Deloitte Legal advises ADAC Finanzdienste GmbH on credit card cooperation with Solarisbank AG
An interdisciplinary Deloitte team successfully advised ADAC Finanzdienste GmbH on the establishment of a new cooperation for the ADAC credit card program with Solarisbank AG. ADAC's portfolio comprises roughly 1.3 million credit cards, which ADAC holds through its subsidiary ADAC Finanzdienste. Solarisbank will replace Landesbank Berlin AG (LBB) as the co-branding partner for ADAC credit cards in the second half of 2023. Until then, the partnership with LBB will continue. Deloitte Legal has been advising ADAC since 2020 to terminate and replace the long-standing cooperation with LBB together with Deloitte Financial Advisory and Deloitte Tax.
A cross-office Deloitte Legal team led by Frankfurt-based IT/IP partner Dr. Till Contzen and Munich-based corporate/M&A partner Dr. Michael Fischer acted for ADAC in structuring the new cooperation with regard to all legal issues. They were supported by experts from banking and finance law (Dr. Hannes Bracht, Dr. Albrecht Kindler), corporate/M&A (Nikolaus Malottke, Daniel Bader), data protection law (Nikola Werry, Aida Mebratu, H. Rudigel Sarpong Kumankomah), insurance law (Frank Fischer), labor law (Dr. Charlotte Sander, LL.M.), antitrust law (Felix Skala, Katharina Zickermann) and commercial and distribution law (Johannes Passas).
In addition, Andreas Suerbaum and Christian Simon (both Deloitte Financial Advisory) provided support on various financial topics, in particular valuation issues. Ulrich Grünwald and Christian Möser (both Deloitte Tax) supported on the tax issues surrounding the transfer of the credit card program.
In addition to Deloitte Legal, Linklaters (also on the side of ADAC), Annerton, LMPS Rechtsanwälte and Noerr (all three on the side of Solarisbank) and Hengeler Mueller (on the side of LBB) were involved in the transaction.