Freshfields Bruckhaus Deringer is advising German state-owned rail operator Deutsche Bahn on the initial public offering (IPO) of its mobility and logistics business in a deal valued at around €5bn (£3.94bn).

The City giant is advising Deutsche Bahn on the partial privatisation of what is Germany’s last major state-owned enterprise, with the stake set to be listed on the Frankfurt Stock Exchange representing a 24.9% share of the group.