King & Wood Mallesons (KWM) has advised BV Holding AG (BV Holding) in connection with the takeover by Lloyd Fonds AG (Lloyd).
BV Holding and Lloyd had already signed a Business Combination Agreement in connection with the planned acquisition on 18 November 2021. In connection with the execution of the Business Combination Agreement Lloyd had already secured the acquisition of 50% of the shares of BV Holding by way of a purchase agreement. In addition, Lloyd published a voluntary, non-binding takeover offer to the remaining shareholders. On 11 January 2022 Lloyd announced that it had obtained the targeted majority position in connection with the takeover offer.
The takeover shall be implemented partly against the issue of new shares in Lloyd plus a cash component and partly exclusively against payment of a cash purchase price. The expected total investment volume is around EUR 18.53 million.
The closing is still subject to the successful completion of a BaFin (Federal Financial Supervisory Authority) holder control procedure which is expected to be finalized in the first quarter of 2022.
BV Holding unites several asset management companies and emerged from Bayerische Vermögen AG, Vermögensberatung für private Kunden Aktiengesellschaft, as a result of a comprehensive strategic realignment. The company is the sole shareholder of BV Bayerische Vermögen GmbH, MFI Asset Management GmbH and m+c Asset Allocation GmbH (together Bayerische Vermögen Group).
Both BV Holding and Lloyd are expanding their range of services through the merger. In the long term, Bayerische Vermögen Group aims to become one of the leading bank-independent asset managers in Germany. Lloyd may expand its range of services for wealthy private and also institutional clients.
KWM has already been advising Bayerische Vermögen Group since the end of 2017, including on a strategic reorganization which was finalized before the takeover project was initiated.