Dr. Benjamin Leyendecker

Partner Mergers & Acquisitions Private Equity
Kirkland & Ellis International LLP

Munich +49 89 2030 6043

Dr. Benjamin Leyendecker

Practices

Overview

Ben is ‘very well versed and strongly connected in the PE industry’ and ‘leads big teams with experience and an eye for the essential.’ He is 'one of the up-and-coming stars at Kirkland.' - JUVE, Chambers Europe

Ben Leyendecker is a corporate partner in the Munich office of Kirkland & Ellis International LLP. He focuses on M&A and private equity transactions and has wide ranging experience in sponsored and strategic taking private transactions and corporate reorganizations. Furthermore, he advises his clients on ongoing corporate matters.

He is a lecturer for M&A and private equity at the Entrepreneurial University (TUM) of Munich and for public takeovers at the University of Münster and frequently publishes on his area of law in journals and textbooks.

Ben is listed as a frequently recommended lawyer for private equity and M&A in the 2018/2019 edition of JUVE Handbook German Commercial Law Firms. He is also listed among the “best lawyers” for M&A in Germany by Handelsblatt Best Lawyers 2018. IFLR1000 recognizes Ben in its 2019 Financial and Corporate Guide as a highly regarded lawyer for private equity and M&A. Ben is ranked in Chambers Europe 2019 as “Up and Coming” for private equity.

Private M&A-Transactions

  • Pritzker Private Capital (PPC) and their portfolio company C.H. Guenther & Son LLC (CHG) on the acquisition of Wback GmbH from Halder

  • Sycamore Partners on the sale of EMP Merchandising to Warner Music

  • Blackstone on the intended purchase of a stake in Sportradar

  • Private Equity investor on the intended purchase of Prospitalia

  • Alteri/Apollo on the acquisition of CBR Fashion group from EQT

  • Oakley Capital on various transactions, including the acquisition of Career Partner group from Apollo

  • Triton’s portfolio company Alimak Group on the acquisitions of Façade Access group and Avanti Wind Systems

  • Private equity investor on the intended acquisition of the Osram lamps business

  • Various acquisitions for Bain Capital, including Bugaboo International, Wittur group, Sematic group, FTE group

  • Charterhouse on the sale of Armacell International to Blackstone*

  • Advent International on the sale of Douglas group to CVC Capital Partners*

  • KKR on the majority investment in Arago AG*

  • Bregal/Quadriga on the acquisition of LR Health group*

  • Weichai Power Co. Ltd. on the acquisition of a majority stake in Kion Holding*

  • Madison Capital Partners on the sale of KraussMaffei to Onex Partners*

  • Deutsche Telekom AG on the sale of Scout24 to Hellman & Friedman*

  • Axel Springer AG on the sale of the TV guides division*

  • RWE AG on the sale of Amprion to Commerzreal a.o.* 

  • AudioNova on the acquisition of a majority stake in Geers Hörakustik*

Public M&A-Transactions

  • KKR on the 22 billion merger of Fiserv and First Data Corporation

  • Bain Capital and Cinven on the public delisting tender offer to the shareholders of STADA Arzneimittel AG

  • EP Global Commerce (EPGC) on the acquisition of stakes in METRO AG from Haniel and CECONOMY AG

  • Energy company on intended public takeover of Uniper SE

  • Bain Capital and Cinven on joint public takeover of STADA Arzneimittel AG

  • Creat Group Corporation on public takeover of Biotest AG

  • Vestigo Capital on the acquisition of a majority stake in Accentro AG from Adler Real Estate and the subsequent public takeover offer 

  • GSW Immobilien AG on public takeover by Deutsche Wohnen AG*

  • Kabel Deutschland Holding AG on public takeover by Vodafone plc*

  • KKR on public takeover of WMF AG*

  • Informatica on public takeover of Heiler Software AG*

  • Fresenius SE on public takeover of Rhön-Klinikum AG*

  • Demag Cranes AG on public takeover by Terex Inc.*

  • Hochtief AG on public takeover by ACS*

  • Teleplan International N.V. on public takeover by Gilde Buy-Out Fund IV*

  • Advising on various post-takeover measures, including domination agreements and squeeze-out procedures regarding Stada AG, Kabel Deutschland, Demag Cranes, Augusta Technologies, Utimaco Software and Informatica 

* Experience prior to joining Kirkland

Hengeler Mueller, Munich and Düsseldorf, Germany

More

Thought Leadership

Law Review Articles

  • Capital increase audit and differential liability in connection with Debt-to-Convertible Swaps, Die Aktiengesellschaft (AG), 2018, p. 213

  • Minimums offer price and price adjustment rules in delisting offers, Betriebs-Berater (BB), 2018, p. 643

  • The statement pursuant to sec. 27 of the German Securities Acquisition and Takeover Act in case of conflicts of interests of board members, Neue Zeitschrift für Gesellschaftsrecht (NZG), 2016, p. 1213 

  • The new rules on delisting, Zeitschrift für Wirtschaftsrecht (ZIP), 2016, p. 49

  • Enterprise value or average stock exchange price in delisting transactions?, Der Betrieb (DB), 2015, p. 2251

