Corporate News
Strategic partnership aimed at unlocking growth potential in software and infrastructure solutions for financial and insurance service providers
- Netfonds AG (ISIN: DE000A1MME74, "Netfonds") entered into an investment agreement with SCUR-Alpha 1996 GmbH (in future: German Wealth Technology GmbH), which is controlled by funds managed by Warburg Pincus LLC (together "Warburg Pincus"). Under the investment agreement, Warburg Pincus will make a public offer to acquire all shares in Netfonds not already held by Warburg Pincus for a cash consideration of EUR 78.25 per Netfonds share.
- This represents a premium of 64.4% over the closing price of the Netfonds share on 6 March 2026, and a premium of 78.3% over the volume-weighted average price of the Netfonds share during the past three months.
- The management board and the supervisory board fully and expressly support the offer and consider it an attractive opportunity for shareholders to realize the value of their investment ahead of a "delisting" of the Netfonds share.
- As of today, Warburg Pincus has irrevocably secured approximately 53% of Netfonds' share capital.
Lübeck / Hamburg, 09.03.2026 – Netfonds AG (ISIN: DE000A1MME74), a leading service provider to the German financial and insurance industry, is setting the course for the future. The strategic partnership with blau direkt under the umbrella of funds advised by the growth investor Warburg Pincus will create a leading provider of software and infrastructure services for the financial and insurance industry with a revenue of over EUR 550 million and 600 employees. While Netfonds brings in-depth expertise in the investment space, regulatory and the 360-degree platform approach (finfire), blau direkt contributes leading automation experience in the insurance space.
Entrepreneurial culture and shared values as a foundation
The strong cultural and strategic fit between Netfonds and blau direkt is evident in their successful joint initiative, the 'comparit' comparison calculator. This tool empowers brokers and their end customers by providing access to product-independent advice. Their shared Hanseatic heritage, with headquarters in Hamburg and Lübeck, underpins their common value system. Both companies blend entrepreneurial and technological vision with a grounded, partner-oriented approach characteristic of their roots. This partnership is built on a foundation of trust that has been cultivated over many years of collaboration.
Leading technology through combined expertise
As established technology leaders in their respective fields, this partnership will further enhance their competitive edge by developing cutting-edge AI applications. This strategic union creates a premier IT team poised to elevate automation processes to new heights, significantly strengthening the market position of all affiliated partners. Warburg Pincus is the ideal partner to support this vision, bringing extensive sector experience in financial services and technology, and a clear focus on supporting the sustainable growth of its portfolio companies.
"At Netfonds, we have built a platform that is scalable and practical – and, above all, built around people. In a market that increasingly demands technology-driven efficiency, this is a unique opportunity, and we are now joining forces with blau direkt", emphasizes Martin Steinmeyer, CEO of Netfonds. "With Warburg Pincus' support, the partnership brings additional expertise and financial strength. It is also a clear commitment to the market: we aim to be more than a service provider for our partners and customers – we want to be their decisive competitive advantage in the future. We will stay true to who we are, but together we will be faster, stronger, and more relevant."
Combining strength and expertise
blau direkt has been setting new standards for two decades in the efficient processing and administration of insurance policies and sees itself as a driver of digitalization for the entire industry. As a technology-agnostic software and services partner, blau direkt supports independent brokerage firms, large sales organizations and banks, as well as other broker pools, with leading automation solutions. Netfonds' particular expertise in the investment sector complements the future offering, enabling even more holistic support for partners.
"Insurance and investment are growing even closer together technologically. In the age of AI, we are unlocking new potential and helping define the industry's operating system. This puts us in an ideal position to empower brokers with the full force of AI", adds Ait Voncke, CEO of blau direkt.
Independence and continuity as success factors
A key aspect of the partnership is the entrepreneurial independence of the two companies. Netfonds will operate as a complementary sister company within the group and will retain its brand, its Hamburg headquarters, and its unique corporate culture. The management of Netfonds will remain in their leadership positions and take a stake in the joint holding company, having irrevocably committed to tender their own Netfonds shares in support of the offer.
