Osborne Clarke has comprehensively advised the smart home company devolo AG and its Trustee Rüdiger Weiß of the law firm WallnerWeiß on the protective shielding procedure ending on 31 October 2022. As a result, the German market leader in PowerLAN home networking was able to successfully complete the six-month restructuring process.
With its products that transform existing power lines into data cables, devolo is internationally regarded as one of the pioneers of home networking. To date, the company has shipped over 45 million of its products. At the end of 2021, devolo introduced the world's first adapter that combines the currently fastest powerline technology with the latest WLAN standard WiFi 6. In addition, the company recently introduced new solutions to the market that allow the full power of fibre optic connections to be distributed throughout the household via coaxial and telephone lines.
The main reason for the restructuring process was the effects of the Corona lockdowns. As part of the reorganisation process, a number of important measures were implemented during the past months to make devolo fit for the future, and various options were intensively examined in order to realise a successful new start for devolo with a financially strong, reliable and dedicated investor. As of 1 November, the family of founder Heiko Harbers is now taking over devolo's shares with its own companies. Harbers, an electrical engineer, has been Chief Executive of the company since its founding.
“The clear message is: devolo is on course! With our investment, devolo has an excellent strategic perspective - both nationally and internationally. Our growth plans will require investments in products, technology and brand in the coming years. With the solution now found, liquidity is secured and devolo can work on the new growth targets with full concentration,” says Harbers.
The Osborne Clarke team advising devolo, led by Dr Björn Hürten, consisted of Dr Philipp Reeb, Efthimios Detsikas, Julian Baldus, Charlotte Mager, (all Corporate / M&A), Marc-Philipp Lücke (Insolvency Law), Dr. Sebastian Hack, Ghazale Mandegarian-Fricke, Jan Marco Aatz, Catharina Schulte-Wintrop, Manuel Schuster (all Antitrust Law), Ulrich Bäumer, Felix Hänel (both IT Law), Christoph Y. Pitzer (IP Law), Dr Flemming Moos, Dr Tobias Rothkegel (both Data Protection Law) and Dr Daniel Walter (Regulatory / Banking).