Category: Austria

Annika Wolf has been promoted to partner at PHH Rechtsanwalte in Vienna.

According to PHH, Wolf “advises banks, insurance companies, corporations, communities as well as increasingly the growing Fintech sector. The focus of her consulting lies in particular in cross-border project, trade, acquisition, and real estate financing and restructuring, as well as Austrian and European banking supervisory law. In addition, she covers the intersection between M&A and foundation law.”

Before joining PHH in 2015 Wolf worked for four years at two firms in Liechtenstein, and for three years before that at Schwarz Schonherr Rechtsanwalt KG in Vienna. She reports looking forward to the new challenges as a partner: “Banking & Finance is my passion – as a partner I will contribute my share to successfully implementing our growth strategy and will offer our clients even more comprehensive consultation in this area.”

Wolf becomes the 11th member — and third female member — of the PHH partnership. “We congratulate Annika Wolf on her acceptance into the partner circle,” said Wolfram Huber, Manager of the PHH Banking & Financing practice. “Strengthening the partner level from within is a clear sign of confidence in her competencies and at the same time shows that PHH Rechtsanwalte consists of engaged jurists, who offer our clients the first class consulting that we as a partnership stand for.”

CMS has advised the Cosmo Consult Group on its recent acquisition of the Austrian Microsoft partner FWI.

According to CMS, “The Cosmo Consult Group, which provides end-to-end business solutions based on Microsoft Dynamics to customers around the world, is pursuing a global growth strategy. The integration of the Austrian FWI Group constitutes another step on the way to strengthening Cosmo Consult’s leading position among Microsoft Dynamics partners in Europe.” According to the firm, “the acquisition of FWI is the next logical step following the COSMO CONSULT Group’s acquisitions in Austria, France, Spain and Latin America in the past months.

CMS provided legal and tax advice throughout the transaction. The firm’s cross-border team was headed by Vienna-based Partner Sibylle Novak, supported by Vienna-based Attorneys Anna Wieser, Lena Winkler, and Oliver Werner, and Associate Eva-Maria Vogerl. German Partner Jesko Nobiling and Friedrich von Spee completed the CMS team.

Allen & Overy and Frotz Riedl Rechtsanwalte in Vienna have advised Vienna-based private equity investor CMR GmbH on the acquisition of Rofin Sinar UK Ltd. from Coherent Inc.

RSUK, based in Hull, England, specializes in the manufacturing of low power carbon dioxide (CO2) lasers.

The acquisition of RSUK by CMR was the consequence of a condition stipulated by the European Commission in connection with the acquisition of Rofin-Sinar Technologies Inc. (RSUK’s former parent company) by Coherent in 2016. In order to avoid a dominant market position, RSUK had to be sold. 

In connection with the acquisition of RSUK by CMR, Rofin-Sinar UK and Iradion Laser Inc. also agreed on a joint worldwide sales, service, and production cooperation. Both companies are specialists in the development and manufacturing of CO2 laser sources. The now combined product portfolios cover a range of CO2 lasers with low power levels up to 1kW.

CMR was advised by a team led by Allen & Overy Partner Helge Schafer and Counsel Jonas Wittgens (both in Hamburg). The Allen & Overy team also included London-based Partners Cathy Bell-Walker, Stephen Mathews and Paul McCarthy, Hamburg-based Partner Ellen Braun, Frankfurt Senior Associate Fatih Coskun, London Associate Jonathan Down, and Hamburg Associates Moritz Merkenich and Yves Holle.

On matters of Austrian law, in particular on acquisition structure and financing, CMR was advised by Partners Stephan Frotz, Paul Schorghofer, and Clemens Spitznagel of Frotz Riedl Rechtsanwalte. Their team also included Associates Andrei Demian and Felicitas Abel.

CMR was advised by Ernst & Young’s Vienna office on matters of tax law.

Allen & Overy did not reply to an inquiry about counsel for Coherent.

Dorda has advised Austria’s TTTech group on a strategic partnership with Samsung regarding the development of technologies for automated driving. Eisenberger & Herzog advised Samsung on the deal, which is subject to the approval of competition authorities and is expected to be implemented in 2018.

Dorda describes TTTech as “a technology leader in robust networked safety controls,” and reports that the company “employs more than 500 people around the world (about 400 people in Vienna, Austria), [with an] annual revenue of the last fiscal year [of] about EUR 75 million.”

