Led by Hamburg-based partner Alexander Koch, Hogan Lovells has advised its long standing clients KIRKBI Invest A/S and William Demant Invest A/S on the sale of their indirect interests in the German offshore wind farm Borkum Riffgrund I. KIRKBI Invest A/S is the private holding and investment company of the Kirk Kristiansen family, owners of the LEGO Group. William Demant Invest A/S is wholly owned by the William Demant Foundation and the holding company for William Demant Foundation’s investment activities.
The total cash consideration for the transaction amounts to approximately EUR 350 million. The purchaser is Greencoat Renewables Plc, an Irish investor in euro-denominated renewable energy infrastructure assets. It is acquiring an indirect 31.5% stake in the offshore wind farm from KIRKBI Invest A/S further 18.5% from William Demant Invest A/S. The wind farm was developed and constructed by the Danish Ørsted A/S, who retains its 50% participation. Borkum Riffgrund I is located in the German exclusive economic zone of the North Sea and has been in operation since 2015.
The transaction is subject to regulatory approval and is expected to close in the second quarter of 2022.
Hogan Lovells advised KIRKBI Invest A/S and William Demant Invest A/S on all matters relating to vendor due diligence, preparation of the transaction documents and negotiations with the purchaser and the remaining co-shareholder. Danish law firm Kromann Reumert has advised KIRKBI Invest A/S and William Demant Invest A/S on Danish law aspects of the transaction. The Danish team was led by partner Jens Blomgren-Hansen.
Hogan Lovells for KIRKBI Invest A/S and William Demant Invest A/S
Hamburg:
Dr. Alexander Koch (partner), Malte Neumann (senior associate, both M&A/Energy), Joy Baur, Gesa Unland-Miramov (both associates, M&A), David Gherdane (senior associate, finance);
Düsseldorf:
Dr. Mathias Schönhaus (partner), Anja Brunthaler (senior associate, both tax);
Frankfurt:
Dr. Joachim Habetha, Dr. Jörg Herwig (both partners, both M&A), Amy Bruland (associate, finance);
Munich:
Christian Ritz (partner), Dr. Lukas Rengier (counsel), Dr. Dennis Cukurov (associate, all antitrust).
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