McDermott Will & Schulte, a global law firm

Frankfurt am Main, July 29, 2024 – McDermott Will & Emery has advised the majority shareholder of Northern Data AG in connection with a capital increase against cash contributions. 10,699,446 new no-par value bearer shares, corresponding to 20% of the existing share capital, will be issued for an issue price of EUR 20.00 per share. The majority shareholder has fully subscribed to a pro rata share of the capital increase and provided a backstop commitment with respect to the remaining new shares.

Northern Data intends to utilize the gross proceeds of approximately EUR 214 million from the capital increase to accelerate the growth of its cloud platform and to expand the company’s physical data center footprint in Europe and the United States.

McDermott has already advised the majority shareholder in connection with its initial investment in Northern Data AG, including a shareholder loan provided by the majority shareholder. For the current capital increase, McDermott has been the counsel for both the capital increase and the backstop commitment as well as financing provided to certain other shareholders.

The McDermott team was led by partners Simon Airey and Felix Ganzer, and comprised partners Christoph Coenen and Ludwig Zesch (Financing), counsel Laura Stammwitz (Regulatory) as well as associates Annabelle Juliette Rau, Michael Spirk and Alexandra Heberle.