Paul Hastings has advised Ocean Holding on the acquisition of the Düsseldorfer Hypothekenbank, a German mortgage bank, from the US investor Lone Star.
Measured by total assets estimated at EUR12 billion, this is the largest German bank takeover since the start of the financial crisis.
Ocean Holding, a fund managed by Patrick Bettscheider and Attestor Capital, has acquired Düsseldorfer Hypothkenbank from the previous owners, LSF5 German Investments II LP, Delaware, and LSF5 Riverside Ltd & Co KG, two companies of the Lone Star Group.
The Lone Star Group acquired the bank in 2010 and injected more than EUR500 million since then to strengthen the bank’s core capital position.
The purchase agreement is subject to approval by the regulatory authorities. The transaction is intended to further stabilise the bank’s core capital position, through the conversion of mandatory obligations.
The Paul Hastings team was led by Frankfurt partner and office chair Christopher Wolff, with corporate associates Christian Mock, Friederike Schröder, and Fritz Kleweta, and of counsel Uwe Halbig on tax issues.