International law firm Simmons & Simmons and its German technology and infrastructure transactions team has advised telecommunication giant BT (British Telecommunications) on an agreement on the transfer of certain fiber cable networks in Germany. Closing of the transaction, which is subject to the satisfaction of certain closing conditions, will be announced at a later point in time.
BT’s fibers cable network assets in certain state capitals and hubs like Frankfurt and Stuttgart have been acquried by 1&1 Versatel, a telecommunications specialist for corporate customers. 1&1 Versatel is one of the leading providers of data, Internet and voice services in Germany, based in Düsseldorf, a 100% subsidiary of United Internet. Parallel to the deal, BT and 1&1 Versatel concluded certain commercial agreements to service their clients throughout the respective networks. The strategic deal will allow BT to continue to service its clients in Germany and beyond.
The Simmons team was co-led by Corporate M&A partner Dr Stephan Ulrich and Corporate M&A supervising associate Daniel Alles, supported by James Cotter (Partner, Digital Business), Dr Bernulph von Crailsheim (Partner, Tax), Elmar Weinand (Counsel, Tax), Paul Keßler (Associate, Tax), Boris Strauch-Rötting (Partner, Real Estate), Gabriel Gregori (Counsel, Real Estate), Dr Martin Gramsch (Counsel, Dispute Resolution), Alexander Greth (Counsel, Employment) and Maximilian Kötterheinrich (Associate, Corporate M&A).
Commenting on the transaction, Head of the German Corporate M&A practice, Dr Stephan Ulrich, said: “This infrastructure transaction leverages Simmons & Simmons' global and local strengths. We are very pleased to have advised BT on this telecommunications transaction, which demonstrates Simmons expertise in our focus sector Technology, Telecommunications, and Media, as well as the know-how and capabilities of our Infrastructure team (ENRI)."