Category: Austria

Schoenherr, working with Wenger Vieli and CCA Law Firm, has advised Ascent Group on the acquisition of Parkside Informationstechnologie, with subsidiaries in Switzerland and Portugal. Herbst Kinsky advised the sellers.

Ascent Group is a provider of digital transformation services and solutions.

Parkside Informationstechnologie is an Austrian company specializing in individual software development.

The Schoenherr team included Partners Michael Marschall, Markus Piuk, Peter Feyl, Teresa Waidmann, and Clemens Rainer, Counsel Johannes Frank, Attorneys at Law Jonna Eberl, Markus Buchleitner, Alexander Pabst, and Anna Visontai, and Associates Lukas Pirringer, Roland Misic, Rebecca Schretzmayer, Hanna Elisabeth Kirschner, Christian Kracher, Denise Stahleder, Maximilian Nusser, and Maha Zoehrer.

The Herbst Kinsky team included Partner Christoph Wildmoser, Attorneys at Law Alexander Lotz and Anna Diensthuber, and Associate Maximilian Kroepfl.

Schoenherr, working with Legance and Ypog, has advised Verdane on its investment in Fiskaly. Herbst Kinsky advised Fiskaly.

The transaction remains contingent on regulatory approval.

Verdane is a European private equity fund that holds over EUR 6.9 billion in total commitments and has made over 400 investments since 2003.

Fiskaly is a Vienna-based start-up operating in the fintech sector. It offers solutions for compliance in fiscalization and digital receipts.

In 2023, Schoenherr advised Inflexion on its acquisition of Nomentia from PSG Equity and Verdane (as reported by CEE Legal Matters on March 10, 2023).

The Schoenherr team included Partners Thomas Kulnigg, Christoph Haid, Clemens Rainer, Stefan Kuehteubl, and Marco Thorbauer, Counsel Karin Pusch, Attorneys at Law Niklas Kerschbaumer, Bianca Duca, Dominik Tyrybon, Nina Zafoschnig, Alexander Pabst, and Clemens Pretscher, and Associates Alexandru Caprau, Rebecca Schretzmayer, Florian Terharen, Denise Stahleder, Carina Fuernkranz, Raphaela Sorger, and Christina Unterduenhofen.

The Herbst Kinsky team was led by Partner Philipp Kinsky and included Attorneys at Law Christina Bernhart, Anna Diensthuber, Irmgard Nemec, and Valerie Mayer, and Associates Barbara Ring, Leopold Gottsauner-Wolf, and Julia Karnicar.

Schoenherr has advised Storyblok on its USD 80 million Series C financing led by US investment firm Brighton Park Capital. Wolf Theiss, working with Paul, Weiss, Rifkind, Wharton & Garrison, advised Brighton Park Capital.

Existing investors HV Capital, Mubadala Capital, 3VC, and Firstminute Capital participated in the round.

Storyblok, a start-up founded in Linz in 2017, has built a content management system designed for both technical and non-technical users like marketers to manage content.

According to Schoenherr, “with this funding, Storyblok will further accelerate its growth in the US and Europe, enabling the company to fulfill its vision of building the first end-to-end content platform, powered by AI and automation.”

Previously, Schoenherr advised Storyblok on its USD 47 million Series B financing round (as reported by CEE Legal Matters on May 23, 2022) as well as on its EUR 7 million Series A financing round (as reported by CEE Legal Matters on February 17, 2021).

The Schoenherr team included Partners Thomas Kulnigg and Michael Woller and Attorneys at Law Clemens Pretscher and Dominik Tyrybon.

The Wolf Theiss team included Partners Hartwig Kienast, and Stefan Wartinger, Senior Associates Daniel Hoehnl, Phillip Wrabetz, Anna Schwamberger, Vladimir Simkovic, and Angelika Zotter, Associates Carolina Brunnmayr, Klemens Kendler, Jonathan Gruber, Paul Samonig, Johannes Sekanina, Hemma Elsner, and Miranda Ellison, and Consultant Karin Spindler-Simader.

E+H has advised LongRange Capital affiliate Alpin Unlimited on its acquisition of a 31.85% stake in Bergbahn Aktiengesellschaft Kitzbuehel – KitzSki. CHG Czernich advised the sellers. Eberl, Hubner, Krivanec, Ramsauer & Partner was the escrow agent. Gasser Partner reportedly advised Alpin Unlimited and LongRange Capital as well.

According to E+H, “KitzSki is a marquee global ski resort located in Kitzbuehel with a total of 233 kilometers of ski runs and 58 up-to-date cable cars and lifts. It is also well known for hosting the legendary Hahnenkamm races each year, bringing together the global elite in the ski community for nearly a century.”

Alpin Unlimited was created to form long-term partnerships with ski resorts across Europe. Founded in 2019, LongRange Capital is an operationally-oriented investment firm with USD 1.7 billion in assets under management.

The E+H team included Partners Dominik Juster, Judith Feldner, and Peter Winkler, Attorney at Law Titus Kahr, and Associates Bernhard Walter, Laura-Sophie Polzhofer, and Marcel Neuhauser.

