Global law firm Freshfields has advised Commerzbank AG as sole coordinator in relation to the €800m financing entered into with United Internet AG and covered by the Japanese Bank for International Cooperation (‘JBIC’). The financing serves to fund the expansion of United Internet’s 5G network expansion in Germany, and is the largest European JBIC financing for such purpose. The financing was arranged by Commerzbank AG and Deutsche Bank AG and is provided by a club of European and Japanese banks, including BNP Paribas, Mizuho Bank, Mitsubishi UFJ Financial Group and HSBC.

United Internet AG, founded in 1988 and based in Montabaur, is Europe’s leading internet specialist with approx. 11,000 employees. JBIC, founded in 1999 and based in Tokyo, is Japan’s policy-oriented financial institution that provides financial support to Japanese companies in the development of their overseas infrastructure businesses. Further details on the transaction can be found here.

The multijurisdictional Freshfields team was led by Partner Andreas Ruthemeyer and Associates Iryna Karpliuk (both Infrastructure Finance, Frankfurt) and Anthony Ong (Finance, Singapore), together with Partner Takeshi Nakao and Senior Associate Chiyokazu Shindo (both Corporate/M&A, Tokyo). Partner Alexander Glos, Counsels Falko Glasow, Holger Hartenfels and Principal Associate Xiao Zhang (all Corporate/M&A, Frankfurt) advised on Capital Requirements Regulation (‘CRR’) matters.