Benefits for partners and market:
- Holistic approach: Netfonds' partners will receive access to industry-leading insurance processes, while blau-partners will gain the advantage of Netfonds' comprehensive investment expertise.
- Technology leader: Even greater investments in IT teams to further accelerate development in the technology area.
- Succession solutions: The integration of the "Tjara" infrastructure creates market-leading solutions for portfolio succession in the investment and insurance sectors.
Strategic departure from stock exchange trading, key terms of the offer
To realize the full potential of the combination of blau direkt and Netfonds, Netfonds intends to operate under a joint private ownership structure – without exposure to the volatility and costs of operating on the capital market. Warburg Pincus is therefore making a public offer to Netfonds shareholders at a price of EUR 78.25 per share with the aim of taking Netfonds fully private. This corresponds to a premium of 78.3% to the volume-weighted average price of the Netfonds share over the past three months.
The offer document, which will set out the binding terms of the offer as well as further details regarding the offer and the acceptance process, will be published today and will commence a six-week acceptance period, which will expire at the end of 20 April 2026. Settlement of the offer will be subject to customary conditions, including regulatory clearances. The offer will not be subject to a minimum acceptance threshold.
As of today, Warburg Pincus has already irrevocably secured an aggregate stake of approx. 53% in Netfonds AG, including the shareholdings of Netfonds' current CEO, CFO and CBO, as well as those of Karsten Dümmler, founder and member of the supervisory board of Netfonds AG. In addition, Warburg Pincus reserves the right, in connection with a possible cash capital increase with the exclusion of subscription rights, to subscribe for Netfonds shares up to an aggregate interest of 9.9% of Netfonds' current share capital.
The management board and the supervisory board fully and expressly support the offer and consider it an attractive opportunity for shareholders to realize the value of their investment ahead of a "delisting" of the Netfonds shares. Immediately following the end of the acceptance period, Netfonds will procure the termination of the inclusion of the Netfonds shares in public trading on the open market, effective as of the settlement date of the offer. A separate delisting offer will not be required.
The offer is not subject to the provisions of the German Securities Acquisition and Takeover Act (Wertpapiererwerbs- und Übernahmegesetz (WpÜG)).
Warburg Pincus is being advised by Kirkland & Ellis International LLP as legal counsel and Jefferies as financial advisor.
Netfonds is being advised by GÖRG Partnerschaft von Rechtsanwälten mbB as legal counsel.
All information and publications relating to the offer can be found on the website: www.nukleus-offer.com.
11 March 2026
Branicks Group AG intensifies talks with creditors of its promissory note loans maturing in March and April 2026 regarding short-term extension
Press release
- More time for refinancing and property sales
- Well-filled sales pipeline
- Continuously good letting performance
Frankfurt am Main, 9th March 2026. Branicks Group AG (Branicks), ISIN: DE000A1X3XX4, one of Germany's leading listed real estate companies, is in ongoing discussions regarding its refinancing and property sales, which are currently taking longer than expected. The Management Board therefore decided today to intensify dialogue with the creditors of its promissory note loans maturing in March and April 2026 with a total nominal amount of EUR 87.0 million in order to agree on a short-term extension until the end of June 2026.
With regard to the company's operating business, Branicks reiterates the statement made at the extraordinary general meeting on 13 February 2026 that business is running robustly. This is also evidenced by the consistently high level of letting activity, which Branicks has reported on in recent weeks with a series of new and follow-up lettings in the office markets of Frankfurt and Berlin, among others. In addition, Branicks continues to have a well-filled transaction pipeline.
Branicks last provided information on the 2025 financial year on 23 December 2025 and will present its annual financial statements and annual report on 29 April 2026.
The company will keep the capital market and the public informed of further developments in accordance with legal requirements.
About Branicks Group AG:
Branicks Group AG (formerly DIC Asset AG) is a leading German listed specialist for office and logistics real estate as well as renewable assets with over 25 years of experience in the real estate market and access to a broad investor network. Our basis is the national and regional real estate platform with nine offices in the ground in all major German markets (including VIB Vermögen AG). As of September 30, 2025, we managed properties with a market value of EUR 10.7 billion in the Commercial Portfolio and Institutional Business segments.
