April 10, 2019

Milbank Advises General Atlantic on Strategic Partnership on Deutsche Börse’s Index Business


The international law firm Milbank LLP has advised the global growth equity investor General Atlantic on entering into a strategic partnership for Deutsche Börse Group's index business. General Atlantic will invest around $715 million into the new company, which will be used to finance the acquisition of Axioma, a global provider of cloud-based portfolio and risk management software solutions. Axioma has an enterprise value of $850 million and will be combined with Deutsche Börse’s index businesses (STOXX and DAX) valued at €2.6 billion. Both businesses will form a new company whose growth is intended to further accelerate by the collaboration with General Atlantic.

The combination of Deutsche Börse's index business with Axioma will create a fully integrated, leading buy-side intelligence player that will provide unique products and analytics to meet the growing demand for an end-to-end platform. Axioma and Deutsche Börse’s index business are highly complementary and together will offer a broad suite of index and analytics products with global coverage. As a result, the combined company is expected to materially grow revenue and EBITDA.

General Atlantic is a leading global growth equity firm providing capital and strategic support for growth companies. General Atlantic combines a collaborative global approach, sector- specific expertise, a long-term investment horizon and a deep understanding of growth drivers.

The transaction is subject to approval by the relevant competition authorities and further customary conditions and is expected to close in the third quarter 2019.

A Milbank team led by Norbert Rieger and Sebastian Heim comprehensively advised General Atlantic on corporate, finance, tax and antitrust law aspects related to the transaction.

Advisor to General Atlantic: Milbank LLP

Norbert Rieger, Sebastian Heim (joint lead), Steffen Oppenländer (all Corporate/M&A, Munich/London), Suhrud Mehta (Finance, London), Roland Hlawaty (Corporate, New York), Rolf Füger (Tax, Munich), Russell J. Kestenbaum (Tax, New York), Leopold Riedl (Corporate/M&A, Frankfurt), Pascal Härdtner, Johannes Wohlmuth, Sebastian Reiner-Pechtl, Fritz Schuchmann (all Corporate/M&A, Munich), Katharina Kolb, Moritz Lichtenegger (both Antitrust, Munich), Moritz Philipp (Tax, Munich), Andrew Bechtel, Tom Neilson, Michael Gatter (all Finance, London), Gabriel DiBernardi (Corporate, New York).