Dentons advises lenders on €1.7 billion financing for tk accelis

Global law firm Dentons has advised Deutsche Bank AG, Amsterdam Branch as documentation agent and coordinating mandated lead arranger, and Banco Bilbao Vizcaya Argentaria, S.A., Niederlassung Deutschland, Commerzbank Aktiengesellschaft, and Citibank, N.A., London Branch as coordinating mandated lead arrangers, together with an international syndicate of lenders, in connection with a €1.7 billion syndicated secured borrowing base facility for tk accelis.

tk accelis is one of the world’s leading materials distribution and service providers. With sales of €11.4 billion in the 2024/25 financial year, approximately 15,500 employees, and 250,000 customers, it is the market leader by sales in Germany and Europe and the third-largest provider in North America. Its operations span more than 30 countries and approximately 400 locations worldwide.

The facility has been put in place to provide tk accelis with an independent financing structure in connection with its planned separation from the thyssenkrupp group and listing on the Frankfurt Stock Exchange.

Mark Segall, Partner at Dentons, said: “What made this transaction distinctive was the need to build a large-scale borrowing base financing around the day-to-day realities of a genuinely international trading and distribution business, while at the same time establishing an independent financing platform for tk accelis. The challenge was not simply one of scale, but of creating a structure that could operate efficiently across a complex multi-jurisdictional business.”

Partner Mark Segall led Dentons’ cross-border legal team of 40 lawyers across 12 countries, with support from senior associate Kristin Annexstad, associates Oleksandra Piskun and Kamila Gomółka and trainee Simon Semyachkin. The team included:

Belgium: Nora Wouters (Partner); Domien Kriger (Senior Associate)

Canada: Radha Khosla (Partner); Bin Zeng (Partner); Geoff Marinangeli (Counsel); Nicolas Spagnuolo (Associate); Li Song (Associate); Justin Hamzo (Avocat)

Czech Republic: Ondřej Bartoň (Partner); Martin Šupák (Senior Associate)

Germany: Axel Schlieter (Partner); Isabel van Bremen (Counsel); Paul Sieminski (Senior Associate)

Hungary: Edina Schweizer (Partner); Barbara Herczegfalvi (Associate); Róbert Bernáth (Junior Associate)

Ireland: Peter O’Brien (Partner); Jennifer White (Senior Associate); Thomas Hogan (Trainee)

Mexico: Amanda Valdez (Partner); Gustavo Mendoza (Associate); Diego Cuevas (Associate)

Netherlands: Marcel Janssen (Partner); Frits Miedema (Associate); Iris van Noort (Associate); Willem Lugard (Junior Associate)

Poland: Tomasz Zwoliński (Partner); Łukasz Błaszczak (Counsel); Daniel Jakubiak (Associate)

Spain: Jabier Badiola Bergara (Partner); Ignacio Fernández (Counsel)

United Kingdom: Lorna Henderson (Partner); Rachel Morrison (Associate)

United States: E. Lee Smith (Partner); Richard Zierer, III (Associate)