DLA Piper advises VARTA AG on the implementation of the capital measures of its restructuring plan and the V4Drive joint venture with Porsche

DLA Piper has advised VARTA AG on the implementation of the capital measures provided for in the legally binding restructuring plan. The simplified reduction of the Company's share capital to EUR0 and the simultaneous cash and non-cash capital increase with the exclusion of subscription rights already took effect upon entry in the commercial register. The registration resulted in the previous shareholders exiting the Company without compensation and the delisting of VARTA AG.

As a next and final step, the Company is in the process of completing the preparations for the disbursement of the new EUR60 million super senior loan in the short term. Prior to this, MT InvestCo and Porsche will provide the Company with cash funds of approximately EUR40 million as a contribution to the capital reserve, and the transfer of shares in real estate companies with a value of approximately EUR20 million to the Company by MT InvestCo will take effect.

In addition to the implementation of the capital measures, on 4 March 2025, Dr. Ing. h.c. F. Porsche AG has acquired the majority in V4Drive Battery GmbH (now: “V4Smart GmbH & Co. KG”), a company specialised in the production of lithium-ion round cells, from the VARTA AG Group. Following the participation of the sports car manufacturer, VARTA retains a minority stake in the joint venture.

DLA Piper has been advising VARTA for several years on corporate, capital markets law and transactions. Since 2023, DLA Piper has also been providing VARTA with comprehensive support on all aspects of its restructuring. This included developing and implementing the restructuring concept, as well as negotiating and concluding bridge loans, lock-up agreements and restructuring, investor and financing agreements within the framework of the StaRUG proceedings.

DLA Piper advised VARTA AG under the joint leadership of partners Dr Roland Maaß (Capital Markets, Frankfurt) and Florian Bruder (Restructuring, Munich/Frankfurt). The team also included partners Dr Wolfram Distler (Finance), Dr Konrad Rohde (Tax), counsels Patrick Reuter (Finance) and Sven Bischoff (Tax; all Frankfurt), senior associates Emel Toluay-Ayhan (Finance), Daniel Osmanovic (Corporate/M&A), Dr Pascal Hornstein (Tax), as well as associates Theresa Keß, Albatrit Haliti, Christian Thies (all Restructuring), Alexander Hofsepjan (Capital Markets), Sindy Martin, Cennet Issenin (both Finance) and Katharina Verdan-Chabray (Tax; all Frankfurt).

Partner Gerald Schumann (Corporate/M&A, Munich) advised on the execution of the V4Drive joint venture, with the support of counsel Juliane Poss, senior associate Theresa Schenk (both Capital Markets, Frankfurt) and associates Nana Krähling (Frankfurt) and Dr. Lukas Reitebuch (Munich; both Corporate/M&A).

The team was also supported by Senior Legal Project Manager Tamara Schanz, Legal Project Manager Mariama Jarju and Transaction Specialist Arne Klingelhöfer.