  • Uncertain ownership structure in a German limited liability company – The option of the so called “Wegverschmelzung” of the real shareholder, Zeitschrift für Unternehmens- und Gesellschaftsrecht (ZGR), 2015, p. 516 

  • The intention to build up a stake in listed companies in connection with public takeovers, Betriebs-Berater (BB), 2015, p. 560

  • Issuer liability for insider knowledge in a Supervisory Board in case of a missing self-release pursuant to sec. 15 para 3 German Securities Trading Act, Die Aktiengesellschaft (AG), 2015, p. 72

  • General Meetings of German listed companies abroad, Betriebs-Berater (BB), 2015, p. 268

  • Capital market communication by the chairman of the Supervisory Board, Neue Zeitschrift für Gesellschaftsrecht (NZG), 2015, p. 44

  • Transfer of real estate rights by way of spin-off: designation requirements in the spin-off and transfer agreement, Der Betrieb (DB), 2014, p. 2282

  • vThreshold calculation for employee participation in a supervisory board of a international group of companies, Der Betrieb (DB), 2014, p. 2031

  • Top level domains and protection of names pursuant sec. 12 German Civil Code, Multimedia und Recht (MMR), 2014, p. 288

  • Merger agreements and foreign employees – disclosure  of employee-related information, Zeitschrift für Wirtschaftsrecht (ZIP), 2014, p. 1112

  • The law on stock exchange prices in preceding delisting transactions, Betriebs-Berater (BB), 2014, p. 521

  • Deal certainty and takeover reporting requirements, Neue Zeitschrift für Gesellschaftsrecht (NZG), 2014, p. 161

  • (In)Admissibility of share buyback programs in public takeovers, Betriebs-Berater (BB), 2013, p. 2051

  • Advanced educational training measures of Supervisory Board members by the company, Die Aktiengesellschaft (AG), 2013, p. R 244

  • Continuity of office of board members in case of a transformation into a dualistic European stock corporation, Die Aktiengesellschaft (AG), 2013, p. 507

  • Replacement of the Supervisory Board members in public takeovers, Neue Zeitschrift für Gesellschaftsrecht (NZG), 2013, p. 167

  • Cost coverage for educational training measures of Supervisory Board members, Neue Zeitschrift für Gesellschaftsrecht (NZG), 2012, p. 1412

  • Rights and obligations of chief executive officer in case the chairman of the Supervisory Board violates its competency limits, Neue Zeitschrift für Gesellschaftsrecht (NZG), 2012, p. 721

  • Requirements and scope of the release of liability pursuant to sec. 93 para 4 p. 1 German Stock Corporation Act in M&A transactions, Betriebs-Berater (BB), 2012, p. 861

  • No indication of any enterprise in the reasoned statement pursuant to sec. 27 German Takeover Act, Betriebs-Berater (BB), 2011, p. 2952

  • Irrelevance of the pro rata enterprise value for the determination of the squeeze-out compensation in case of a continuing control and profit and loss transfer agreement, Neue Zeitschrift für Gesellschaftsrecht (NZG), 2010, p. 927

  • No pro rata temporis claim for compensation in squeeze-out proceedings, Betriebs-Berater (BB), 2010, p. 1426

  • Basic cases for third party actions against an execution of judgment, Juristische Arbeitsblätter (JA), 2010, p. 725 and p. 879

  • Basic cases for the interpleader challenging execution, Juristische Arbeitsblätter (JA), 2010, p. 631 and p. 803

  • Lending obligations by the German Financial Market Stabilization Act in relation to small and mid-cap companies, Betriebs-Berater (BB), 2009, p. 226

  • Revocation of a (exercised) derivative court proxy, Zeitschrift für Zivilprozess (ZZP), 2009, p. 465

  • Application of the ‘piercing the corporate veil’ doctrine on US-companies having their economic seat in Germany, Recht der internationalen Wirtschaft (RIW), 2008, p. 273

  • Law and economic related reflections on the small German limited liability company (UG), Die GmbH-Rundschau (GmbHR), 2008, p. 302

Monographs and Comments

  • Comment on sec. 12 German Civil Code in Gersdorf/Paal, Comment on Media and Multimedia Law, 2nd ed. 2015, published by Beck, Munich 2015

  • Power of Management, Common Ownership and Limited Liability of Non-Listed Companies, published by Nomos, Baden-Baden 2008

Newspaper Articles

  • Be a Hedge Fund and Do Good Things?, in: Frankfurter Allgemeinen Zeitung (FAZ), 23 January 2019, p. 16

  • Public Takeovers - a playground for hedge funds, in: Börsen-Zeitung, 11 November 2017, p. 9

  • Kickoff for European general meeting, in: Börsen-Zeitung, 31 Januar 2015, p. 13

  • Compensation in delisting transactions, in: Frankfurter Allgemeine Zeitung (FAZ), 14 Oktober 2015, p. 16

Credentials

Admissions & Qualifications

  • Germany
  • New York

Languages

  • English
  • German

Education

  • University of St. Gallen, SwitzerlandFirst Certificate EMBA
  • Higher Regional Court of HamburgSecond State Examination
  • Ruprecht-Karls-University HeidelbergDr. jur.
  • New York University School of LawLL.M.
  • University of KonstanzFirst State Examination