McDermott Advises Atruvia on the Sale of its Stake in gbs
Frankfurt a.M., December 14, 2021 – McDermott Will & Emery has advised Atruvia AG on the sale of its stake in gbs Gesellschaft für Banksysteme GmbH. The buyers are global IT services company HCL Technologies (HCL) and Deutsche Apotheker- und Ärztebank eG (apoBank).
gbs had been founded in 2010 as a joint venture between the then GAD eG (now Atruvia) and apoBank. The company had taken over the services for the bank’s IT applications and subsequently expanded its services in the financial area.
As part of the current transaction, apoBank, which previously held a 10 percent stake in gbs, is increasing its stake to 49 percent. HCL will hold 51 percent of gbs in the future and is expanding in the German financial services sector with this strategic acquisition. The closing of the transaction is subject to customary closing conditions and regulatory approvals and is scheduled for the end of December.
“We are pleased that our distinctive technology expertise once again led to the successful legal support of this transaction,” said lead Partner Dr. Michael Cziesla. Atruvia emerged from Fiducia & GAD, the IT service provider of Genossenschaftlicher FinanzGruppe, in the summer of 2021. McDermott has been working for Atruvia for many years and has already advised the company on many acquisitions and sales.
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