Annerton advises Solaris on acquisition of ADAC credit card portfolio
Berlin, 5 October 2022 – Solaris appointed as the new co-branding partner for the credit card portfolio of the Allgemeiner Deutscher Automobil-Club (ADAC). Annerton partner Dr Susanne Grohé was the legal advisor to Solaris in cooperation with LMPS Rechtsanwälte.
Solaris has won the new mandate tendered by the Allgemeiner Deutscher Automobil-Club. As the new co-branding partner, the Berlin-based financial technology company will become the card issuing bank for ADAC branded credit cards. Annerton advised Solaris on the structuring of the portfolio migration, regulatory issues and the future cooperation between Solaris and ADAC. LMPS Rechtsanwälte provided expertise for the corporate law issues of this project.
“In addition to the professional expertise of both law firms, it was above all the strong collaboration among us that made this project so special,” explains Dr Balthasar Strunz, Lead Legal Accounts & Cards at Solaris. “We worked very closely together. The close exchange, also made possible by the constant availability of our two legal advisors, was one of the reasons why the cooperation was so successful,” adds Dr Oliver Vahrenholt de Lucena, Senior Legal Counsel at Solaris.
“In this transaction, we had to deal with complex issues from different areas of expertise. Key to success was the close collaboration with LMPS Rechtsanwälte as well as the legal department and project management of Solaris,” says Dr Susanne Grohé, lawyer and partner at Annerton. “This was teamwork at eye level par excellence.”
“This project has once again shown how well the skills of Annerton and LMPS complement each other,” reports Dr Carl Friedrich von Laer, lawyer and partner at LMPS Rechtsanwälte. “Together with Solaris’ legal department, this made us a powerful trio for this transaction.”
Solaris is a long-standing client of Annerton. Dr Susanne Grohé of Annerton advised on regulatory issues, the migration of the credit card portfolio and financial cooperation in the context of this project. Dr Carl Friedrich von Laer of LMPS Rechtsanwälte advised on the corporate aspects of the project. For Solarisbank AG, Dr Balthasar Strunz, Lead Legal Accounts & Cards, and Dr Oliver Vahrenholt, Senior Legal Counsel, were responsible for accompanying and concluding the transaction.
Annerton is an independent law firm specialising in regulatory law in the financial industry. Since 2020, Annerton Rechtsanwaltsgesellschaft mbH in Germany and Annerton S.A. in Luxembourg have been advising established international institutions and corporations as well as innovative start-ups from the banking, financial services and digital economy sectors. Annerton has its offices in Berlin, Frankfurt am Main, Munich and Luxembourg with more than 24 lawyers, two tax advisors and other team members. Information: www.annerton.com.
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