Category: Austria

Baker McKenzie has advised France’s Compagnie des Alpes on its purchase of all shares in M. Muller GmbH, the operator of the Familypark amusement park in Austria. Jank Weiler Operenyi advised the sellers.

The Familypark, which is located in Burgenland, in the eastern part of Austria, was founded in 1968 by Erwin Muller. According to Baker McKenzie, Familypark is Austria’s largest leisure park, offering around 80 attractions on 145 thousand square meters, and attracting over 700,000 visitors each year.

Compagnie des Alpes (CDA) is a leisure park and indoor leisure operator in Europe. Its parks in France, Belgium, Switzerland, the Netherlands, and Canada receive around nine million visitors annually. It is listed on the Paris Stock Exchange.

According to Baker McKenzie, with the sale to CDA, “the Muller family has found a successor solution that ensures the permanent operation and potential expansion of the amusement park.” The acquisition agreement was signed on March 20, 2019 and closed on the same day. The enterprise value amounts to EUR 72.5 million.

Baker McKenzie’s Vienna-based team was led by Partner Wendelin Ettmayer and included Partner Eva-Maria Segur-Cabanac, Senior Associates Elisabeth Wasinger, Franz Josef Arztmann, and Lukas Feiler, Associates Stephanie Sauer and Anita Lukaschek, and Junior Associates Thomas Androsch and Bernhard Kainz. 

Jank Weiler Operenyi’s team consisted of Partner Maximilian Weiler, Counsel Johannes Lutterotti, and Associates Gerald Hendler and Anna Visontai.     

Schoenherr provided Austrian advice and Hengeler Mueller was lead counsel to private equity group Bain Capital on its sale of a 32% stake in the Wittur Group to an investment company of the Canadian Public Sector Pension Investment Board.

The transaction closed on March 7, 2019.

The Wittur Group is an independent manufacturer of elevator components and systems, producing for such companies as Kone, Otis, and Schindler. 

The PSP Investments pension fund has net assets of approximately EUR 100 billion.

The Schoenherr team consisted of Vienna-based Partner Christian Herbst, Counsel Maximilian Lang, and Associate Sascha Smets. Budapest Partner Kinga Hetenyi was also involved in the deal.    

Fellner Wratzfeld & Partner has advised a syndicate of banks consisting of Erste Bank der oesterreichischen Sparkassen AG, Raiffeisenlandesbank Oberosterreich AG, Raiffeisen Bank International AG, and UniCredit Bank Austria on financing and a consequent takeover of Waagner Biro Bridge Systems AG by a group of investors.

According to FWP, this constitutes a major contribution towards saving Waagner-Biro Bridge System AG from insolvency, as the agreement helped secure the company’s takeover by its new owner.

FWP did not reply to our inquiry about the deal.  

Brandl & Talos has assisted Wolftank-Adisa Holding AG be listed on a new segment of the Vienna Stock Exchange.

According to Brandl & Talos, Wolftank-Adisa Holding AG chose to be listed on the VSE’s Direct Market Plus, an entry-level segment aimed specifically at developing Austrian SMEs. 

Established 30 years ago, Wolftank Group operates in the petroleum, chemical, and environmental technology industries. The company declares that its mission is to contribute to the protection of air, soil, and groundwater through innovative technologies. 

The Brandl & Talos team consisted of Partner Christopher Schrank and Associate Hannes Schlager. 

Cerha Hempel Spiegelfeld Hlawati, Addleshaw Goddard, and Portugal’s Morais Leitao, Galvao Teles, Soares da Silva & Associados have advised Value One Holding AG on its joint venture with Nuveen Real Estate to invest EUR 600 million on the development of purpose-built student accommodations in Portugal and Austria. Linklaters reportedly advised Nuveen Real Estate on the deal.

According to the joint venture agreement, one standing investment in Vienna and two developments in Lisbon and Porto are expected be delivered over the next two years.

Value One, which is headquartered in Vienna, has an investment volume of over EUR 2 billion across Europe. Nuveen Real Estate is a global real estate investment manager with assets under management valued at approximately EUR 107 billion. 

The CHSH team was led by Partner Manfred Ton.

Schoenherr has successfully advised the Vienna International Airport and the province of Lower Austria on the successful application for permission to construct a third runway at the Vienna International Airport.

The permit to build the third runway at the airport was confirmed by the Austrian High Administrative Court on March 18, 2019. All appeals by the opponents of the project were rejected, meaning that there are no legal obstacles to the implementation of the project.

In February 2017, the Austrian Federal Administrative Court had prohibited the construction of the third runway due to climate protection concerns. The airport then filed a complaint with the Austrian Constitutional Court, which reversed the AFACs decision, leading ultimately to the March 18 decision.

Schoenherr Partner Christian Schmelz commented, “According to EU law, a distinction must be made between the aviation industry and the airport. The aviation industry is subject to the emissions trading system; worldwide aircraft operators are obliged to keep emissions low, as they can influence aircraft emissions. An EU-wide emissions trading system already exists, and a worldwide emissions trading system is planned. The airport, on the other hand, is only responsible for the airport’s emissions. The third runway will not increase but rather reduce climate-relevant emissions at the airport; Vienna International Airport will achieve CO2 neutrality, as early as five years after implementation.”

According to Schmelz a straight approach flying over Vienna to the third runway was never on the cards. The approved curved approach to the third runway is expected to reduce the number of flights over the city area, so that the third runway will actually ease the burden for the City of Vienna.

The Schoenherr team was led by Partner Christian Schmelz, supported by Attorney at Law Benjamin Schlatter and Associates Christian Holzer and Christoph Jirak.  

Vienna’s Herbst Kinsky has promoted Philipp Baubin and Stephan Lenzhofer to the firm’s equity partnership.

