Overview
Düsseldorf – McDermott Will & Emery advised Austrian SIGNA Group on the formation of a joint venture with Canadian Hudson’s Bay Company (HBC) to merge retail chains Galeria Kaufhof and Karstadt Warenhaus. SIGNA also acquired 50 percent of HBC’S European real estate portfolio. The closing of the transaction is subject to regulatory approvals.
SIGNA and HBC intend to form a new retail company which will include Galeria Kaufhof GmbH, Karstadt Warenhaus GmbH, HBC’s European retail business, Karstadt Sports and all food and catering departments of both companies. In addition, the e-commerce businesses of both retail chains will merge. The new company will have 241 large city-center locations in Europe and employ a total of 32,000 staff.
SIGNA Retail will hold 50.01 percent of the shares of the new holding company and HBC will hold the remaining 49.99 percent. Within the partnership, SIGNA Prime Selection AG will acquire a 50 percent interest in HBC’s European real estate holding. HBC will continue to hold 50 percent of the real estate assets.
The McDermott team who comprehensively advised SIGNA on all legal issues was led by partners Matthias Kampshoff (M&A, Restructuring), Jan Hückel (M&A), Jens Ortmanns and Gregor Lamla (Real Estate), Christian Krohs (Antitrust), Oliver Lieth (Finance) and Kian Tauser (Tax).
About McDermott Will & Emery
McDermott Will & Emery is a premier international law firm with a diversified business practice. Numbering more than 1,000 lawyers, we have offices in Boston, Brussels, Chicago, Dallas, Düsseldorf, Frankfurt, Houston, London, Los Angeles, Miami, Milan, Munich, New York, Orange County, Paris, San Francisco, Seoul, Silicon Valley and Washington, DC. Further extending our reach into Asia, we have a strategic alliance with MWE China Law Offices in Shanghai. www.mwe.com
