Deutsche Börse buys proxy advisor ISS

Legal advisers to Deutsche Börse were Cravath Swaine & Moore and Covington & Burling. Legal advisers to ISS were Davis Polk & Wardwell.

Deutsche Börse AG, Institutional Shareholder Services Inc. (ISS) and Genstar Capital LLC announced that Deutsche Börse will acquire a majority share of approximately 80% in ISS, valuing ISS at USD 2,275 million (EUR 1,925 million) for 100% of the business (cash and debt free). Genstar Capital and current management will continue to hold a stake of approximately 20%. The transaction is expected to close in the first half of 2021 subject to customary closing conditions and regulatory approvals.

This partnership of a global market infrastructure provider with leading corporate governance, ESG, data and analytics provider which form an excellent foundation to fully realise opportunities for future growth in ESG-based investing globally. With this transaction, Deutsche Börse strongly commits to one of the key megatrends in the industry that will fundamentally change the investment space over the coming years. ISS’ unique ESG and data expertise will allow Deutsche Börse to emerge as a leading global ESG data player.

Legal advisers to Deutsche Börse were Cravath Swaine & Moore and Covington & Burling. Legal advisers to ISS were Davis Polk & Wardwell.

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