Samsung will invest EUR 75 million into TTTech as the first investment from its recently announced Samsung Automotive Innovation Fund (SAIF). According to Dorda, “Samsung’s future investment complements TTTech’s longstanding partnership with AUDI. According to TTTech’s founders and executive board members Georg Kopetz and Stefan Poledna, this partnership represents another milestone in the company’s history of the past two decades.”

Dorda’s project team was led by Partner Martin Brodey and included Partners Bernhard Rieder and Jurgen Kittel and Associate Florian Mayer. Austrian competition law matters were handled by Partner Heinrich Kuhnert.

The Eisenberger & Herzog team included Partners Peter Winkler and Nidal Karaman and Associate Peter Steindl, with help from Partners Andreas Zellhofer and Helmut Liebel and Associates Isolde Klinger and Florian Sagmeister. Partner Jana Eichmeyer assisted on Employment matters and Partner Judith Feldner assisted with competition matters.

Wolf Theiss has advised the largest Chinese producer of SUVs, the Great Wall Motor Company, on its creation of an Austrian subsidiary.

Great Wall Motor Company Ltd., which has more than 30 holding companies and 80,000 employees, is headquartered in Baoding (in the Hebei province of China) and owns three automobile brands: Haval, Great Wall, and Wey.

According to Wolf Theiss, Great Wall Motor Company (GWM) is building a research and development center in Kottingbrunn, near Vienna. According to Markus Schermann, Managing Director of GWM Austria, the new center in will focus on developing electric motors, power electronics, and software in pursuit of the company’s strategic goal of becoming the leader in hybrid and battery-powered automobiles.

Wolf Theiss Counsel Doris Buxbaum and Associate Jiayan Zhu, both from the firm’s Corporate practice, assisted GWM in the June 2017 creation of its subsidiary, which was founded directly by the parent company and not via a European affiliate.

Fellner Wratzfeld & Partner has advised BAWAG P.S.K and Easybank AG on their acquisition of the commercial prepaid and credit card issuing business operating under the “PayLife” brand.

BAWAG P.S.K. and easybank came out as best bidders for the target company in a bidding process in late 2016. The signing took place on February 28 and closed on October 7, 2017.

According to a FWP press release, “the acquisition took the form of a demerger by absorption of the Commercial Prepaid and Credit Card Issuing Business, which also includes issuing support for several Austrian banks, a business unit of SIX Payment Services (Austria) GmbH (formerly ‘PayLife Bank GmbH’), which is owned by the Swiss SIX Group.”

The firm describes Easybank, which is owned by the BAWAG Group, as “one of the leading direct banks in Austria,” and reports that it “offers a comprehensive range of products, from current accounts and savings accounts to credit cards, consumer and housing loans, car leasing as well as insurance and investment products.” According to the firm, “its business model is based on easy-to-use, transparent products and technologies, lean structures and excellent customer service.”

The core FWP team consisted of Partners Markus Fellner, Florian Kranebitter, Lukas Flener, and Gregor Schett, Attorney-at-law Tanja Melber, and Associate Matthias Herzog. 

Wolf Theiss has advised the sellers on the acquisition by Vivatis Holding AG of Frisch & Frost. Wildmoser/Koch & Partner reportedly advised Vivatis on the transaction, which took place on October 3, 2017. The Austrian Federal Competition Authority is yet to approve the transaction.

According to the company’s website, “Frisch & Frost is a leading frozen food manufacturer specializing in typical Austrian pastries and potato dishes. The foundations of our potato processing plant in Hollabrunn, in the heart of the Weinviertel potato growing region, were laid in 1966. Ever since, Frisch & Frost has focused on potatoes and produces french fries, potato specialities, soup garnishes, side dishes, and vegetable-based ready meals under the Bauernland brand. Frisch & Frost’s pastry products are grouped together under the Toni Kaiser brand. Toni Kaiser is synonymous with warm pastry and dough-based specialities such as yeast dumplings, original Viennese apple and quark strudels, traditional Kaiserschmarren pancakes and sweet dumplings, as well as hand-stretched strudel dough. The strudel is produced in a unique, patented process at a purpose-built production facility in Vienna.”

Vivatis acquired Frisch & Frost from US and Holland-based foodstuff giant Lamb Weston/Meijer, which owned 75% of the company, and Raiffeisen-Lagerhauser — a subsidiary of Raiffeisen Ware Austria — which owned 25%.

