June 6, 2025

Milbank advises BNPP with two teams on financing and cash confirmation for a public tender offer by United Internet to the shareholders of 1&1

Share

Milbank LLP advised BNP Paribas (BNPP) on the provision of financing to United Internet AG for a voluntary public tender offer in the form of a partial offer to the shareholders of 1&1 AG. The transaction enables United Internet AG to increase its existing stake in 1&1 AG from currently 80.81% to up to 90% of the total issued shares of 1&1 AG.

The financing is being provided through a bridge facility of over €300 million with a term of up to three years. BNP Paribas is acting as both lender and agent in the transaction. BNPP was advised on all financing-related aspects by a Milbank team led by partner Thomas Ingenhoven, which also included special counsel Thomas Möller and associate Lara Milione (all Finance).

In addition to advising on financing, a separate Milbank team led by partner Philipp Klöckner advised BNPP on all capital markets and takeover law aspects in connection with the issuance of the cash confirmation to be issued by an independent securities service provider in accordance with the German Securities Acquisition and Takeover Act (WpÜG). Alongside partner Philipp Klöckner, the Corporate Finance & Securities team also included special counsel Karoline König and associate Hendrik Gäbler.

BNPP is a leading bank in the European Union and an important international finance institute on a global level. The Group is represented in 63 countries and locations and employs 178,000 staff members.

United Internet is one of Europe’s leading internet specialists, with established brands such as 1&1, GMX, WEB.DE, IONOS, STRATO and 1&1 Versatel, roughly 29 million fee-based customer contracts and 39 million ad-financed free accounts, and around 11,000 employees.

The listed company 1&1 AG is a leading telecommunications provider and part of the United Internet AG group. 1&1 is the first network operator in Europe to operate a fully virtualized mobile network based on innovative Open RAN technology. In addition to a comprehensive mobile communications portfolio, it offers broadband connections, most of which are based on 1&1 Versatel's Germany-wide fiber optic transport network and on regional networks operated by city carriers and Deutsche Telekom.