The Commercial Portfolio segment comprises real estate held for our own account. Here, we generate cash flows from stable rent revenues on long-term leases while also optimizing the value of our portfolio assets through active management and realizing gains from sales.
In the Institutional Business segment, we earn recurrent fees from real estate services we provide to national and international institutional investors by structuring and managing investment products that return attractive dividend yields.
The shares of Branicks Group AG are listed in the Prime Standard of the German Stock Exchange (WKN: A1X3XX / ISIN: DE000A1X3XX4).
The company is fully committed to sustainability and occupies top positions in ESG-relevant ratings such as Morningstar Sustainalytics and S&P Global CSA. The Branicks Group is also a signatory to the UN Global Compact and the UN PRI network. Properties in the Branicks portfolio have been awarded renowned sustainability certificates such as DGNB, LEED or BRE
- More time for refinancing and property sales
- Well-filled sales pipeline
- Continuously good letting performance
Frankfurt am Main, 9th March 2026. Branicks Group AG (Branicks), ISIN: DE000A1X3XX4, one of Germany's leading listed real estate companies, is in ongoing discussions regarding its refinancing and property sales, which are currently taking longer than expected. The Management Board therefore decided today to intensify dialogue with the creditors of its promissory note loans maturing in March and April 2026 with a total nominal amount of EUR 87.0 million in order to agree on a short-term extension until the end of June 2026.
With regard to the company's operating business, Branicks reiterates the statement made at the extraordinary general meeting on 13 February 2026 that business is running robustly. This is also evidenced by the consistently high level of letting activity, which Branicks has reported on in recent weeks with a series of new and follow-up lettings in the office markets of Frankfurt and Berlin, among others. In addition, Branicks continues to have a well-filled transaction pipeline.
Branicks last provided information on the 2025 financial year on 23 December 2025 and will present its annual financial statements and annual report on 29 April 2026.
The company will keep the capital market and the public informed of further developments in accordance with legal requirements.
About Branicks Group AG:
Branicks Group AG (formerly DIC Asset AG) is a leading German listed specialist for office and logistics real estate as well as renewable assets with over 25 years of experience in the real estate market and access to a broad investor network. Our basis is the national and regional real estate platform with nine offices in the ground in all major German markets (including VIB Vermögen AG). As of September 30, 2025, we managed properties with a market value of EUR 10.7 billion in the Commercial Portfolio and Institutional Business segments.
The Commercial Portfolio segment comprises real estate held for our own account. Here, we generate cash flows from stable rent revenues on long-term leases while also optimizing the value of our portfolio assets through active management and realizing gains from sales.
In the Institutional Business segment, we earn recurrent fees from real estate services we provide to national and international institutional investors by structuring and managing investment products that return attractive dividend yields.
The shares of Branicks Group AG are listed in the Prime Standard of the German Stock Exchange (WKN: A1X3XX / ISIN: DE000A1X3XX4).
The company is fully committed to sustainability and occupies top positions in ESG-relevant ratings such as Morningstar Sustainalytics and S&P Global CSA. The Branicks Group is also a signatory to the UN Global Compact and the UN PRI network. Properties in the Branicks portfolio have been awarded renowned sustainability certificates such as DGNB, LEED or BRE
BayWa AG: Adjustment of the restructuring concept necessary due to new planning by BayWa r.e., negotiations with financing partners ongoing
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014
Munich, 11 March 2026: The new mid-term plan for 2026-2028 now presented by BayWa r.e. AG, a 51% stake of BayWa AG, continues to show positive operating results from 2027 onwards, but assumes a significantly lower level of earnings compared to BayWa r.e. AG’s restructuring opinion of 27 June 2025 (cf. ad hoc announcement of 2 February 2026). BayWa r.e. AG’s Board of Management cites the negative changes in the economic and regulatory framework for renewable energy project developers in Europe and the USA as well as other operational plan adjustments as the main reasons for this.
