Freshfields acted for SEB in Acquisition of Lufthansa's AirPlus

Freshfields acted for SEB in Acquisition of Lufthansa's AirPlus

Global law firm Freshfields Bruckhaus Deringer (Freshfields), a prominent global law firm, has provided legal counsel to SEB Kort Bank AB in its acquisition of complete ownership of Lufthansa AirPlus Servicekarten GmbH from Deutsche Lufthansa Aktiengesellschaft.

This strategic move will establish SEB Kort and AirPlus as a prominent force in corporate payment solutions within Europe. With a cash acquisition cost of €450 million, this transaction will grant SEB Kort enhanced scale, a robust presence for future expansion in Europe, and access to a contemporary IT platform.

AirPlus is recognised as a prominent player in the corporate payment services industry, catering to a diverse customer base of approximately 53,000 corporations. Their comprehensive range of services includes company accounts, virtual cards, and corporate cards. With a global reach spanning five continents, AirPlus currently employs around 1,100 professionals dedicated to serving their clients.

Notably, the company holds a strong market position worldwide, with a particular emphasis on the DACH region and Europe, which contributes significantly to its revenue generation.

AirPlus has made substantial investments in its IT infrastructure over the years, resulting in a modernised IT platform that supports its operations. In 2022, the company recorded total revenues of approximately €231 million.

SEB Kort, a fully owned subsidiary of SEB Group and a division of the bank's Corporate & Private Customers segment, operates with a workforce of approximately 600 employees.

Renowned as a key player in the Nordics, SEB Kort specialises in delivering comprehensive corporate payment solutions, including corporate cards, company accounts, and co-branding services. Moreover, the company extends its expertise in payment and financing solutions, along with other associated services, catering to both individual and corporate customers across the Nordic region. SEB Kort has established its leading position through a combination of organic growth and strategic acquisitions. In 2022, the company achieved a total income of around SEK 2.2 billion.

The completion of the transaction is anticipated to take place within the first half of 2024, subject to various factors including the fulfilment of closing conditions and obtaining regulatory approvals.