Hogan Lovells advises Shop Apotheke on its € 65m capital increase
Led by Frankfurt-based partner Michael Schlitt, Hogan Lovells advised Shop Apotheke Europe N.V. (the "Company"), a leading online pharmacy in Europe, on the placement of approximately 1.12 million additional new bearer shares of the Company with institutional investors by way of an accelerated bookbuild. The new bearer shares were issued at a placing price of € 58 per new share. The newly issued shares represent approximately 8.3% of the Company's outstanding share capital prior to the transaction.
Settlement of the new shares took place on 15 April 2020. The new shares have been admitted to listing and trading on the regulated market segment (Regulierter Markt) of the Frankfurt Stock Exchange with simultaneous admission to the sub-segment of the regulated market with additional admission obligations (Prime Standard).
The Company intends to use the net proceeds from the transaction primarily to facilitate and fund accelerated growth through investments in working capital, digital projects, new initiatives (such as online marketplace, online doctor services, own brands, and internationalization), for opportunistic small- to medium-sized M&A, to supplement financing of the new distribution center near Venlo and for general corporate purposes.
Hogan Lovells has previously advised Shop Apotheke on its € 50m capital increase and on the € 60m tap of its convertible bonds (2019), on Shop Apotheke's issuance of € 75m in convertible bonds, on Shop Apotheke's acquisition of mail-order pharmacy Europa Apotheek (2017), as well as on Shop Apotheke's initial public offering (2016).
Hogan Lovells team for Shop Apotheke
Prof. Dr. Michael Schlitt (Partner, Lead), Dr. Susanne Ries (Of Counsel), Mark Devlin (Counsel), Dr. Timo Lockemann (Associate), Christian Schröder (Associate), Eva-Christina Sommer (Business Lawyer), Simona Gradišek (Business Lawyer) (all Corporate Capital Markets).
Victor de Vlaam (Partner), Aafke Pronk (Counsel), Leonie Huisman (Counsel), Janelle de Ruiter (Associate) (all Corporate).