There are no negative effects on BayWa AG's liquidity and operating business as a result of the lower results in the new mid-term planning. No significant liquidity flows are planned between the two companies until the sale of the BayWa r.e. stake. The operating result of BayWa AG's core business is on track and the inflows from the sale of portfolio companies have also been realized as planned so far.
BayWa AG's restructuring concept to date assumes that BayWa AG will receive total proceeds of around EUR 1.7 billion from the sale of its stake in BayWa r.e. AG by the end of the restructuring period in 2028. Based on BayWa r.e. AG's previous planning, the EBITDA of around EUR 230 million that was planned for 2028 was assumed as sustainably achievable result. On the basis of the new mid-term planning submitted by BayWa r.e. AG, this is no longer feasible in the originally planned period and amount. The new mid-term planning now assumes a significantly lower EBITDA for 2028, which also falls short of the planned EBITDA for 2027. The outlook forecasts an EBITDA of EUR 150 million for 2030 – before further structural countermeasures.
The mid-term planning presented is based on the previous restructuring concept of BayWa r.e. AG and does not yet take into account any countermeasures at BayWa r.e. AG level. BayWa r.e. AG’s Board of Management has announced that it is planning further restructuring measures and an adjustment of the restructuring concept (including a possible extension of the restructuring phase) in order to achieve an improvement compared to the earnings expectations now presented. The planned figures from the new mid-term planning are therefore not directly comparable with the figures previously used as the basis for BayWa AG's restructuring concept.
As of today, BayWa AG’s Board of Management expects significantly lower total proceeds from the sale of its BayWa r.e. stake. This requires an adjustment of BayWa AG's restructuring concept.
Both BayWa AG and BayWa r.e. AG will have to adapt their existing restructuring agreements in order to enable both companies to refinance at the end of the restructuring period.
BayWa AG is currently in negotiations with its core banks and major shareholders. In the short term, the conclusion of a standstill agreement is planned in order to be able to develop and implement a corresponding adjustment of the restructuring concept, including the financing agreements. The standstill agreement is to cover a period until autumn 2026.
At the same time, discussions are being held with the core banks and major shareholders about further restructuring contributions by all parties involved (BayWa AG, major shareholders and financing partners). BayWa AG’s Board of Management expects that an agreement can be reached.
Due to the necessary adjustment of the restructuring concept and the valuation of the BayWa r.e. stake, the preparation and publication of BayWa AG's annual and consolidated financial statements for the 2025 financial year will probably be significantly delayed, possibly even until the fourth quarter of 2026.
BayWa AG’s Board of Management remains confident that BayWa AG will be successfully restructured.
Munich, 11 March 2026: The new mid-term plan for 2026-2028 now presented by BayWa r.e. AG, a 51% stake of BayWa AG, continues to show positive operating results from 2027 onwards, but assumes a significantly lower level of earnings compared to BayWa r.e. AG’s restructuring opinion of 27 June 2025 (cf. ad hoc announcement of 2 February 2026). BayWa r.e. AG’s Board of Management cites the negative changes in the economic and regulatory framework for renewable energy project developers in Europe and the USA as well as other operational plan adjustments as the main reasons for this.
There are no negative effects on BayWa AG's liquidity and operating business as a result of the lower results in the new mid-term planning. No significant liquidity flows are planned between the two companies until the sale of the BayWa r.e. stake. The operating result of BayWa AG's core business is on track and the inflows from the sale of portfolio companies have also been realized as planned so far.
BayWa AG's restructuring concept to date assumes that BayWa AG will receive total proceeds of around EUR 1.7 billion from the sale of its stake in BayWa r.e. AG by the end of the restructuring period in 2028. Based on BayWa r.e. AG's previous planning, the EBITDA of around EUR 230 million that was planned for 2028 was assumed as sustainably achievable result. On the basis of the new mid-term planning submitted by BayWa r.e. AG, this is no longer feasible in the originally planned period and amount. The new mid-term planning now assumes a significantly lower EBITDA for 2028, which also falls short of the planned EBITDA for 2027. The outlook forecasts an EBITDA of EUR 150 million for 2030 – before further structural countermeasures.
