NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION (IN WHOLE OR IN PART) IN, INTO OR FROM ANY OTHER JURISDICTION WHERE TO DO SO WOULD VIOLATE THE LAWS OF SUCH JURISDICTION
- Beowolff Capital secured c. 97.17% of artnet’s entire share capital at the end of the acceptance period
- Additional acceptance period allows shareholders to accept the attractive all-cash offer of €11.25 per artnet share until August 22, 2025
- Delisting is expected to take effect at the end of the additional acceptance period and will result in significantly reduced liquidity and tradability of artnet shares
- Managing Board and Supervisory Board of artnet recommend shareholders accept the offer and Beowolff Capital remains committed to supporting artnet’s long-term growth
London, U.K. – August 8, 2025: Leonardo Art Holdings GmbH, an investment vehicle advised by Beowolff Capital Management Ltd. (collectively, “Beowolff Capital”), today announced that 1,531,983 artnet shares were tendered into the voluntary public takeover and delisting offer (the “Offer”) for artnet AG (“artnet”) during the acceptance period, which ended on August 5, 2025. This corresponds to approximately 26.85% of all outstanding artnet shares. Including share purchases and binding agreements with shareholders, Beowolff Capital has thus secured a total stake of approximately 97.17% in artnet to date.
artnet shareholders who have not tendered their shares can still accept the Offer at the price of €11.25 per share (the “Offer Price”) during the additional acceptance period of the Offer, which ends on August 22, 2025. The Offer Price implies a significant premium of c. 97% to the undisturbed XETRA closing price of artnet shares on March 3, 2025. This is the final period during which artnet shareholders can immediately crystallize the value of their shares and accept the Offer. The revocation of the admission of the artnet shares to trading on the regulated market of the Frankfurt Stock Exchange (the “delisting”) is expected to take place upon expiration of the additional acceptance period.
Andrew Wolff, Chief Executive Officer of Beowolff Capital, said: “We are pleased with the strong support shown by artnet’s shareholders. The high tender rate underscores the trust placed in Beowolff Capital and our shared vision for artnet’s next chapter. We remain committed to accelerating artnet’s development and competitiveness, operating as a privately held company with greater agility. Through our growing portfolio of control investments in market-leading companies, we are building a symbiotic ecosystem powered by shared artificial intelligence tools – this not only compliments artnet’s value proposition but brings the necessary resources to realize artnet’s long-term growth strategy.”
Moreover, in the joint reasoned statement on the Offer published on July 22, 2025, the Managing Board and Supervisory Board of artnet expressed that the Offer is in the best interest of the company and its stakeholders and recommend that shareholders accept the Offer. artnet shareholders who still wish to accept the Offer should promptly contact their respective custodian bank or any other securities services company where their artnet shares are being held. The Offer is subject to the terms set out in the offer document approved by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – “BaFin”).
Subject to customary conditions and caveats, artnet will apply for the delisting with effect from the expiry of the additional acceptance period of the Offer and take all commercially reasonable steps and measures to terminate the inclusion of the artnet shares in trading on the open market. This may result in a very limited liquidity and price availability for artnet shares. The delisting terminates artnet's comprehensive disclosure obligations under capital market law. Beowolff Capital does not intend to enter into a domination and/or profit and loss transfer agreement with artnet for a period of at least two years after settlement of the Offer.
The Offer Document and other information relating to the Offer are published on the following website: www.leonardo-offer.com.
Advisors
Beowolff Capital is advised by ParkView Partners as exclusive financial advisor and Kirkland & Ellis as legal advisor on this transaction.
About the Beowolff Capital team
Andrew Wolff is the Chief Executive Officer of Beowolff Capital. He has been a private market investor for 30 years in the United States, Europe, and Asia. He spent the bulk of his career at Goldman Sachs, where he was most recently the Global Co-Head of the Merchant Banking Division and the Global Co-Head of the Corporate Equity Investing business. Andrew also served as the Co-CIO of Goldman Sachs’ flagship private equity funds. He was named partner in 2006. Andrew earned a B.A. in Philosophy from Yale University, and a J.D. and M.B.A. from Harvard Law and Business Schools.
Jan Petzel is the Chief Investment Officer of Beowolff Capital, with 27 years of experience investing in and building businesses across Europe, the United States, and Asia. He started his career at McKinsey & Company, helping clients drive cross-border integrations, organizational transformations, and sales growth. In 2003, Jan joined Goldman Sachs’ Merchant Banking Division, rising to Managing Director in 2011 and later leading Private Credit for Germany and Northern Europe. Since leaving Goldman Sachs, he has invested his own and third-party capital into the clean tech and fintech sectors. Jan holds a Master of Engineering from ETH Zurich, was a visiting scholar at MIT, and earned his M.B.A. at Harvard Business School.
