. (Apex), a portfolio company of Genstar Capital. The target entities have USD 50 billion assets under administration. The transaction follows Apex’s acquisition of Deutsche Bank’s Alternative Fund Services business in 2017.

Warburg and Apex will form a strategic partnership for Luxembourg based asset management services businesses.

The transaction is subject to customary closing conditions as well as cartel authorities and is expected to be completed in the second quarter of 2018. The parties have agreed not to disclose further details of the transaction.

With the sale of the two subsidiaries, Warburg Bank intends to focus even more on growth in the German market and reduce the complexity of regulatory requirements.

The Allen & Overy team was led by Hamburg based partner Dr. Nicolaus Ascherfeld (Corporate/M&A) and comprised partner Dr. Heike Weber (Tax, Frankfurt), Dr. Alexander Behrens (International Capital Markets, Frankfurt), Dr. Börries Ahrens (Antitrust, Hamburg) and Daniela Trötscher (Tax, Frankfurt), Of-Counsel Frank Herring (International Capital Markets, Frankfurt), Counsel Max Landshut (Corporate/M&A, Hamburg), senior associate Marco Zingler (International Capital Markets, Frankfurt) as well as the associates Dr. Stefan Witte (Corporate/M&A, Hamburg), Dr. Moritz Meister (Corporate/M&A, Hamburg) and Dr. David Wagner (Employment, Hamburg).

Luxembourg law advice was provided by partners Andre Marc (Corporate/M&A) and Henri Wagner (International Capital Markets) as well as counsels Catherine Di Lorenzo, Yannick Arbaut, Serge Hoffmann, Gary Cywie and associate Franz Kerger.

Inhouse advice was provided by Dr. Christoph Greiner.