All the advisors in Deutsche Bahn’s Arriva sale to I Squared Capital

Firms Freshfields Bruckhaus Deringer and Skadden Arps Slate Meagher & Flom are involved in Deutsche Bahn’s sale of Arriva to Miami-based infrastructure investor I Squared Capital. Arriva is the transport business of trains and famous red London buses in the UK and it’s valued at € 1.6 billions. 

As said by Deutsche Bahn, the sale of Arriva will “enable additional growth in rail transport in Germany and allow it to focus its resources on its core business”. However, as The Guardian reminds, Deutsche Bahn paid €2.7bn for Arriva back in 2010, which suggests a loss when compared with the value of the sale to I Capital, which is expected to complete in 2024.


Deutsche Bahn and Arriva were advised by Freshfields with partners Richard Thexton (pictured, left) and David Sonter and senior associate Yvonne Barry, together with associates Tim Wuttke-Henshall, Charmaine Ho and Christine Khuat; partner Nick French, senior associate Theo Souris and associate Aaron Hanif on antitrust matters; partner Jill Gatehouse and associate Nicola Cavey on tax matters; partner Andrew Murphy and senior associate Lauren Jackson on pension and employment matters; partner Giles Pratt, senior associate Tony Gregory and associate Jamaal Jackson on separation and IP support.

Deutsche Bahn’s in-house legal team (with Alexander Wismeth, Martin Lamm, Thomas Götze and Christian Wörz and the M&A team of Stefan Klenke, Thomas Wagner and Philipp Lohöfer) and Arriva’s in-house legal team (with Scott Marshall and Helen Seeber) were also active in the deal.

I Capital was advised by Skadden with private equity partners Richard Youle (pictured, right) and Steven Hannah; corporate counsel Benjamin Davies, Emma Ghaffari and Chetan Sheth, and associates Janou Kannangara, Ashleigh Morton and Iseult Martin; IP and technology counsel Eve-Christie Vermynck; tax partner Alex Jupp; M&A partner Giorgio Motta and banking partner Pete Coulton.

Finance wise, Deutsche Bahn was also advised by Citigroup, while I Squared was advised by UBS and Morgan Stanley