TD Cowen, a division of TD Securities, has sold its Continental European investment banking business to management and their partners. The current partners of the Cowen Europe Group are taking over the Continental European investment banking business. With 12 partners and 50 employees, the spin-off will continue to operate the business as an independent company under the name Pava Partners.
Through this acquisition, Pava Partners takes over all current client mandates of Cowen Europe Group. Therefore, these client relationships will remain in place. Certain existing global mandates will continue to be jointly executed with TD Cowen. Pava is a leading corporate finance consultancy for technology-driven and dynamically growing medium-sized companies, with offices in Munich, Berlin, Frankfurt am Main, Leipzig and Zurich.
Bär & Karrer acted as legal advisor to TD Cowen in this transaction. The team was led by partner Luca Jagmetti (pictured left) and included Sebastian Sutter, Marc Bär and Fabian Rigert (all M&A), Markus Wang (IP), Susanne Schreiber (tax) and Fabian Turtschi (notarial services).
CMS advises the partners in the transaction. An international team headed by lead partner Jörg Lips (CMS Germany) and Stephan Werlen (CMS Switzerland, pictured right) advised the current partners of the Cowen Europe Group on all legal aspects of the spin-off transaction. Also senior associate Ferdinand Blezinger, partner Dirk Spacek (TMC) and partner Mark Cagienard (tax).