The mid-term planning presented is based on the previous restructuring concept of BayWa r.e. AG and does not yet take into account any countermeasures at BayWa r.e. AG level. BayWa r.e. AG’s Board of Management has announced that it is planning further restructuring measures and an adjustment of the restructuring concept (including a possible extension of the restructuring phase) in order to achieve an improvement compared to the earnings expectations now presented. The planned figures from the new mid-term planning are therefore not directly comparable with the figures previously used as the basis for BayWa AG's restructuring concept.
As of today, BayWa AG’s Board of Management expects significantly lower total proceeds from the sale of its BayWa r.e. stake. This requires an adjustment of BayWa AG's restructuring concept.
Both BayWa AG and BayWa r.e. AG will have to adapt their existing restructuring agreements in order to enable both companies to refinance at the end of the restructuring period.
BayWa AG is currently in negotiations with its core banks and major shareholders. In the short term, the conclusion of a standstill agreement is planned in order to be able to develop and implement a corresponding adjustment of the restructuring concept, including the financing agreements. The standstill agreement is to cover a period until autumn 2026.
At the same time, discussions are being held with the core banks and major shareholders about further restructuring contributions by all parties involved (BayWa AG, major shareholders and financing partners). BayWa AG’s Board of Management expects that an agreement can be reached.
Due to the necessary adjustment of the restructuring concept and the valuation of the BayWa r.e. stake, the preparation and publication of BayWa AG's annual and consolidated financial statements for the 2025 financial year will probably be significantly delayed, possibly even until the fourth quarter of 2026.
BayWa AG’s Board of Management remains confident that BayWa AG will be successfully restructured.
Worthington Steel lowers minimum acceptance threshold for Kloeckner & Co offer to 57.5%
Corporate News
COLUMBUS, OHIO (March 10, 2026) – Worthington Steel (NYSE: WS) today announced that it has decided to reduce the mandatory threshold of the voluntary takeover offer for Kloeckner & Co SE (“Kloeckner”) to 57.5% and published the related amendment of the offer (the “Offer Amendment”). Worthington Steel will not increase the offer price or make any further changes to the offer.
As a result of reducing the minimum acceptance threshold, the acceptance period originally expiring on March 12, 2026, will now expire on March 26, 2026.
As of March 9, 2026, Worthington Steel has secured approximately 56.9% of Kloeckner's issued share capital. The consummation of the voluntary takeover offer remains subject to the fulfilment of the minimum acceptance threshold at the end of the acceptance period.
COLUMBUS, OHIO (March 10, 2026) – Worthington Steel (NYSE: WS) today announced that it has decided to reduce the mandatory threshold of the voluntary takeover offer for Kloeckner & Co SE (“Kloeckner”) to 57.5% and published the related amendment of the offer (the “Offer Amendment”). Worthington Steel will not increase the offer price or make any further changes to the offer.
As a result of reducing the minimum acceptance threshold, the acceptance period originally expiring on March 12, 2026, will now expire on March 26, 2026.
As of March 9, 2026, Worthington Steel has secured approximately 56.9% of Kloeckner's issued share capital. The consummation of the voluntary takeover offer remains subject to the fulfilment of the minimum acceptance threshold at the end of the acceptance period.
Worthington Steel GmbH, the subsidiary established for the acquisition of Kloeckner, announced the intention to launch an all-cash offer at €11.00 in cash for all outstanding shares of Kloeckner on January 15, 2026. This represents a significant premium of 98% to the undisturbed three-month volume-weighted average share price of Kloeckner on December 5, 2025. The publication of the corresponding offer document and the start of the offer phase commenced on February 5, 2026. After a thorough review, the Management Board and Supervisory Board of Kloeckner have assessed the offer as attractive, fair and appropriate and recommend that Kloeckner shareholders accept the offer.
The offer document and Offer Amendment (in German and a non-binding English translation) and other information pertaining to the offer are available on the offer website at www.strong-for-good.com.