Partner Christian Mikosch led the Wolf Theiss team, which also included Associates Daniel Kocab and Lukas Slameczka.

Wolf Theiss has advised Volksbank Wien on its issuance of a subordinated bond (tier 2) with a volume of EUR 400 million. The bond has a term of 10 years.

The subordinated bond was offered exclusively to institutional investors for purchase, and the interest rate for the first five years was set at 2.75% per annum. The issuer is entitled to a one-time right to terminate the 10-year fix to fix interest-bearing subordinate bond.

Volksbank Wien, which has 1,238 employees, a balance sheet total of EUR 10.2 billion, and 65 locations in Vienna, Burgenland, and Lower Austria, is the largest of the Austrian Volksbanks (as of June 30, 2017). As of July 2015, it has also served as the central organization of the Volksbanks in Austria.

The Wolf Theiss team was supervised by Partner Alexander Haas and consisted of Partner Niklas Schmidt, Consultant Christine Siegl, and Senior Associate Eva Stadler.

Editor’s Note: After this article was published Rautner Rechtsanwalte announced that it had advised a banking syndicate consisting of Credit Agricole Corporate and Investment Bank, Erste Group Bank AG, HSBC Bank plc, and UBS Limited as Joint Lead Managers on Volksbank Wien’s issuance. The firm’s team was led by Partner Walter Gapp.

CMS has advised Synergie International Employment Solutions SL, one of the largest personnel services providers in Europe, on its acquisition of an 80% stake in the Austrian company Volker GmbH Personalbereitstellung. The transaction remains subject to approval by the competition authorities.

According to CMS, “Synergie SL is part of the Synergie Group, which has been active in the recruitment industry since 1969. The group operates more than 600 branches in 16 countries with over 3,000 employees. By acquiring a stake in Volker GmbH Personalbereitstellung, Synergie will enter the rapidly growing Austrian market.” In addition, according to CMS, “Volker GmbH is a temporary employment agency based in Austria. The company was founded in 2005 and can place a workforce of 1,500 people in 15 locations throughout the country.”

CMS’s multi-jurisdictional team was led by Vienna-based Partner Sibylle Novak and Berlin-based Partner Gerd Leutner. The Vienna team included Partner Dieter Zandler, Attorney-at-Law Oliver Werner and Ursula Roberts, and Associate Eva-Maria Vogerl. The firm’s team in Berlin included Associate Johannes Steinacher and Paralegal Anne Neumann. Madrid-based CMS Counsel Rafael Sanchez Jimenez.

Editor’s Note: After this article was published CMS informed CEE Legal Matters that the sellers on the deal had been advised by an Eisenberger Herzog team led by Partner Marco Steiner and an SRG Stock Rafaseder Gruszkiewicz team led by Partner Jan Gruszkiewicz.

Dorda has advised Corestate Capital Holding S.A. on the acquisition of the UBM Micro Living project Vienna’s new Quartier Belvedere Central district from developer UBM Development AG. Eisenberger & Herzog reportedly advised UBM Development on the deal.

The UBM Micro Living project features 131 fully furnished and serviced micro apartments in an area of around 8,600 square meters. The project is expected to be ready in the second quarter of 2019. 

According to Dorda, “the transaction was carried out in a ‘Forward Funding’ (payment by progress of construction) deal structure with a transaction volume of EUR 27 million. In addition to the acquisition of the project, the legal advice included the negotiations on the general contractor agreement.” In addition, the firm reports, “Corestate recently launched a serviced apartment fund where they invest primarily in housing estates with fully equipped and furnished one to two-room apartments in central locations of European capital cities. The UBM Micro Living project is already the second real estate investment in Vienna in 2017 for Corestate after the acquisition of the TrIIIple tower 3.” (That previous deal was reported by CEE Legal Matters on September 19, 2017).

The Dorda team was led by Managing Partner Stefan Artner, supported by Attorneys Daniel Richter and Magdalena Brandstetter. According to Artner, “the market for student living is currently one of the most thriving new asset classes in real estate. We are also quite familiar with the QBC development area as we already advised Amundi Real Estate on the acquisition of the two Accor hotels, a Novotel and an Ibis, in the QBC quarter.”

The Eisenberger & Herzog team was led by Partner Alric Ofenheimner and included Partner Clemens Lanschutzer and Associates Krzysztof Nowak and Ladislav Bulajcsik.