Linklaters advises Citi entities on a securitisation and inventory financing of approximately €250m for Everphone

Linklaters has advised Citibank Europe Public Limited Company and Citibank Europe Public Limited Company, Germany Branch, on the first securitisation of Everphone, a leading device-as-a-service provider, in a bilateral securitisation transaction in combination with an inventory financing in the total amount of €250m.

In addition to Citibank Europe Public Limited Company and Citibank Europe Public Limited Company, Germany Branch, and KfW as senior investors, the Phoenix Insurance Company LTD participated in the new financing structure as mezzanine investor. This financing is an integral part of Everphone’s Series D financing round of c.€270m.

The funds from this bespoke financing solution will support Everphone to focus on key corporate accounts and internationalisation and, in particular, invest in the furthering of technical development of its device-as-a-service offering for integration into various digital processes.

Everphone offers a one-stop solution for company smartphones and tablets. As a device-as-a-service provider, the company, which was founded in 2016, handles the procurement, configuration, management, security and replacement of devices for companies and organisations.

Linklaters multijurisdictional team advised on German and English law, as well as selected US regulatory law, with Barbara Lauer (Partner; lead) as well as Jördis Heckt-Harbeck (Counsel; Co-lead), Annelie Laura Utech (Associate), Kai Erik Ackermann (Associate) and Eva Friederike Köhler (Associate; all Capital Markets, Frankfurt) as well as Don Waack (Partner, Financial Regulation, Washington D.C.) and Zila Acosta Grimes (Managing Associate, Financial Regulation, New York).