About Worthington Steel
Worthington Steel (NYSE:WS) is a metals processor that partners with customers to deliver highly technical and customized solutions. Worthington Steel’s expertise in carbon flat-roll steel processing, electrical steel laminations and tailor welded solutions is driving steel toward a more sustainable future.
As one of the most trusted metals processors in North America, Worthington Steel and its approximately 6,000 employees harness the power of steel to advance our customers’ visions through value-added processing capabilities including galvanizing, pickling, configured blanking, specialty cold reduction, lightweighting and electrical lamination. Headquartered in Columbus, Ohio, Worthington Steel operates 37 facilities in seven states and 10 countries. Following a people-first Philosophy, commitment to sustainability and proven business system, Worthington Steel’s purpose is to generate positive returns by providing trusted and innovative solutions for customers, creating opportunities for employees and strengthening its communities.
About Kloeckner
Kloeckner is one of the largest producer-independent steel and metal processors and one of the leading service center companies. With its distribution and service network of around 110 warehouse and processing locations, primarily in North America and the “DACH” region (Germany, Austria and Switzerland), Kloeckner supplies more than 60,000 customers. Currently, the Group has more than 6,000 employees. Kloeckner had sales of some €6.6 billion in fiscal year 2024. By consistently implementing its corporate strategy, Kloeckner strives to become one of the leading service center and metal processing companies in North America and Europe. The focus is on continued targeted expansion of the service center and higher value-added business, diversification of the product and service portfolio as well as integration of additional CO2-reduced solutions under the Nexigen® umbrella brand.
The shares of Kloeckner & Co SE are admitted to trading on the regulated market segment (Regulierter Markt) of the Frankfurt Stock Exchange (Frankfurter Wertpapierbörse) with further post-admission obligations (Prime Standard). Kloeckner & Co SE shares are listed in the SDAX® index of Deutsche Börse.
ISIN: DE000KC01000; WKN: KC0100; Common Code: 025808576
The offer document and Offer Amendment (in German and a non-binding English translation) and other information pertaining to the offer are available on the offer website at www.strong-for-good.com.
About Worthington Steel
Worthington Steel (NYSE:WS) is a metals processor that partners with customers to deliver highly technical and customized solutions. Worthington Steel’s expertise in carbon flat-roll steel processing, electrical steel laminations and tailor welded solutions is driving steel toward a more sustainable future.
As one of the most trusted metals processors in North America, Worthington Steel and its approximately 6,000 employees harness the power of steel to advance our customers’ visions through value-added processing capabilities including galvanizing, pickling, configured blanking, specialty cold reduction, lightweighting and electrical lamination. Headquartered in Columbus, Ohio, Worthington Steel operates 37 facilities in seven states and 10 countries. Following a people-first Philosophy, commitment to sustainability and proven business system, Worthington Steel’s purpose is to generate positive returns by providing trusted and innovative solutions for customers, creating opportunities for employees and strengthening its communities.
About Kloeckner
Kloeckner is one of the largest producer-independent steel and metal processors and one of the leading service center companies. With its distribution and service network of around 110 warehouse and processing locations, primarily in North America and the “DACH” region (Germany, Austria and Switzerland), Kloeckner supplies more than 60,000 customers. Currently, the Group has more than 6,000 employees. Kloeckner had sales of some €6.6 billion in fiscal year 2024. By consistently implementing its corporate strategy, Kloeckner strives to become one of the leading service center and metal processing companies in North America and Europe. The focus is on continued targeted expansion of the service center and higher value-added business, diversification of the product and service portfolio as well as integration of additional CO2-reduced solutions under the Nexigen® umbrella brand.
The shares of Kloeckner & Co SE are admitted to trading on the regulated market segment (Regulierter Markt) of the Frankfurt Stock Exchange (Frankfurter Wertpapierbörse) with further post-admission obligations (Prime Standard). Kloeckner & Co SE shares are listed in the SDAX® index of Deutsche Börse.
ISIN: DE000KC01000; WKN: KC0100; Common Code: 025808576
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