Global law firm White & Case LLP has advised doValue S.p.A. (doValue), a leading pan-European financial services provider, on the signing of a binding agreement to acquire 100% of coeo Group GmbH (coeo), a German-headquartered digital receivables management platform, from Waterland Private Equity and other minority shareholders.
The transaction includes a cash consideration of €350 million, plus a potential €40 million earn-out payable in 2028, subject to meeting certain financial targets.
The acquisition represents a transformational step in doValue’s 2024-2026 Business Plan, accelerating its diversification strategy into asset-light, technology-enabled business models and will significantly enhance its position in the digital services sector.
Coeo, founded in 2010 and operating in eight countries including Germany, Austria, Switzerland, the United Kingdom, Sweden, Norway, Belgium and the Netherlands, has longstanding relationships with blue-chip clients across e-commerce, buy-now-pay-later (BNPL), payments, telecommunications, parking management, energy, and other fast-growing sectors. Coeo manages over 7 million credit files annually.
The transaction is financed through a €325 million bridge-to-bond facility underwritten by a syndicate of international banks.
The White & Case team which provided mergers and acquisitions and corporate advice, was led by partners Michael Immordino (London & Milan), Leonardo Graffi (Milan & London), Stefan Bressler (Frankfurt & Hamburg), local partner Tobias Zuendorf (Hamburg) and associates Mariasole Maschio (London), Francesco Barcellini (Milan), Maximilian Eichhorn (Hamburg) and Enno Miedtank (Hamburg). Foreign Direct Investment (FDI) expertise was provided by partners Orion Berg (Paris) and Thilo Wienke (Dusseldorf), and associate Louis Roussier (Paris). Antitrust expertise was provided by partner Giuseppe Tantulli (Brussels) and associate Thaiane Abreu (Brussels).
Financial Services Regulatory expertise was provided by partner Henning Berger (Berlin) and associates David Schoo (Berlin) and Cora Wolff (Berlin).
Tax expertise was provided by partner Bodo Bender (Frankfurt) and local partner Alisa Preissler (Frankfurt).
The transaction is financed through a €325 million bridge-to-bond facility underwritten by a syndicate of international banks. White & Case advised on the financing of the transaction with a team led by partners Michael Immordino (London & Milan), Evgeny Scirtò Ostrovskiy (Milan & London) and Stefano Bellani (Milan), and associate Roberta Monasterolo (Milan).
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