A&O Shearman advises Kühne Holding AG on strategic investment in Flix SE

Together with global investment company EQT, Kühne is to acquire a total stake of 35% in Flix. Subject to customary regulatory clearances, the acquisition will take place by way of a capital increase and additionally by acquiring shares from existing Flix shareholders. 

Flix is a global mobility provider and offers long-distance bus and train travel solutions under brands such as FlixBus and FlixTrain. Flix combines tech startup and e-commerce with traditional public transportation and also boasts Europe's largest long-distance bus network. Flix operates across 43 countries worldwide.

Kühne, based in Schindellegi (Switzerland), pools Klaus-Michael Kühne's business interests. With an entrepreneurial focus, it holds a majority stake in Kühne+Nagel International and is the largest single shareholder of Hapag-Lloyd AG, Deutsche Lufthansa AG and Brenntag. 

Once the investment has been completed, Kühne and EQT combined will hold the largest stake in Flix. With the investment, Kühne plans to actively support Flix as a strategic partner in its next phase of expansion, in particular the expansion of its international network. The investment comes at a time of significant growth and strategic global expansion at Flix. The company reported total revenue growth of 30% in 2023 and thus, for the first time, reached EUR 2 billion in annual total revenue.

The A&O Shearman team was led by Hamburg partners Dr. Nils Koffka (Private Equity) and Dr. Jonas Wittgens (Corporate, M&A) and also comprised counsel Dr. Stefan Witte (Growth M&A, Tech, VC) and Dr. Sebastian Remberg (Private Equity) as well as senior associate Johannes Schmidt (Growth M&A, Tech, VC, all Hamburg). Advice on merger control issues was provided by Dr. Ioannis Thanos (Merger Control, Hamburg).

A team led by Dr. Nils Koffka most recently advised Kühne on the takeover of Aenova, a contract manufacturer in the pharmaceutical industry.

For more information please contact: Ayfer Ekingen, Frankfurt am Main, Tel: +49 69 2648 5840 (ayfer.ekingen@aoshearman.com)