Brussels à Jour - The Review of the Merger Guidelines – 20 Years on
2 July 2025
Hengeler Mueller advises Comcast, which has entered into a definitive agreement to sell Sky DACH (Germany, Austria, Switzerland) to RTL Group.
According to the agreement, RTL Group will fully acquire Sky’s businesses in Germany, Austria, Switzerland, including customer relationships in Luxembourg, Liechtenstein and South Tyrol on a cash-free and debt-free basis. The purchase price consists of €150 million in cash and a variable consideration linked to RTL Group’s share price performance. Under a separate trademark license agreement, RTL will have the right to use the Sky brand in the DACH region, Luxembourg, Liechtenstein and South Tyrol.
The two businesses will continue to operate independently until regulatory approvals are obtained, which are expected in 2026.
Hengeler Mueller advised Comcast comprehensively on the transaction, except with respect to regulatory matters. For Luxembourg law aspects, Hengeler Mueller worked together with Arendt & Medernach SA.
Comcast Corporation Inhouse
Johannes Wirtz (Corporate Vice President & Senior Deputy General Counsel)
Hengeler Mueller team for Comcast
Corporate/M&A: Andreas Hoger, Lucina Berger (both partner, both lead), Nicholas Kubesch (counsel), Diana Rosa, André Jahn (both senior associate), Paul Vogel, Lukas König, Laura Esmaty, Lukas Buchwaldt, Jean Friedrich Härtelt, Lukas Sengülsen (all Frankfurt), Alexander Schramm (Berlin, all associate),
Tax: Sebastian Adam (partner), Marius Marx (counsel), Karl Hummel (associate, all Frankfurt),
IP/IT: Andrea Schlaffge (counsel, Düsseldorf), Maarten van der Werf (associate, Berlin),
Employment: Hendrik Bockenheimer (partner, Frankfurt),
Public law: Thomas Ruthemeyer (counsel, Berlin),
Legal Tech: Pierre Zickert (counsel), Talbot Zander, Pascal Strauß (all Frankfurt), Janosch Zimmer (Berlin, all associate).
