doValue Acquires coeo Group for €350 Million
Deal News | Jul 25, 2025 | White & Case LLP
Global law firm White & Case LLP has successfully advised doValue S.p.A., a key European financial services firm, in its acquisition of 100% of coeo Group GmbH, a digital receivables management company based in Germany. This acquisition forms part of doValue's 2024-2026 Business Plan aimed at diversifying into asset-light and technology-enabled business models. The purchase price includes an upfront cash consideration of €350 million with a potential €40 million earn-out contingent on meeting specific financial objectives by 2028. coeo Group, founded in 2010, operates across eight countries and services over 7 million credit files annually for clients in diverse sectors such as e-commerce, telecommunications, and energy. The acquisition is predominantly financed through a €325 million bridge-to-bond facility by international banks. White & Case's comprehensive advisement covered mergers and acquisitions, financing, and regulatory issues, adding value through expertise across several European offices with a multitude of partners and associates specializing in fields like antitrust, financial services, and tax.
Sectors
- Financial Services
- Technology
- Legal
Geography
- Germany – Germany is the headquarters for coeo Group, the target company in this acquisition.
- Italy – doValue S.p.A. is based in Italy, driving the transaction.
- Europe – Both the target and acquiring companies have significant operations across several European countries, impacting a wide regional base.
Industry
- Financial Services – The acquisition is driven by doValue's intent to diversify into asset-light financial operations enhanced by technology.
- Technology – coe Group functions as a digital platform for managing receivables, aligning with doValue's goal of moving into technology-enabled business models.
- Legal – White & Case, a prominent law firm, provides comprehensive legal advisement on the acquisition, from M&A to regulatory expertise.
Financials
- 350 million – Cash consideration for the acquisition of coeo Group.
- 40 million – Potential earn-out payable in 2028, contingent on financial performance targets.
- 325 million – Bridge-to-bond facility financing the acquisition, underwritten by international banks.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| doValue S.p.A. | Acquirer | Company | A leading pan-European financial services provider focusing on asset management. |
| coeo Group GmbH | Target | Company | A German digital receivables management platform operating in multiple European countries. |
| Waterland Private Equity | Vendor | Company | Private equity firm that owned a significant stake in coeo Group. |
| White & Case LLP | Legal Advisor | Company | Provided comprehensive legal advice covering mergers and acquisitions, financing, and regulatory matters. |