Beowolff Capital Announces Start of Acceptance Period for All-Cash Offer of €11.25 per Share to Shareholders of artnet AG with Subsequent Delisting

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 Announces Start of Acceptance Period for All-Cash Offer of €11.25 per Share to
Shareholders of artnet AG with Subsequent Delisting

• Following approval by BaFin, Beowolff Capital has published the offer document for its voluntary public takeover and delisting offer for artnet AG
• The acceptance period, during which artnet shareholders can tender their shares at an attractive all-cash consideration of €11.25 per artnet share, commences today and ends on August 5, 2025
• Shareholders of artnet have the opportunity for immediate value crystallization by tendering their shares into the offer at an attractive and significant premium before the delisting, which is expected to become effective by the end of the additional acceptance period (expected August 22, 2025)
• artnet’s Management Board and Supervisory Board as well as the Neuendorf family welcome and support the offer to advance artnet’s long-term development in a private ownership setting with a stable, long-term shareholder

London, U.K. – July 8, 2025: Leonardo Art Holdings GmbH (“Leonardo Art Holdings”), an investment vehicle advised by Beowolff Capital Management Ltd. (collectively, “Beowolff Capital”), today announced the publication of the offer document for its voluntary public takeover and delisting offer (the “Offer”) for artnet AG (“artnet”), following approval by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – “BaFin”).

Starting today, artnet shareholders can accept the Offer by tendering their shares at an attractive all-cash consideration of €11.25 per artnet share (the “Offer Price”) until the acceptance period ends on August 5, 2025. This presents shareholders of artnet with the opportunity for immediate value crystallization by tendering their shares into the Offer at a significant premium before the delisting, which is expected to become effective by the end of the additional acceptance period on August 22, 2025.

The Offer Price implies a significant premium of c. 97% to the XETRA closing share price of artnet on March 3, 2025, the last trading day prior to the publication of an ad-hoc notification of artnet’s major shareholder Weng Fine Art AG about a potential takeover offer for artnet by an interested party for an offer price of €11.00, and c. 56% to the volume weighted share price of €7.20 in the three-month period preceding such date. It further implies a premium of c. 38% to the XETRA closing share price of artnet on April 10, 2025, the last trading day prior to the publication of an ad-hoc notification of artnet about ongoing negotiations about a potential takeover offer for artnet for an offer price of at least €11.00.

artnet shareholders who wish to accept the Offer should promptly contact their respective custodian bank or any other securities services company where their artnet shares are being held. The Offer is subject to the terms and conditions set out in the offer document (the “Offer Document”) approved by BaFin.

Andrew Wolff, Chief Executive Officer of Beowolff Capital, said: “With our backing, artnet will be able to accelerate its development as a private company, without the short-term pressures and costs of being listed on a public exchange. By accepting our offer, artnet shareholders can immediately crystallize the value of their investment at a significant premium before the delisting occurs.”

Both the Management Board and Supervisory Board of artnet as well as the Neuendorf family welcome and support the Offer by Beowolff Capital. As of today, Beowolff Capital has already secured a stake of approx. 88% in artnet.

Following the completion of the Offer, and subject to customary conditions and caveats, artnet will apply for the revocation of the admission of the artnet shares to trading on the regulated market of the Frankfurt Stock Exchange with effect as of the end of the additional acceptance period of the Offer, and take all commercially reasonable steps and measures to terminate the inclusion of the artnet shares in trading on the open market. This may result in a very limited liquidity and price availability for artnet shares. The delisting from the regulated market will also terminate artnet’s comprehensive financial reporting obligations and capital market publication requirements. Beowolff Capital does not intend to enter into a domination and/or profit and loss transfer agreement with artnet for a period of two years after settlement of the Offer.

The Offer Document and other information relating to the Offer are 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.