To find out more, visit: www.beowolff.com.
London, U.K. – August 8, 2025: Leonardo Art Holdings GmbH, an investment vehicle advised by Beowolff Capital Management Ltd. (collectively, “Beowolff Capital”), today announced that 1,531,983 artnet shares were tendered into the voluntary public takeover and delisting offer (the “Offer”) for artnet AG (“artnet”) during the acceptance period, which ended on August 5, 2025. This corresponds to approximately 26.85% of all outstanding artnet shares. Including share purchases and binding agreements with shareholders, Beowolff Capital has thus secured a total stake of approximately 97.17% in artnet to date.
artnet shareholders who have not tendered their shares can still accept the Offer at the price of €11.25 per share (the “Offer Price”) during the additional acceptance period of the Offer, which ends on August 22, 2025. The Offer Price implies a significant premium of c. 97% to the undisturbed XETRA closing price of artnet shares on March 3, 2025. This is the final period during which artnet shareholders can immediately crystallize the value of their shares and accept the Offer. The revocation of the admission of the artnet shares to trading on the regulated market of the Frankfurt Stock Exchange (the “delisting”) is expected to take place upon expiration of the additional acceptance period.
Andrew Wolff, Chief Executive Officer of Beowolff Capital, said: “We are pleased with the strong support shown by artnet’s shareholders. The high tender rate underscores the trust placed in Beowolff Capital and our shared vision for artnet’s next chapter. We remain committed to accelerating artnet’s development and competitiveness, operating as a privately held company with greater agility. Through our growing portfolio of control investments in market-leading companies, we are building a symbiotic ecosystem powered by shared artificial intelligence tools – this not only compliments artnet’s value proposition but brings the necessary resources to realize artnet’s long-term growth strategy.”
Moreover, in the joint reasoned statement on the Offer published on July 22, 2025, the Managing Board and Supervisory Board of artnet expressed that the Offer is in the best interest of the company and its stakeholders and recommend that shareholders accept the Offer. artnet shareholders who still wish to accept the Offer should promptly contact their respective custodian bank or any other securities services company where their artnet shares are being held. The Offer is subject to the terms set out in the offer document approved by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – “BaFin”).
Subject to customary conditions and caveats, artnet will apply for the delisting with effect from the expiry of the additional acceptance period of the Offer and take all commercially reasonable steps and measures to terminate the inclusion of the artnet shares in trading on the open market. This may result in a very limited liquidity and price availability for artnet shares. The delisting terminates artnet's comprehensive disclosure obligations under capital market law. Beowolff Capital does not intend to enter into a domination and/or profit and loss transfer agreement with artnet for a period of at least two years after settlement of the Offer.
The Offer Document and other information relating to the Offer are published on the following website: www.leonardo-offer.com.
Advisors
Beowolff Capital is advised by ParkView Partners as exclusive financial advisor and Kirkland & Ellis as legal advisor on this transaction.
About the Beowolff Capital team
Andrew Wolff is the Chief Executive Officer of Beowolff Capital. He has been a private market investor for 30 years in the United States, Europe, and Asia. He spent the bulk of his career at Goldman Sachs, where he was most recently the Global Co-Head of the Merchant Banking Division and the Global Co-Head of the Corporate Equity Investing business. Andrew also served as the Co-CIO of Goldman Sachs’ flagship private equity funds. He was named partner in 2006. Andrew earned a B.A. in Philosophy from Yale University, and a J.D. and M.B.A. from Harvard Law and Business Schools.
Jan Petzel is the Chief Investment Officer of Beowolff Capital, with 27 years of experience investing in and building businesses across Europe, the United States, and Asia. He started his career at McKinsey & Company, helping clients drive cross-border integrations, organizational transformations, and sales growth. In 2003, Jan joined Goldman Sachs’ Merchant Banking Division, rising to Managing Director in 2011 and later leading Private Credit for Germany and Northern Europe. Since leaving Goldman Sachs, he has invested his own and third-party capital into the clean tech and fintech sectors. Jan holds a Master of Engineering from ETH Zurich, was a visiting scholar at MIT, and earned his M.B.A. at Harvard Business School.
To find out more, visit: www.beowolff.com.
