Homburger advises Cerberus on acquisition & financing of sale by Intrum

Homburger has advised Cerberus Capital Management LP on the acquisition and financing of a SEK 11.5 bn portfolio of loans acquired from Intrum. The transaction involves over 10,000 portfolios with a nominal value of SEK 382 bn (EUR 33 bn) and a book value of SEK 11.5 bn (EUR 1.0 bn) as of September 30, 2023, across 13 European jurisdictions. The entities that own these portfolios, including Intrum Debt Finance AG, will be acquired by Cerberus.

The transaction is structured as a joint venture partnership, in which Cerberus will hold a 65% ownership stake and Intrum will hold a 35% ownership stake. The joint venture partnership has also entered into a facilities agreement with Goldman Sachs to provide financing for the transaction.

Intrum is Europe’s biggest manager of non-performing loans with a presence in over 20 markets across the continent. The transaction is expected to close in the first half of 2024. Homburger advised Cerberus with regard to all Swiss legal aspects of this transaction. The Homburger team was led by partner Hansjürg Appenzeller (pictured) (Regulatory, Financing and Corporate / M&A) and included Sarah Fasel and Nathalie Scherrer (both Regulatory and Financing), Reto Heuberger, Stefan Oesterhelt and Philipp Stiegeler (all Tax), Jeremy Reichlin (Employment) and Jasmin Künzle (Corporate / M&A).