Guernsey Finance

A team from Carey Olsen in Guernsey has played a key role in an innovative transaction involving Germany1 Acquisition Limited, a special purpose acquisition company (SPAC).

Germany1 – registered in Guernsey and listed on Euronext – agreed to acquire all the shares of AEG Power Solutions B.V. for EUR 200 million in cash and 19,208,955 Germany1 shares, plus a further number of Germany1 shares depending upon the future performance of AEG.

The use of SPACS for this type of transaction is common in the United States but has been rarely used in Europe. Corporate Partner Tom Carey led the transaction, assisted by Senior Associates Tony Lane and David Crosland.

Tom Carey, Partner at Carey Olsen, said: “We have worked closely with the principal advisers CMS Hasche Sigle, to provide expertise on those aspects of the transaction that are impacted by Guernsey law. It has been an extremely interesting project for the corporate team at Carey Olsen.”

AEG Power Solutions has been a world-leading power and electronics company for over 60 years. Headquartered in Belecke, Germany, it has 1,600 employees across 16 countries. The company generated sales of EUR 343 million in 2008.

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Carey Olsen advises on innovative SPAC transaction3.pdf	121.58 KB