DLA Piper advises VARTA AG on a joint venture with Porsche in the business unit for large-format lithium-ion cells

DLA Piper has advised VARTA AG on a joint venture with Dr. Ing. h.c. F. Porsche AG (Porsche) in the business unit for large-format lithium-ion cells. As part of the joint venture, Porsche will acquire a majority stake in V4Drive Battery GmbH, currently still a wholly owned subsidiary of VARTA AG, via a capital increase. In order to implement the investment, VARTA AG and its participating subsidiaries will contribute the business unit for large-format lithium-ion cells and an operating property and Porsche will contribute certain equipment, patents and receivables belonging to the business unit for large-format lithium-ion cells.

The closing of the transaction is still subject to, among other things, merger control clearance and the legally binding confirmation of the restructuring plan for VARTA AG in the ongoing restructuring proceedings under the StaRUG. It is currently expected in the first quarter of 2025.

DLA Piper advised VARTA AG on this transaction under the lead of partner Gerald Schumann (Corporate/M&A, Munich). The team also included partners Sylvia Ebersberger (IPT, Munich), Semin O (Antitrust, Frankfurt), counsels Hanna Lütkens (Corporate/M&A, Munich), Juliane Poss (Capital Markets, Frankfurt), Dr Enno Ahlenstiel (Antitrust, Cologne), senior associates Daniel Osmanovic (Corporate/M&A, Frankfurt), Theresa Schenk (Capital Markets, Frankfurt) as well as associates Dr. Lukas Reitebuch (Corporate/M&A, Munich), Nana Krähling (Corporate/M&A, Frankfurt), Philipp Lutz and Hermann Jahrreiß (both IPT, Munich).

VARTA is being advised on the ongoing restructuring under the joint leadership of partners Dr Roland Maaß (Capital Markets, Frankfurt) and Florian Bruder (Restructuring, Munich/Frankfurt).

On the VARTA AG side, the transaction was led by Julia Weber (General Counsel) and Valentin Löffelad (Legal Counsel VARTA Microbattery GmbH).