EQT Future, a fund managed by EQT AB (publ) (OM:EQT) and Kuehne Holding AG reached a definitive agreement to acquire an unknown minority stake in Flix SE from General Atlantic Service Company, L.P. on July 4, 2024. A cash consideration will be paid by EQT Future, EQT AB (publ) and Kuehne Holding AG. As part of consideration, an undisclosed value is paid towards common equity of Flix SE. Kühne, together with EQT, is acquiring a total stake of 35% in Flix. The acquisition will be made, by way of a capital increase and additionally through the purchase of shares from existing Flix investors. After the entry is completed, Kühne and EQT together hold the largest share in Flix. With the investment, Kühne intends to actively support Flix as a strategic partner in its next expansion phase, particularly in the expansion of its international network. The investment comes at a time when Flix is ??experiencing strong growth and is strategically expanding worldwide. The company reported 30% total revenue growth in 2023 and thus, for the first time, reached ?2 billion in annual total revenue. The closing of the transaction is subject to certain customary conditions and regulatory approvals. They are investing around ?1 billion ($1.2 billion) in Flix in a deal valuing the business at more than ?3 billion, people with knowledge of the matter said.

Nils Koffka, Jonas Wittgens, Stefan Witte, Ioannis Thanos and Sebastian Remberg of Allen Overy Shearman Sterling LLP acted as legal advisor for Kuehne Holding AG. Steffen Oppenländer, Pascal Härdtner, Alexander Rinne, Thomas Kleinheisterkamp and Daniel Illhardt of Milbank LLP acted as legal advisor for EQT Future and EQT AB. A separate Milbank team, led by partner Sebastian Heim, Matthias Schell, Philipp Klöckner, Sebastian Reiner-Pechtl and Nils Bremer advised existing shareholder General Atlantic in connection with its investment in Flix SE and the transaction. Carsten Berrar, Florian Späth, Michael Rosenthal, Kolja Ortmann, Shajan Kreuter, Felix Melchior and Jan Lukas Werner of Sullivan & Cromwell LLP acted as legal advisor for Flix SE.