M&A / Financing / Remunicipalisation

Due to the noticeable increase in economic pressure on companies and the manifold changes in both past and future, advice on corporate transactions like mergers and acquisitions (M&A) and their financing has become one of our core practice areas. Remunicipalisation, i.e. the re-acquisition of assets such as grid systems by a municipality, is a special M&A case.

We advise our clients on all issues of company and tax law arising in connection with the restructuring of groups of companies as well as individual companies. In addition to providing strategic advice and planning services, BBH also prepares and implements the necessary processes in this context.

When it comes to larger projects, the question generally is: How to finance these as cost-effective as possible? The traditional way of raising capital is to turn to banks. One of the alternatives is the financial participation of citizens as private individuals. Especially in the energy sector, financing models involving citizens are an interesting option for the latter to take the energy transition into their own hands. The advantage for citizens is that they can make money by contributing to the reshaping of the energy sector, while municipalities and municipal companies can find investors for energy projects that may be quite costly. The participation of citizens incidentally leads to an increase in public acceptance of structural changes to a municipality’s landscape. We provide advice on all financing models involving banks and citizens. We know which statutory provisions are to be considered (i.e. banking and capital market law) and ensure that your projects are a success.

Remunicipalisation, i.e. the takeover of grid systems by municipalities, can be an interesting option of taking grid operation into one’s own hands and maximising efficiency within the meaning of incentive regulation. Within the framework of joint cooperations, various design options are conceivable in this context – not only under company law, but also in terms of grid management. However, there are also various pitfalls turning concession procedures into a highly complex matter. We support our clients throughout the entire remunicipalisation project, i.e. from the political planning to its concrete implementation. This also includes the drafting of concession contracts. We make sure that the concession procedure is legally sound and carried out in conformity with all existing regulations.

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