The international law firm Milbank, Tweed, Hadley & McCloy LLP has advised ProSiebenSat.1 Media SE on the acquisition of a 100% stake in aboalarm, a cancellation service for consumer contracts in the internet. ProSiebenSat.1 acquires aboalarm through its majority asset Verivox.
The company aboalarm, headquartered in Munich, has generated high double-digit percentage growth since 2012 and is the current market leader in Germany with an 80% share. Verivox, an independent consumer portal for contracts in the energy, telecommunications, insurance, and finance sectors, will add the online cancellation service to its portfolio with the acquisition. For the ProSiebenSat.1 Group, which holds a majority stake in Verivox, the acquisition and integration of aboalarm into Verivox will generate additional synergies in the TV segment.
The transaction is scheduled to close in early January.
A Milbank team led by Martin Erhardt comprehensively advised ProSiebenSat.1 on the acquisition of aboalarm as lead counsel comprehensively on corporate, tax and competition law.
Advisor to ProSiebenSat.1 Media SE, Verivox: Milbank, Tweed, Hadley & McCloy LLP
Martin Erhardt (lead, Corporate/M&A, Munich), Jörg Neubauer (Corporate/M&A, Frankfurt), Thomas Kleinheisterkamp (Tax, Munich), Moritz Lichtenegger (Competition, Munich)
