Linklaters advises thyssenkrupp on the spin-off and listing of tk accelis

Linklaters is advising thyssenkrupp AG on all aspects of the preparation and implementation of the separation of tk accelis, its Materials Services segment (tk accelis). tk accelis is one of the world’s leading materials distributors and an integrated supply chain services provider. It combines traditional raw materials and materials trading with tailored materials processing and data-driven supply chain solutions.

Initially, thyssenkrupp AG spun off a 49% minority interest in tk accelis to tk accelis Group AG & Co. KGaA, which was subsequently listed on the stock exchange. thyssenkrupp AG retains a 51% majority interest in tk accelis Group AG & Co. KGaA. For every 20 thyssenkrupp AG shares held, shareholders received one limited partnership share in the new tk accelis Group AG & Co. KGaA and, as a result of the spin-off, collectively hold a 49% interest in the company.

At thyssenkrupp AG’s Extraordinary General Meeting on 7 August 2026, shareholders approved the spin-off by a majority of 99.99%. Shares in tk accelis Group AG & Co. KGaA were admitted to trading on the Prime Standard segment of the Frankfurt Stock Exchange on 28 October 2026.

The spin-off of tk accelis marks another key step in the strategic realignment of the thyssenkrupp Group under ACES 2030, following the separation of its marine business, TKMS, last year. In the medium term, thyssenkrupp AG intends to become a financial holding company, bringing together majority interests in strong, independent businesses under one roof.

Linklaters advised thyssenkrupp AG and tk accelis on all aspects of the transaction. The advice covered, in particular, the corporate, capital markets, tax and foreign investment law aspects of the intra-group reorganisation, spin-off and listing. Linklaters also advised tk accelis on the preparation and completion of a standalone financing in form of an asset-based lending facility secured against assets in several jurisdictions, including the United States, Canada, Mexico, Hungary, Poland, the Czech Republic, Belgium, England, Ireland, Northern Ireland, Spain, Portugal, the Netherlands and Germany.

The international, cross-practice Linklaters team is led by Ralph Wollburg (Chairman of Global Corporate and Co-Head of Global M&A) and Andreas Zenner (Corporate/M&A, both Düsseldorf), together with Alexander Schlee (all partner, Capital Markets, Frankfurt) and Julius Raapke (Counsel, Corporate/M&A, Düsseldorf).

The core Linklaters team also comprised Julian Böhmer (Partner, Tax, Düsseldorf), Barbara Lauer (Partner, Capital Markets, Frankfurt), Marco Huchzermeier (Counsel, Corporate/M&A, Düsseldorf), Geesa de Vries (Counsel, Corporate/M&A, Düsseldorf), Tosan Kraneis (Managing Associate, Capital Markets, Frankfurt), Max Fuss (Managing Associate, Tax, Düsseldorf), Maximilian Bunte (Associate, Corporate/M&A, Düsseldorf) and Anna Löher (both Associate, Corporate/M&A, Düsseldorf).

The team also includes Partners Christoph Barth (Antitrust & Foreign Investment, Düsseldorf) and Michael Leicht (TMT/IP, Frankfurt), Counsel Kevin Roy (Corporate/M&A, Berlin), Managing Associate Benedikt Schewe (Tax, Düsseldorf), and Associates Yannick Klecker (Tax, Düsseldorf), Christoph Dornbach, Philipp Roebers, André Landwehr and Alparslan Aksoylu (all Düsseldorf), Alexander Gatlin, Alexander Auster, Marianna Troia (all Corporate/M&A, Frankfurt), Tim Westenberger (Capital Markets, Frankfurt), Alexander Fuchs and Julia Funke (both Antitrust & Foreign Investment, Düsseldorf), and Martin Reschke (Banking, Frankfurt).

Other Linklaters offices involved in the transaction were Amsterdam, Brussels, Lisbon, London, Madrid, Milan, New York, Paris, Shanghai and Washington, DC.

Linklaters has advised thyssenkrupp on strategic transactions and projects for many years, including the spin-off of its marine business, TKMS; the sale of its elevator business; the establishment of a strategic partnership with EP Corporate Group in relation to its steel business; and the transformation and initial public offering of its hydrogen subsidiary, thyssenkrupp nucera.