Exit for DPE: Telefónica Tech acquires BE-terna for up to EUR 350m.
Madrid/ Munich — Telefónica Tech has acquired BE-terna, a leading European provider of Microsoft cloud solutions for cloud-based industrial applications, for up to €350 million (including potential profit sharing). The acquisition positions Telefónica Tech as one of the leading European providers of Microsoft solutions and secures its presence in Germany, Austria, Switzerland, the Adriatic and Scandinavia. — Gütt Olk Feldhaus advised DPE Deutsche Private Equity and other co-investors on the sale of BE-terna Group to Telefónica Tech. The closing of the transaction is subject to antitrust clearance.
Telefónica Tech will acquire 100 percent of the shares of BE-terna Group from Deutsche Private Equity and other minority shareholders. The transaction is subject to a valuation of BE-terna at 13.7 times gross operating income (EV/OIBDA), taking into account synergies and expected 2022 results. BE-terna generated pro forma sales of €121 million in 2021, showing a year-on-year growth rate of 30 percent. The transaction will be completed in the coming weeks following clearance by the German competition authorities.
BE-terna was founded in 2005 and has a highly qualified team of more than 1,000 employees at 28 locations, including Germany, Austria, Switzerland, the Adriatic and Scandinavia. As one of the five largest cloud Microsoft Dynamics partners in Europe, BE-terna specializes in driving digital transformation primarily based on Microsoft solutions, but also works with Infor, UI Path and Qlik to optimize business processes for different industries.
The acquisition expands Telefónica Tech’s geographic reach and professional and managed services capabilities across Europe and underlines its ambition to become a leading provider of technical services in Europe. The acquisition of BE-terna once again demonstrates Telefónica Tech’s growth story, with revenues approaching the 1 billion euro mark at the end of 2021 and growing by 33.6 percent year-on-year.
Advisor to Telefónica Tech: Clifford Chance
Lead partner Stefan Bruder, photo © Clifford Chance (Frankfurt) and Simon Schmid (Düsseldorf, both Corporate/M&A).
Inhouse at Telefónica, Diego Colchero Paetz (General Counsel Telefónica Tech) and Miguel Basterra Martinez de San Vicente (Director Legal M&A Telefónica) led the transaction team.
Legal advisors to DPE Deutsche Private Equity: Gütt Olk Feldhaus, Munich
Dr. Kilian Helmreich (Partner, M&A/Private Equity, Lead), Isabelle Vrancken (Senior Associate), Karl Ehrenberg (Senior Associate), Dr. Dominik Forstner (Associate, all Corporate/M&A)
About Gütt Olk Feldhaus
Gütt Olk Feldhaus is a leading international law firm based in Munich. We provide comprehensive advice on commercial and corporate law. Our focus is on corporate law, M&A, private equity and financing. In these specialist areas we also take on the litigation.
About Clifford Chance
Clifford Chance, one of the world’s leading law firms, is present for its clients with around 3,400 legal advisors in all major business centers around the world.
In Germany, Clifford Chance is represented by around 300 lawyers, auditors, tax advisors and solicitors in Düsseldorf, Frankfurt am Main and Munich.