Three international law firms and one German heavyweight are on call as Volkswagen and Porsche make further progress on IPO discussions.
According to a statement on Thursday, the auto manufacturers have reached a framework agreement and are set to conduct an “assessment on the feasibility” of an IPO.
According to two people with knowledge of the deal, Linklaters is advising Volkswagen. Co-head of Linklaters’ global M&A practice Ralph Wollburg un Dusseldorf and co-head of the firm’s equities practice Marco Carbonare in Frankfurt make up the team.
Gleiss Lutz is advising Volkswagen’s supervisory board on the matter. According to a firm statement, Stuttgart-based partners Michael Arnold and Adrian Bingel are leading the team.
Other partners in the Gleiss team include Dusseldorf partner Martin Hitzer, Stuttgart partners Vera Rothenburg, Jan-David Geiger, Oliver Wolf, Moritz Stilz, Julia Schumann, Chistian Arnold and Jones Hofer.
Meanwhile, Porsche has turned to Freshfields Bruckhaus Deringer. The team is led by Stephan Waldhausen in Germany and includes partners Konrad Gröller in Vienna, Klaus-Stefan Hohenstatt, Christoph Gleske, Marcel Kaufmann and Peter Niggemann in Germany, a firm statement said.
Porsche’s supervisory board is being advised by U.S. firm Sullivan & Cromwell. The firm’s Frankfurt managing partner and co-head of the firm’s capital markets group, Carsten Berrar, is leading the team, a person with knowledge of the deal said.
“[Volkswagen’s] group board of management believes that a possible IPO of Porsche would be an important next step in the successfully launched transformation of Volkswagen into a vertically integrated mobility group and leading provider of software-based and emission-free mobility”, the statement added.
In February, Volkswagen named Philipp Haarmaan as its next chief legal officer.