DLA Piper advises VARTA AG on successful completion of its StaRUG restructuring

DLA Piper has advised VARTA AG on the successful completion of its financial, operative and strategic restructuring. In economic terms, DDr. Michael Tojner and Dr. Ing. h.c. F. Porsche AG (Porsche) each indirectly hold 32% and the providers of new financing hold 36% of the Company's equity through virtual profit participation rights (Virtual Profit Participation Notes, VPPN). Legally, DDr. Tojner and Porsche each indirectly hold 50% of the shares in VARTA AG. After implementing a capital reduction to zero with a subsequent mixed cash and non-cash capital increase of EUR60 million and today’s provision of new financing of EUR60 million, the group's liquidity has now been significantly strengthened. This secures financing of the next operational growth steps and future investments. At the same time, the significant reduction of debt by EUR255 million to EUR230 million became effective.

Through today’s measures, the StaRUG restructuring has been completed successfully. VARTA AG will now be able to fully focus on the operational growth in its core business and on its role as an innovation leader in high-end energy storage solutions.

DLA Piper has been advising VARTA for several years on corporate, capital markets law and transactions. Since 2023, DLA Piper has also been providing VARTA with comprehensive support on all aspects of its restructuring. This included developing and implementing the restructuring concept, as well as negotiating and concluding bridge loans, lock-up agreements and restructuring, investor and financing agreements within the framework of the StaRUG proceedings.

DLA Piper advised VARTA AG under the joint leadership of partners Dr Roland Maaß (Capital Markets, Frankfurt) and Florian Bruder (Restructuring, Munich/Frankfurt). The team also included partners Dr Wolfram Distler (Finance), Dr Konrad Rohde (Tax), counsels Juliane Poss (Capital Markets), Patrick Reuter (Finance) and Sven Bischoff (Tax; all Frankfurt), senior associates Emel Toluay-Ayhan (Finance), Theresa Schenk (Capital Markets), Daniel Osmanovic (Corporate/M&A), Dr Pascal Hornstein (Tax), as well as associates Theresa Keß, Albatrit Haliti, Christian Thies (all Restructuring), Alexander Hofsepjan (Capital Markets), Sindy Martin, Cennet Issenin (both Finance) and Katharina Verdan-Chabray (Tax; all Frankfurt).

On the side of VARTA AG, the restructuring was led by Julia Weber, who has been the General Manager of Legal and Compliance as well as Human Resources for many years.