DLA Piper advises Theva on business combination with Subra to create next-generation Pan-European superconductor platform

Theva is a leading German developer of high temperature superconductor (HTS) wire and production technology.

Through its combination with Danish deep tech company Subra – and supported by a substantial investment from Novo Holdings, SPRIND and Maj Invest – the two companies will form a unified European champion focused on next generation superconducting materials and zero loss energy transmission.

The transaction represents a significant strategic milestone for Theva, enabling accelerated scaling of its production technology, investment in manufacturing capacity in Germany, and strengthened market positioning in the rapidly growing HTS sector.

From an industry perspective, the combination brings together two highly complementary technology platforms and is expected to play a central role in advancing grid efficiency, fusion energy applications and the commercial adoption of high performance superconducting solutions across Europe.

The transaction involved a complex cross border structure, including: an in kind contribution of all Theva shares, multiple classes of newly issued preference and ordinary shares in the combined entity, conversion of several convertible loan instruments and a notarial German share transfer process. 
architecture supporting the creation of the new combined business.

The core transaction team from DLA Piper consisted of Peter Bruun Nikolajsen and Patrick Andersen.