Xchanging Transaction Bank
On September 2, 2013, Deutsche Bank AG announced that it completed the purchase of the remaining 51 % of the shares in its joint venture Xchanging etb GmbH (“Xetb”), which is the holding company of Xchanging Transaction Bank GmbH (“XTB”). The purchase price paid for the step-acquisition consists of a base component of € 41 million, subject to certain adjustments. Of that amount, € 36 million was paid as cash consideration by the acquirer. The remaining € 5 million was paid by XTB to the seller, Xchanging plc., in the course of closing the transaction, which resulted in a reduction of the acquired net assets.
The acquisition accounting was finalized in the second quarter 2014, resulting in a net increase of the purchase consideration paid and a corresponding increase of goodwill recognized of € 1 million each. Accordingly, the final amount of goodwill originating from the transaction amounted to € 38 million, which has been allocated to PBC (€ 25 million), GTB (€ 6 million), CB&S (€ 5 million) and Deutsche AWM (€ 2 million). The reconciliation of the total purchase consideration and the opening balance sheet as of the acquisition date were as follows:
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Fair Value of Assets Acquired and Liabilities Assumed as of the Acquisition Date |
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in € m. |
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Cash consideration transferred |
36 |
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Fair value of pre-existing stakes |
21 |
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Deduction for settlement of pre-existing relationship |
(8) |
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Total purchase consideration, including fair value of the Group’s equity interest held before the business combination |
50 |
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Recognized amounts of identifiable assets acquired and liabilities assumed1 |
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Cash and cash equivalents |
6 |
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Financial assets available for sale |
24 |
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Intangible assets |
6 |
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All other assets |
31 |
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Provisions |
22 |
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All other liabilities |
34 |
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Total identifiable net assets |
12 |
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Goodwill |
38 |
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Total identifiable net assets and goodwill acquired |
50 |
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