Ashurst advises lenders on combination

Insight Hero Image

    Ashurst advised a bank syndicate consisting of UniCredit Bank AG, Commerzbank Aktiengesellschaft, Citibank Europe plc, Germany Branch and KfW (Venture Tech Growth Financing) on the financing of a transaction between Global Savings Group (GSG) and as well as on a comprehensive refinancing of the group. UniCredit Bank AG acted as mandated lead arranger, lender, bookrunner, agent and security agent, while Commerzbank Aktiengesellschaft, Citibank Europe plc, Germany Branch and KfW (Venture Tech Growth Financing) served as mandated lead arrangers and lenders. The parties have agreed not to disclose details of the transaction.

    GSG and Pepper are joining forces and combine the world's largest shopping community with Europe's leading shopping recommendation and rewards company. Together, GSG and Pepper will form a multinational tech company featuring a shopping community, recommendation and rewards platform connecting brands and retailers with consumers across more than 2bn purchase journeys annually. The transaction marks the biggest deal in the industry in 2022.

    GSG is Europe's largest shopping rewards company with an international footprint across more than 20 markets. The company's goal is to provide consumers access to best savings, cashback, deals, product inspiration and reviews. Founded in 2012 and headquartered in Munich, GSG employs more than 700 employees in 12 offices across the globe. with headquarters in Berlin is the world's largest shopping community. Founded in 2014, the company operates renowned social commerce platforms such as Dealabs, hotukdeals and mydealz which are used by 25 million consumers per month.

    The Ashurst team was led by partner Dr Matthias Weissinger and counsel Sabrina Bremer. They were assisted by senior associate Franziska Sauer, associates Lorenz Schwojer and Sascha Lotholz as well as senior transaction lawyer Ena Selimbegovic (all Global Loans). Partner Prof Dr Florian Drinhausen and counsel Volker Germann advised on corporate law. Partner Dr Anders Kraft provided tax law advice. At the Paris office, partner Pierre Roux, associate Kevin Perraudin and junior associate Mickaël Bavier (all Global Loans) as well as senior associate Solène Guyon (Tax) were involved.

    Ashurst's German banking and finance practice advises both banks and alternative lenders, private equity investors and companies on domestic and cross-border acquisition, real estate, asset and infrastructure / project finance as well as on financial restructuring and corporate lending.

    Key contacts