White & Case advises Bank of America, as sole underwriter, on bridge financing to Hapag-Lloyd for acquisition of ZIM

Global law firm White & Case LLP has advised Bank of America, as sole underwriter, on a bridge financing provided to Hapag-Lloyd for its acquisition of ZIM Integrated Shipping Services Ltd. (ZIM).

Hapag-Lloyd has agreed to acquire 100 percent of ZIM's shares at US$35 per share, with the total transaction value amounting to more than US$4 billion. The combined business will exceed a standing capacity of more than three million TEU (twenty-foot equivalent unit) with more than 400 vessels and transport more than 18 million TEU annually.

The Special State Share (Golden Share) in ZIM, held by the State of Israel, will be transferred to a new dedicated Israeli container line owned by FIMI Opportunity Funds (FIMI), Israel's largest and leading private equity fund. FIMI will take ownership of a carved-out container liner business serving some of the most important strategic trade-lanes and seamlessly connected to Hapag-Lloyd's global network.

The completion of the envisaged transactions is subject, among others, to approval by ZIM's shareholders and the relevant regulatory authorities.

With a fleet of 305 modern container ships and a total transport capacity of 2.5 million TEU, Hapag-Lloyd is one of the world's leading liner shipping companies. Founded in Israel in 1945, ZIM is a leading global container liner shipping company with established operations in more than 90 countries serving approximately 33,000 customers in more than 300 ports worldwide.

The White & Case team in Germany which advised on the transaction included partners Gernot Wagner, Vanessa Schürmann, Rebecca Emory, Stefan Bressler and Andreas Lischka, counsel Joachim Schmidt and Alexander Born, associate Enno Miedtank and senior transaction lawyer Alexander Hansen Diaz.

Press contact
For more information please speak to your local media contact.