Category: Austria

Wolf Theiss, working with Freshfields Bruckhaus Deringer, has advised Raiffeisen Bank International on its invitation to existing holders of its outstanding EUR 500 million subordinated callable fixed-to-fixed rate reset notes due March 2030 to tender their tier 2 notes for purchase by the company and its role as issuer of the EUR 500 million subordinated callable fixed-to-fixed rate reset notes due January 2035. White & Case reportedly advised the banking consortium involved.

According to Wolf Theiss, “the tender offer commenced on September 25, 2024, and was made on the terms and subject to the conditions set out in the tender offer memorandum dated the same day. Tier 2 notes amounting to EUR 309.1 million were validly tendered. The settlement of the tender offer took place on October 4, 2024. In addition, RBI successfully completed the issuance of EUR 500 million tier 2 notes. The notes have a maturity of 10.25 years and were placed with professional clients and eligible counterparties with an initial coupon of 5.250% per annum. Each note is denominated at EUR 100,000 and they are listed on the regulated market of the Luxembourg Stock Exchange.”

Earlier in 2024, Wolf Theiss advised Raiffeisen Bank International on EUR 529.4 million leasing securitization in Austria (as reported by CEE Legal Matters on June 3, 2024). In 2023, the firm advised Raiffeisen Bank on RON 369 million note issuance in Romania (as reported by CEE Legal Matters on January 31, 2023). In 2022, Wolf Theiss advised Raiffeisen Bank Romania on its RON 500.85 million issuance of senior non-preferred sustainability notes (as reported by CEE Legal Matters on August 30, 2022) while, in 2020, the firm advised on RBI’s additional tier 1 issuance (as reported by CEE Legal Matters on August 10, 2020) as well as on its issuance of EUR 750 million ordinary non-subordinated debentures (as reported by CEE Legal Matters on February 13, 2020). In 2019, Wolf Theiss advised RBI on another note issuance (as reported by CEE Legal Matters on September 24, 2019).

The Wolf Theiss team included Partner Claus Schneider, Counsels Christine Siegl, Nikolaus Dinhof-Renezeder, and Eva Stadler, and Senior Associate Sebastian Prakljacic.

Schoenherr has advised Uniqa on the sale of a 75% share in the Russian life insurance company Raiffeisen Life to Russian insurer Renaissance Life.

Renaissance Life is a subsidiary of Renaissance Insurance Group PJSC. The Renaissance Group is an independent insurance group that is publicly traded on the Moscow Exchange.

According to Schoenherr, “with the closing of this transaction, Uniqa is finally withdrawing from the Russian market. The transaction was signed in August 2023 and was subject to approval by the Russian authorities. In the meantime, the necessary approvals have been obtained and the transaction has been completed in full compliance with all sanction-related provisions.”

In 2021, Schoenherr advised on Uniqa’s issuance of EUR 375 million green tier 2 notes and notes repurchase (as reported by CEE Legal Matters on December 17, 2021) as well as on its acquisition of the Light One office building in Bucharest (as reported by CEE Legal Matters on April 30, 2021). In 2020, the firm advised Uniqa on its acquisition of AXA subsidiaries in the Czech Republic, Poland, and Slovakia (as reported by CEE Legal Matters on February 14, 2020). In 2017, Schoenherr advised Uniqa on upgrading its business processes and IT infrastructure (as reported by CEE Legal Matters on February 14, 2017). In 2016, Schoenherr advised Uniqa on the sale of its Italian insurance companies (as reported by CEE Legal Matters on December 8, 2016) as well as on corporate restructuring in Austria (as reported by CEE Legal Matters on October 20, 2016).

The Schoenherr team included Partners Alexander Popp, Christoph Haid, and Peter Feyl, Counsel Gregor Petric, and Associates Johannes Resch, Gabor Kulcsar, Nikolaus Stepan, and Daniel Gritsch.

Schoenherr did not respond to our inquiry on the matter.

Freshfields has advised Mondi Group on its acquisition of the German, Benelux, and UK operations of Schumacher Packaging Group. A&O Shearman advised the Schumacher Group.

The transaction remains contingent on regulatory approval.

Mondi Group is a sustainable packaging and paper production company.

Schumacher Packaging is a European manufacturer of customized corrugated and solid board packaging. 

According to A&O Shearman, Schumacher Packaging co-CEOs Bjorn and Hendrik Schumacher will “remain on board as strategic consultants or as chief operating officers for the full board division to ensure a smooth transition and to support the successful development of the combined company.”

The Freshfields team included Vienna-based Partners Farid Sigari-Majd and Lutz Riede, Counsel Gernot Fritz, and Associate Iris Amschl as well as further team members in Munich, Frankfurt, Duesseldorf, Hamburg, Berlin, London, and Amsterdam.

The A&O Shearman team included lawyers in Duesseldorf, Frankfurt, Munich, Hamburg, London, Amsterdam, and Milan.

Dorda, working with Shoosmiths and Heuking, has advised Five Arrows on its acquisition of Intact alongside CGE Partners.

The financial terms of the transaction were not disclosed.

Five Arrows is Rothschild & Co’s private equity arm.

Austrian company Intact provides end-to-end audit workflow software for certification bodies, standard setters, and companies.

According to Dorda, “the management and the previous majority shareholder, technology investor IMCap Partners, will continue to hold shares in the company.”

