Eversheds Sutherland advised Teachers Retirement System of Texas on the Exit of its Investment in Oldenburgische Landesbank AG by way of a complex dual-track process

On 19 March 2025, TRS has together with Apollo, Grovepoint and the other shareholders of OLB reached an agreement to sell the entire share capital of OLB to TARGO Deutschland GmbH, a subsidiary of Crédit Mutuel Alliance Fédérale group. Crédit Mutuel Alliance Fédérale is a leading French cooperative bank and the ninth largest bank in the Eurozone in terms of total assets.

The completion of this acquisition is subject to the usual closing conditions and regulatory approvals. The Eversheds Sutherland team guided the Texas pension fund, which holds a 29% stake in OLB, through this complex transaction, consisting of an M&A track and a (discontinued) IPO track.

The Eversheds Sutherland team advising TRS on the dual track process and the sale to TARGO Deutschland GmbH was led by partner Dr. Alexander Honrath (Capital Markets, Munich), and further comprised partner Dr. Matthias Kiesewetter (M&A / Private Equity, Hamburg/ Frankfurt) who led the M&A track. Other team members: Dr. Stefan Diemer (Partner, Tax, Munich), Dr. Christian Lindner (Counsel, Corporate/ M&A, Munich), Dr. Martin Sanftleben (Counsel, Capital Markets, Munich), Ling Liu (Senior Associate, Capital Markets Munich) and Thomas Leiminger (Associate, Banking Regulatory, Düsseldorf).

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