Birkenstock $250 million accelerated share repurchase

Davis Polk advised Birkenstock Holding plc in connection with an accelerated share repurchase, pursuant to which Birkenstock is repurchasing $250 million of its ordinary shares. Under the terms of the transaction, Birkenstock received an initial delivery of approximately 6.0 million ordinary shares from the underwriter. The total number of ordinary shares to be repurchased under the transaction will be based generally upon the volume-weighted average share price of Birkenstock’s ordinary shares during the term of the transaction, minus a discount. Final settlement of the transaction, including delivery of the remaining ordinary shares that Birkenstock is expected to receive, is expected to occur before June 30, 2026.

Headquartered in Linz am Rhein, Germany, Birkenstock is a global footwear company that designs and manufactures sandals, shoes, sleep systems and natural cosmetics. The company operates a vertically integrated manufacturing model, assembling all footbeds and most products in Germany and sourcing the majority of its materials from Europe. Birkenstock serves a broad customer base across various geographies and price points through a network of international sales offices.

The Davis Polk equity derivatives team included partner Caitlin L. Wood and associate Richard Stockton Bullitt. The corporate team included partner Leo Borchardt, counsel Christopher Diel and associate Serdar Inci. The tax team included partner Aliza Slansky, counsel Tracy L. Matlock and associate Fred (Chen) Fu. Members of the Davis Polk team are based in the New York and London offices.