The CHG Czernich team included Partner Dietmar Czernich, Attorney at Law Stefan Humer, and Associate Alexandra Petzelbauer.

The Eberl, Hubner, Krivanec, Ramsauer & Partner team included Partner Robert Krivanec.

Discussing the draft bill aimed at increasing the contribution to legal costs for suspects not found guilty in criminal proceedings. Recently, the government has published its revised bill.

Bill brings further positive changes…

The draft bill provided for two scenarios in which a contribution to costs could have been granted: termination of the pre-trial proceedings or acquittal after the trial. After receiving criticism from various sources, even from public authorities, the contribution to defence costs has justly been extended to cases in which the pre-trial proceedings have already been concluded, i.e. an indictment has been filed, but the suspect was not acquitted only after the hearing. Such scenarios can occur after the successful filing of an appeal against the indictment or if the prosecutor’s office withdraws from the indictment before the trial. 

The second major positive amendment concerns the specification of the transitional provision. According to the draft bill, the new provisions should have been applicable retroactively to all acquittals and terminations in pre-trial proceedings after 1 January 2024. This provision has been criticised in various statements filed within the review period (Begutachtungsverfahren) for not addressing whether new requests for contribution to defence costs can be filed even if a contribution has already been granted based on the old legal status. Only the Austrian Bar (ÖRAK) and the Austrian White Collar Crime Association (AWCCA), of which Oliver M. Loksa is the president, demanded such an extension. Fortunately, the Austrian government agreed.

On a minor but still potentially relevant note, the government also followed the AWCCA when it exclusively raised an imprecision included in the initial draft bill. The bill now explicitly provides that the new provisions are applicable to cases terminated or suspects acquitted “from” (“ab”) and not “after” (“nach”) 1 January 2024.

… but deficiencies remain.

The new provisions continue to not provide for a proper reimbursement of all necessary and useful (notwendig und zweckmäßig) legal costs. In particular, the relatively modest cap for scenarios where pre-trial proceedings are terminated (max. EUR 12,000) does not reflect the reality of white collar crime proceedings. The new provisions might continue to make it difficult for suspects to engage in pre-trial white collar crime proceedings or might even discourage them from doing so.

In addition, it would have been preferable if the government bill, or at least the explanatory notes on the draft bill (Erläuternde Bemerkungen zur Regierungsvorlage), had more clearly specified the criteria for determining the contribution to costs and the corresponding amounts. As currently constituted, much will depend on the courts’ interpretation of the law. 

Conclusion

As already stated in the last Legal Insight addressing the government bill, the new legal situation offers a vast improvement for former suspects, especially after analysing the amendments undertaken in the bill to be adopted. It is good to see that some of the criticism directed at the initial draft bill has not gone unheard.
At the same time, criminal law sanctions are increasingly being used as tools to address the civic agenda. It is therefore to be hoped that the adequacy of the new legal system will be evaluated in due time.

By Oliver Michael Loksa, Counsel, and Marc Cistota, Paralegal, Schoenherr

Wolf Theiss, working with Clifford Chance, has advised Raiffeisen Bank International on the securitization of Raiffeisen Leasing Group’s EUR 529.4 million leasing portfolio.

According to Wolf Theiss, “this AAA-rated STS securitization is strategically designed to fuel new lending initiatives for SMEs and mid-caps throughout Austria. Expanding the past successful ‘Roof Leasing Austria’ transactions, RBI has expertly structured, arranged, and placed this deal to continue driving economic growth and support for businesses in the region.”

The Wolf Theiss team included Partner Matthias Schimka, Counsels Markus Aigner, Mimo Hussein, Paulina Pomorski, Eva Stadler, Harald Strahberger, and Markus Taufner, and Associates Simon Fiala and Lena Tautscher.

Schoenherr, working with Linklaters, has advised joint ESG structuring agents Barclays and JP Morgan and joint bookrunners BofA Securities, Raiffeisen Bank International, and Santander CIB on Verbund’s EUR 500 million issuance of 3.25% green bonds due 2031. Binder Groesswang, working with White & Case, advised Verbund.

Verbund is an Austrian electricity company. The notes were placed with institutional investors, have a denomination of EUR 100,000 each, and are listed on the regulated market of the Luxembourg Stock Exchange and on the Official Market of the Vienna Stock Exchange.

According to Schoenherr, “an amount equal to the net proceeds from the issuance will be used to wholly or partially finance or refinance certain eligible green projects in line with the Verbund Green Financing Framework. Verbund intends to use approximately 90% of the proceeds to finance the construction of the Austrian Power Grid Salzburg line and the other 10% to finance its Riverscape Lower Inn and Blue Belt Danube-Inn projects.

The Schoenherr team included Partner Christoph Moser, Attorney at Law Angelika Fischer, and Associates Daniel Gritsch and Clemens Stockhammer.

The Binder Groesswang team included Partner Emanuel Welten and Counsel Philipp Tagwerker.

