Beowolff Capital Secures Shares of Galerie Neuendorf for the Takeover and Delisting Offer for artnet AG

Press Release

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION (IN WHOLE OR IN PART) IN, INTO OR FROM ANY OTHER JURISDICTION WHERE TO DO SO WOULD VIOLATE THE LAWS OF SUCH JURISDICTION

Beowolff Capital Secures Shares of Galerie Neuendorf for the Takeover and Delisting Offer for artnet AG

• The agreement follows constructive conversations, aligns the interests of all key parties, and ensures a fully aligned shareholder structure following the delisting
• Delisting is expected by the end the additional acceptance period
• This marks another significant milestone to establish Beowolff Capital as a premier investment entity that aims to expand the art market among both buyers and sellers

London, U.K. – June 25, 2025: Leonardo Art Holdings GmbH (“Leonardo Art Holdings”), an investment vehicle advised by Beowolff Capital Management Ltd. (collectively, “Beowolff Capital”), today announced that it has reached an agreement with Galerie Neuendorf AG (“Galerie Neuendorf”) with respect to its remaining shareholding in artnet AG (“artnet”). Galerie Neuendorf sold c. 11% of artnet’s entire share capital earlier this year and now committed to tender c. 3% of the entire share capital into the takeover and delisting offer (the “Offer”). In addition, Galerie Neuendorf sold another c. 13% of the share capital to Leonardo Art Holdings and has further undertaken to reinvest a certain portion of its proceeds into the holding structure of Leonardo Art Holdings against issuance of shares, whereby the subscription value (calculated per artnet share held by Leonardo Art Holdings following consummation of the Offer) will not exceed the offer price under the Offer.

This decision demonstrates the Neuendorf family’s continued commitment to artnet’s future, and marks a significant milestone in the transaction, following constructive talks between Beowolff Capital and artnet’s key shareholders.

Andrew Wolff, Chief Executive Officer of Beowolff Capital, said: “We are very pleased that Galerie Neuendorf has chosen to support our offer. The Neuendorf family has been instrumental in shaping the company. Their decision to support the offer demonstrates their conviction in our plans for the future of the company. We appreciate the trust they place in us to lead the company into its next phase of growth.”

The agreement with Galerie Neuendorf ensures a fully aligned shareholder structure following the transaction and underpins artnet’s decision to initiate a delisting, which is expected by the end of the additional acceptance period.

Moreover, shareholders of artnet have the opportunity for immediate value crystallization by tendering their shares into the Offer at a significant premium before the delisting, which may result in very limited liquidity and price availability for artnet shares.

Next steps

The Offer will not be subject to any conditions and otherwise be made on, and subject to, the terms set out in the offer document for the Offer (“Offer Document”), which is subject to approval by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, “BaFin”). Following such approval by BaFin, the Offer Document will be published in accordance with the German Stock Exchange Act (Börsengesetz) and the German Securities Acquisition and Takeover Act (Wertpapiererwerbs- und Übernahmegesetz) and the acceptance period of the Offer will commence.

The Offer Document (once available) and other information relating to the Offer will be published on the following website: www.leonardo-offer.com.

Advisors

Beowolff Capital is advised by ParkView Partners as exclusive financial advisor and Kirkland & Ellis as legal advisor on this transaction.

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About the Beowolff Capital team

Andrew Wolff is the Chief Executive Officer of Beowolff Capital. He has been a private market investor for 30 years in the United States, Europe, and Asia. He spent the bulk of his career at Goldman Sachs, where he was most recently the Global Co-Head of the Merchant Banking Division and the Global Co-Head of the Corporate Equity Investing business. Andrew also served as the Co-CIO of Goldman Sachs’ flagship private equity funds. He was named partner in 2006. Andrew earned a B.A. in Philosophy from Yale University, and a J.D. and M.B.A. from Harvard Law and Business Schools.

Jan Petzel is the Chief Investment Officer of Beowolff Capital, with 27 years of experience investing in and building businesses across Europe, the United States, and Asia. He started his career at McKinsey & Company, helping clients drive cross-border integrations, organizational transformations, and sales growth. In 2003, Jan joined Goldman Sachs’ Merchant Banking Division, rising to Managing Director in 2011 and later leading Private Credit for Germany and Northern Europe. Since leaving Goldman Sachs, he has invested his own and third-party capital into the clean tech and fintech sectors. Jan holds a Master of Engineering from ETH Zurich, was a visiting scholar at MIT, and earned his M.B.A. at Harvard Business School.

To find out more, visit: www.beowolff.com.

Contact

For media inquiries, please email: leonardo-offer@brunswickgroup.com.

Important notice

This press release is neither an offer to purchase nor a solicitation of an offer to sell shares in artnet AG. The Offer itself as well as its provisions and other regulations concerning the Offer are set out in the Offer Document approved for publication by BaFin. Shareholders of artnet AG are advised to thoroughly read the Offer Document and all other relevant documents regarding the offer upon their availability as they contain important information. The Offer is solely subject to the laws of the Federal Republic of Germany and certain applicable provisions of securities law of the United States of America. Any agreement that is entered into as a result of accepting the Offer will be exclusively governed by the laws of the Federal Republic of Germany and is to be interpreted in accordance with such laws.