Prior joining Herbst Kinsky in 2016, Philipp Baubin worked with Skadden Arps in both Vienna and Munich. According to Herbst Kinsky, “based on his former practice in the financing transaction field, Philipp focuses on Banking & Finance law and related Corporate and Regulatory issues.” The firm reports that he is also experienced in Capital Markets law.

Stephan Lenzhofer became an Associate at Herbst Kinsky in 2010. According to the firm he specializes in Public Commercial law, Litigation, and White-Collar Crime. Before joining Herbst Kinsky Lenzhofer worked as an assistant professor for four years at the Institute for Constitutional and Administrative Law at the University of Vienna.

“With Philipp Baubin and Stephan Lenzhofer we strengthen our partnership regarding essential and for us promising areas,” commented Founding Partner Philipp Kinsky. “We are very pleased to welcome such proficient lawyers in our partnership. 

Fellner Wratzfeld & Partner has advised Oesterreichische Kontrollbank AG on the acquisition of around 70% of Osterreichische Hotel-und Tourismusbank Gesellschaft m.b.H from UniCredit Bank Austria AG and Erste Bank der Oesterreichischen Sparkassen AG. Schoenherr advised UniCredit Bank and Erste Bank on the sale.

Upon completion of the transaction, Oesterreichische Kontrollbank (OeKB) will acquire the stakes of former shareholders UniCredit Bank Austria AG (50%) and Erste Bank der Oesterreichischen Sparkassen AG (18.75%). Raiffeisen will retain its 31.25% stake in OHT.

The deal was signed on March 11, 2019. The closing of the transaction remains subject to approval.

OeKB is a special-purpose bank in Austria and operates internationally through three segments: Export Services, Capital Market Services, and Other Services.

Osterreichische Hotel-und Tourismusbank Gesellschaft m.b.H. specializing in financing and funding in the tourism and leisure industry.

FWP’s core team consisted of Partners Markus Fellner, Lukas Flener, and Florian Kranebitter, Attorneys-at-law Benedikt Kessler and Peter Stiegler, and Associate Andrea Demanega.

The Schoenherr team was led by Partner Robert Bachner, supported by Partners Roman Perner and Hanno Wollmann and Attorneys at Law Manuel Ritt-Huemer, Elisabeth Kirrer, and Teresa Waidmann.  

Dorda has advised Odeon Cinemas Group on the sale of its three Austrian UCI cinemas. Constantin Film-Holding GmbH acted as buyer of UCI Kinowelt and was advised by Wolf Theiss. 

The closing took place on January 30, 2019. The purchase price was not disclosed. 

The Odeon Cinemas Group, a subsidiary of US AMC Entertainment Holding, operates over 360 cinemas in Europe, including in the UK, Ireland, Spain, Germany, Italy, Sweden, Finland, Estonia, Latvia, Lithuania, Norway, and Portugal. 

Constantin Film-Holding was founded in 1970. Constantin Film-Holding founded the subsidiary Cineplexx Kinobetriebe in 1993 and built a group that currently owns 19 cinemas in Central and Southeastern Europe. 

Dorda’s team consisted of Partner Martin Brodey and Associate Florian Mayer. 

The Wolf Theiss team was led by Partner Georg Kresbach and included Partner Gunter Bauer, Consultant Carolin Ziegler, and Senior Associate Michal Stofko.

“On the business side,” says Freshfields Bruckhaus Deringer Partner Friedrich Jergitsch, when asked what’s happening in Austria, “people are interested in artificial intelligence, data protection, and cyber-issues. These topics are always important to our clients.” Jergitsch says that data protection responsibilities and concerns “reach far beyond the GDPR.” He explains that “it’s an enormous subject in M&A, and M&A-related due diligence, because a lot of the M&A work involves clients purchasing data companies or cyber companies, and of course it’s a common post-M&A dispute topic, as well as a contractual topic, including in finance transactions.”

Jergitsch notes that several important EU laws are about to come into force imposing new duties on companies, “especially but not only in the banking sector.” The EU has drafted new legislation on cybersecurity, which is designed to protect information and web security throughout the common market. He reports that clients are already starting to seek advice about what their duties and obligations under the new directives will be, “so that’s a very big topic.” He notes that “while the GDPR is about dealing with data in a safe manner and how it should be processed, these new cyber security requirements are about how to make sure your systems (and proprietary and/or confidential information) are safe from attack.” Like the GDPR, this is likely to create more work for law firms. “The Cyber law is more a technical thing than the GDPR,” he says, “but certainly when it comes to construing the duties, lawyers will be able to assist with it. And it will also part of the due diligence process: “How well are your systems protected?”

In terms of Austrian legislation, Jergitsch says there’s nothing truly significant coming down the pike anytime soon, but he does say that “one of the things that’s being widely discussed is a recent watering-down of environmental protection legislation to facilitate business development.” He explains that “Austria tends to have very long administrative procedures, sometime lasting over several years, before the parties are able to receive a yes or no.” On balance, he says, he favors changes which can shorten this process. “There are risks, I think, so it depends on the overall way it’s done,” but “on the other hand, it is reasonable to say, ‘we want a good procedure, but it needs to come in a reasonable time.’” The legislation was introduced in late 2018, and Jergitsch says it should soon become clear whether it works as intended.

Ultimately, Jergitsch reports, “business in Austria is going reasonably well — maybe because there is less overall business activity in Austria, so you don’t feel changes as much as you might in Germany or China. There may be a buffer.” Still, he agrees with those from across CEE who predict a slow-down in growth as the year continues. “People feel we’re due for a slow-down. There’s a wariness.” Even despite the buffer, he says, “it will inevitably filter down to Austria.”