Global Blue completes USD 225m strategic growth equity investment from Certares and Knighthead

Global Blue Group Holding AG, a leading strategic technology and payments partner listed at the New York Stock Exchange that empowers retailers to improve their performance while enhancing the shoppers’ experience, has completed an investment agreement with CK Opportunities, an investment fund co-managed by Certares, a global travel, tourism and hospitality investment firm, and Knighthead, a leading credit investment management firm.

Under the terms of the agreement, dated 5 May 2022, CK Opportunities has agreed to invest USD 225 million, of which USD 180 million is for Series B preferred shares and USD 45 million is for common shares. Global Blue intends to use the funds to fund working capital requirements associated with the significant recovery underway in its core Tax-Free Shopping business, after two years of reduced activity due to the Covid-19 pandemic. Global Blue is the first Swiss listed company having issued Series B preferred shares.

Niederer Kraft Frey advised Global Blue and Silver Lake as Swiss counsel in this transaction. The NKF team was led by Corporate/Capital Markets partners Philipp Haas and Philip Spoerlé, working with partners Adrian Koller (Finance) and Markus Kronauer (Tax) and senior associates Shu Bernet-Zhang and Julia Tolstova (both Corporate/M&A).