Otto Wolff Group in Sale of Stake in Crossgate AG
September 20, 2011
Cleary Gottlieb is advising the Otto Wolff Group in the sale of its stake in Crossgate AG to software company SAP AG. The transaction was announced on September 20 and is subject to approval by the antitrust authorities.
The Otto Wolff Group is a holding structure for the businesses of the deceased Otto Wolff von Amerongen, who was one of the best known entrepreneurs in Germany and a pioneer in the development of German-Russian economic relationships, as well as an advisor to German Chancellor Konrad Adenauer. Today, one of the activities of the Otto Wolff Group is to invest in various start-up companies such as Crossgate AG.
Crossgate AG is a business-to-business networking provider with headquarters in Munich. It helps more than 40,000 business partners across multiple industries to securely exchange important documents and data.
SAP AG is market leader in enterprise application software with more than 172,000 customers worldwide. It is headquartered in Walldorf, Germany.