Power and Place – A Regulatory Guide to Data Centre Developments in Europe
20 July 2026
Frankfurter Leben Gruppe, an independent consolidator of life insurance portfolios, is acquiring Athora Deutschland (“Athora”), a leading European savings and retirement services group. DWS Group (“DWS”) will support the transaction as a long-term financing partner and, at the same time, expand its strategic cooperation with Frankfurter Leben. The acquisition of Athora Deutschland strengthens the position of Frankfurter Leben-Gruppe, founded in 2015, as a specialist in portfolio management and contributes to market consolidation.
As part of the acquisition, Frankfurter Leben Holding GmbH & Co. KG will acquire Athora Deutschland Verwaltungs GmbH and Athora Deutschland GmbH & Co. KG, including its subsidiaries. Employees will also transition as part of this change and continue to service Athora portfolios. As strategic financing partner, DWS will invest a low to mid double-digit million euro amount in a Restricted Tier 1 (RT1) capital instrument of Frankfurter Leben-Gruppe, thereby providing hybrid capital.
Completion of the transaction remains subject to regulatory approvals and is expected in mid-2027.
Hengeler Mueller advised Frankfurter Leben-Gruppe comprehensively on the transaction.
Hengeler Mueller team for Frankfurter Leben-Gruppe
Insurance/M&A: Carl-Philipp Eberlein, Alexander Nolte (both partner, both lead), Marvin Geisler, Jan Schülting, Moritz Koch (all senior associate), Leonard Nielen, Max Winnenburg (both associate, all Düsseldorf),
Tax: Markus Ernst (partner, Munich), Sebastian Fernkorn (associate, Frankfurt),
Antitrust: Markus Röhrig (partner, Brussels), Larissa Ruch (associate, Düsseldorf),
Employment: Hendrik Bockenheimer (partner), Andreas Kaletsch (senior associate, both Frankfurt),
IP/IT: Matthias Rothkopf (partner), Kim Josefine Weisser (senior associate, both Düsseldorf),
Data Protection: Vera Jungkind (partner), Thomas Kosmider (senior associate, both Düsseldorf).