The Dorda team included Partners Christian Ritschka, Martin Brodey, Heinrich Kuehnert, and Bernhard Rieder, Principal Associates Georg Durstberger, Ulrich Weinstich, Patrica Backhausen, and Florina Thenmayer, and Associates Stefanie Dirnbauer, Alexandra Huebl-Langer, Corina Kruesz, Mirko Marjanovic, Nicole Scharl, and Antonia Stubbe.

Dorda did not respond to our inquiry on the matter.

Schoenherr has advised Fynk on its recent approximately EUR 3.1 million seed financing round led by 3VC with the participation of 10x Founders. CMS advised 3VC.

Schoenherr reports that existing investors also participated in the round, “including Hansi Hansmann and Lisa Pallweber (Hans(wo)men Group), the family office CoastCap of Moritz Thiele, Personio Co-Founder Ignanz Forstmeier, PlanRadar founder Domagoj Dolinsek, Latido founder Stefan Speiser, Alexander Brix (former Head of Operations Europe, Canva), and Kai Romberg, who helped build HgCapital, Europe’s largest tech investor.”

Vienna-based start-up Fynk was founded by Prescreen founders Constantin Wintoniak, Dominik Hackl, and Markus Presle. According to Schoenherr, “the company offers teams an intuitive solution for analyzing, managing, and processing contracts. The start-up’s AI technology aims to make powerful technology accessible to SMEs, other start-ups, and agencies in a cost-effective manner.”

“Integrating AI technologies into contract management software is game-changing,” said 3VC Co-Founder and Partner Peter Lasinger. “It streamlines contract analysis, review, and tracking in ways unthinkable not long ago. Fynk has developed a tool that facilitates state-of-the-art contract management, previously reserved for large organizations with the necessary manpower, for SMEs.”

The Schoenherr team included Partner Thomas Kulnigg and Attorney at Law Dominik Tyrybon.

The CMS team included Partners Georg Gutfleisch and Andrea Potz, Lawyer Christina Maria Schwaiger, and Associates Alexandros Hantasch and Rebecca Herlitz.

BPV Huegel has advised AMS Osram on a reverse share split.

According to BPV Huegel, “the reverse share split at a ratio of 10:1 to reclassify the company’s share capital was resolved at the annual general meeting on June 14, 2024. Ten existing shares were merged into one new share (10:1). The reverse share split was successfully completed on the first trading day of the new shares on the SIX Swiss Exchange on September 30, 2024.”

The AMS OSRAM Group is a supplier of lighting and sensor technologies. in Premstaetten, Graz, and co-headquartered in Munich, the group generated revenues of EUR 3.6 billion in 2023 and is listed on the SIX Swiss Exchange.

The BPV Huegel team included Partner Christoph Nauer, Attorney at Law Roland Juill, and Associate Barbara Valente.

Dorda, working with Frankfurt-based Luther, has advised the shareholders of 0815 Group on an investment from The Platform Group. PHH and Heuking reportedly advised TPG.

0815 Group is an Austrian e-commerce company.

The Platform Group is a German-listed software company with a focus on platform solutions.

The Dorda team included Partners Juergen Kittel and Lukas Herrmann and Associate Bianca Schamberger.

Schoenherr has advised Lisec Holding on the sale of its subsidiary Glastech to Josko-Scheuringer Holding. Saxinger reportedly advised Josko was advised by Saxinger.

Lisec Holding is a full-service provider of machinery, automation solutions, software, and services for flat glass processing.

Founded in 1960 as the Scheuringer joinery business, Josko manufactures a range of window and door products.

According to Schoenherr, “with the sale of its subsidiary Glastech, a Lower Austrian producer of insulating glass, Lisec is exiting the glass processing business. Moving forward, Lisec will focus its resources on expanding its core business of machine and plant engineering and on software solutions for flat glass processing. Josko will take over the entire Glastech site and all employees.”

The Schoenherr team included Partners Michael Magerl and Christoph Cudlik, Attorney at Law Marion Schimboeck, and Associate Hannah Lichtenwagner.

Schoenherr has advised Cherry Ventures on leading the EUR 6 million seed financing round for Flinn AI that also saw the participation of Speedinvest and SquareOne as well as more than 30 business angels. Brandl Talos reportedly advised Flinn AI.

Cherry Ventures is a venture capital firm.

Vienna-based start-up Flinn AI specializes in the automation of compliance processes in the medical industry through artificial intelligence.

The Schoenherr team included Partner Thomas Kulnigg and Attorney at Law Dominik Tyrybon.

Wolf Theiss has advised the International Finance Corporation on a EUR 75 million anchor investment in Voestalpine green notes.

Voestalpine is an Austrian steel-based technology and capital goods group based in Linz. The company is active in steel, automotive, railway systems, profilform, and tool steel industries.

According to Wolf Theiss, “Voestalpine successfully closed the issuance of green notes, totaling an aggregate principal amount of EUR 500 million. The green notes, with a maturity of five years and a coupon rate of 3.75%, were placed with eligible counterparties, professional clients, and retail clients; the notes are listed on the Official Market of the Vienna Stock Exchange. The net proceeds from the green notes will finance or refinance sustainable projects undertaken by Voestalpine, including its greentec steel initiatives. Specifically, the proceeds of IFC’s investment will support Voestalpine’s investments aimed at enhancing energy efficiency in Brazil and contribute to the decarbonization of the steel supply chain in Poland and Romania.”

The Wolf Theiss team included Partner Claus Schneider, Counsel Nikolaus Dinhof-Renezeder, and Senior Associate Sebastian Prakljacic.

Wolf Theiss could not provide additional information on the matter.