Ashurst advises Credit Suisse and OLB on financing the acquisition of Corning Services

Ashurst advised Credit Suisse and Oldenburgische Landesbank on the financing of the acquisition of Corning Services GmbH (Corning Services) by private equity investor Chequers Capital from US-based Corning Inc. Details of the transaction were not disclosed.

Headquartered in Hanover, Germany, Corning Services has over 25 years' experience in the delivery and installation of complete telecommunication networks for public and private operators of critical infrastructures such as telecom carriers and utilities. Besides engineering, delivery, setting up and servicing of next generation access, transport and IMS/softswitch networks, the company offers a broad spectrum of services and managed services including network and security operation. Corning Services enjoyed strong organic growth over the last 10 years and currently employs c. 80 employees. 

Chequers Capital, which manages assets of around €2bn, focuses on the acquisition and development of medium-sized companies in Europe and completed around 300 investments mainly in France, Germany, Italy, Spain, Belgium and Switzerland.

The Ashurst team was led by partner Dr Matthias Weissinger. He was assisted by counsel Sabrina Bremer, senior associate Franziska Sauer and transaction lawyers Kerstin Hartmann and Ena Selimbegovic (all Global Loans). Partner Fabien Debroise and associate Ludmilla Bouchez-Lecuy advised on Luxembourg law aspects of the transaction and senior associate Christian Sotta provided advice on tax law.

Ashurst's German banking and finance practice advises both banks and alternative lenders, private equity investors and companies on domestic and cross-border acquisition, real estate, asset and infrastructure / project finance as well as on financial restructuring and corporate lending.