Herbst Kinsky has advised Zouk Capital on leading Enspired’s EUR 25.5 million series B financing round. Capital Push VC, Puspoek, Banpu Next, Vopak Ventures, and Presidio Ventures joined the round alongside existing investors Emerald Technology Ventures, Helen Ventures, 360 Capital, and EnBW New Ventures. KPMG Law advised Enspired.

Enspired is a Viennese start-up working on the simultaneous commercial optimization of battery storage and flexible energy systems in the system services, wholesale, and control reserve markets.

Zouk Capital, based in London, is an independent private equity fund manager that invests in companies that promote resource efficiency.

The Herbst Kinsky team included Partner Philipp Kinsky, Counsel Maximilian Kroepfl, Attorneys at Law Carl Walderdorff, Valentin Krenkel, Irmgard Nemec, and Anna Diensthuber, and Associate Benedikt Wolf.

The KPMG Law team included Partner Wendelin Ettmayer and Attorneys at Law Pablo Essenther, Alexander Hiermann, and Lisa Jobst.

Dorda, working with Linklaters, Kromann Reumert, and Wilson Sonsini Goodrich & Rosati, has advised Novo Holdings on its acquisition of Single Use Support. E+H advised the Single Use Support founders and Binder Groesswang advised Danaher on the sale side. Kirkland & Ellis reportedly advised Danaher as well.

Novo Holdings is a holding and investment entity of the Danish Novo Nordisk Foundation.

Single Use Support is an Austrian provider of modern technology solutions for pharmaceutical production processes.

Danaher designs, manufactures, and markets medical, industrial, and commercial products and services.

According to Dorda, “with the acquisition of a majority of around 60% of the shares in Single Use Support, which is still subject to antitrust approval, Novo Holdings is expanding its rapidly growing Life Science Tools & Diagnostics portfolio, thus gaining a foothold in the DACH region, an important center for life sciences.”

The Dorda team included Partners Martin Brodey, Bernhard Rieder, Tibor Varga, Heinrich Kuehnert, Bernhard Mueller, Magdalena Brandstetter, Francine Brogyanyi, Andreas Seling, Christian Ritschka, Nino Tlapak, and Veit Oehlberger, Counsel Magdalena Nitsche, Principal Associates Patricia Backhausen, Alexandra Ciarnau, Safiye Unuvar, Lorenz Wicho, Florina Thenmayer, Georg Durstberger, Julia Landskron, and Clemens Burian-Kerbl, and Associates Aleksandra Huebl-Langer, Mirko Marjanovic, Stefanie Dirnbauer, Valentina Possegger, Philipp Proske, Noah Hofer, Laura Colloredo-Mannsfeld, Felix Zopf, and Silvia Hanschur.

The E+H team included Partners Peter Winkler, Philipp Schrader, Clemens Lanschuetzer, Dominik Juster, Jana Eichmeyer, Helmut Liebel, Florian Sagmeister, Marcus Benes, Dieter Thalhammer, and Judith Feldner, Attorneys at Law Helena Neuner, Titus Kahr, and William Redl, and Associates Yvonne Wohlmuth, Alexander Moser, Markus Feneberger, Alexandra Stadlober, Laura-Sophie Polzhofer, Franziska Egger, Gabriele Kaiser, Iris Hermetter, and Yvonne Handler.

The Binder Groesswang team was led by Partner Thomas Schirmer.

BPV Huegel has advised Strabag SE on its acquisition, together with Porr AG, of the technical operations management and construction projects divisions of the Vienna General Hospital, including the Austrian project development business and thermal spa holdings in Austria, from the Vamed group. KPMG Law reportedly advised Porr AG. Latham & Watkins reportedly advised Vamed AG and its majority owner, Germany’s Fresenius.

The acquisition involved a joint holding company of Strabag and Porr and a total purchase price of about EUR 90 million. Each partner will hold half of the joint holding company. The deal remains contingent on regulatory approval.

Strabag SE is a European-based technology group for construction services with around 86,000 employees generating an annual output volume of around EUR 19 billion. According to BPV Huegel, “the transaction expands Strabag’s service portfolio in technical facility management to include the medical sector while enhancing its expertise in project development in the healthcare sector.”

Porr is a construction group listed on the Vienna Stock Exchange with its headquarters in Vienna.

A few days earlier in a separate transaction, PAI Partners purchased Vamed Group’s rehabilitation business – operating 67 clinics and care centers across Germany, Austria, Switzerland, the Czech Republic, and the UK – from Fresenius (as reported by CEE Legal Matters on May 9, 2024).

The BPV Huegel team was led by Co-Managing Partner Christoph Nauer and Partner Thomas Lettau and included Partners Astrid Ablasser-Neuhuber, Gerhard Fussenegger, Nicolas Wolski, Florian Plattner, and Wolfgang Berger, Attorneys at Law Roland Juill and Paul Pfeifenberger, and Associates Lucas Hora, Anna Zirkler, and Barbara Valente.