News
October 11, 2019

Milbank Advises Saal Digital Shareholders Around Nordwind Capital on Sale of Shares and their Reinvest

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Milbank advised the shareholders of Saal Digital Group around Nordwind Capital on the sale of Saal Digital Group to Ardian and in connection with a substantial reinvestment by certain sellers. The sale took place as part of an auction process and is subject to antitrust approval. 

Saal Digital, headquartered in Siegen, Germany, operates one of the leading online platforms for high-end photo products for end customers in Europe. The group is successfully active in 23 foreign markets. 

Ardian is one of the world's leading independent investment companies with more than 610 employees in 15 locations in Europe, South and North America and Asia. The company manages approximately $90 billion of assets in direct funds, funds of funds, infrastructure, private debt and real estate. 

The Milbank team led by the partners Rolf Füger and Sebastian Heim advised the sellers comprehensively on the corporate, tax, antitrust and financial law aspects of the transaction. 

Advisor to Sellers: Milbank 

Rolf Füger (Tax), Sebastian Heim (joint lead, Corporate, both Munich), Thomas Ingenhoven (Finance, Frankfurt), Alexander Rinne (Antitrust, Munich), Patrick Droese, Sebastian Reiner-Pechtl, Alexandra Schäfer, Fritz Schuchmann (all Corporate/M&A, Munich), Odilo Wallner (Finance, Frankfurt).