Hogan Lovells facilitates Varo Energy’s strategic leap into E-Mobility with the acquisition of Elexon

Hogan Lovells facilitates Varo Energy’s strategic leap into E-Mobility with the acquisition of Elexon

Press releases | 05 December 2023

Global law firm Hogan Lovells is pleased to announce its role in advising Varo Energy Marketing AG, a Swiss energy company, in a transformative acquisition. Varo Energy Marketing AG has successfully acquired 100 percent of Elexon GmbH, a leading European developer of commercial vehicle charging solutions. The consummation of the transaction is subject to customary regulatory approvals.

Led by Hamburg partner Matthias Hirschmann, and senior associate Julian Tristram, Hogan Lovells played a pivotal role in all parts throughout the transition to facilitating this strategic move for Varo Energy, solidifying its position in the dynamic e-Mobility sector. The acquisition represents a significant step forward in Varo's quest to expand its presence in the growing electric vehicle (EV) market and become a leader for EV charging solutions, particularly in the DACH region.

Elexon GmbH, renowned for its expertise in the development of commercial EV charging infrastructure, is set to complement Varo's existing e-Mobility endeavors. Varo Energy already holds a majority stake in Road (formerly known as E-Flux), a distinguished provider of software solutions for EV charging. By incorporating Elexon into its portfolio, Varo Energy will further enhance its footprint in Germany and extend the reach of Road's services throughout Europe.

This strategic investment in Elexon aligns seamlessly with Varo Energy's ONE VARO Transformation strategy, unveiled in July 2022. Under this visionary strategy, Varo Energy has identified five key growth pillars, and e-Mobility stands as a vital element alongside biogas, biofuel, hydrogen, and nature-based carbon removal.
Julian Tristram, a senior associate at Hogan Lovells, expressed his pride in the firm's role in this forward-looking endeavor:

"It has been an absolute pleasure working with the entire VARO team on this future-driven transaction and establishing a trusted relationship with one of Europe’s most promising enterprises in relation to the energy transition. We are proud we could advise Varo on this innovative project and hope to extend our mutual relationship in the future. The acquisition of Elexon will certainly be a significant accelerator for Varo’s e-Mobility business and accelerate Varo Energy’s ONE VARO strategy."

Elexon GmbH, a renowned player in the commercial EV charging landscape, has earned a stellar reputation for its innovative solutions and commitment to sustainability. With a strong customer base in Germany, Elexon has consistently contributed to the advancement of EV infrastructure in Europe. 

Varo Energy Marketing AG is a Swiss-based energy company with a global presence. Committed to sustainable energy solutions, Varo Energy has embarked on a strategic journey to reshape the energy landscape. The acquisition of Elexon is a testament to Varo Energy's dedication to the e-Mobility sector and its mission to lead the way in sustainable energy practices.

Hogan Lovells Team for Varo Energy Marketing AG

Matthias Hirschmann (Partner), Julian Tristram (Senior Associate) (both Lead), Yannic Venus, Philip Genske (Associates) (Corporate/ M&A);

Christian Stoll (Partner), Bastian Englisch (Senior Associate) (Intellectual Property); 

Christian Ritz (Partner), Dr Dennis Cukurov (Associate) (Antitrust);

Fabian Reischauer (Senior Associate), Dr. Laura Iva Savić (Associate) (Real Estate);

Tobias Darm-Tobaben (Senior Associate), Kimberly Makino (Associate) (Employment); 

Dr Thomas Frank (Senior Associate, Pensions);

David Gherdane, Dr Anna Leah Tabios Hillebrecht (Senior Associates), Julian Herr (Associate) (Infrastructure, Energy, Resources, and Projects).