Category: Austria

Cerha Hempel has advised the US-based Tennant Company on its acquisition of M&F Management and Financing.

The Tennant Company, headquartered in Eden Prairie, Minnesota, designs, manufactures, and markets solutions for the cleaning products industry.

Austria-based M&F Management and Financing is the Tennant Company’s largest Central and Eastern Europe distributor.

According to the law firm, “the acquisition gives Tennant a knowledgeable and experienced sales force and an established direct channel into countries including Romania, Hungary, the Czech Republic, and Slovakia, along with an expanded network in Austria, Switzerland, and Poland.”

The Cerha Hempel team included Austria-based Partners Johannes Aehrenthal, Jakob Hartig, Christopher Peitsch, and Bernhard Kofler Senoner, Of Counsel Sergei Makarchuk, Senior Associate Zakar Stepanyan, and Associates Nikolaus Feldscher and Bogdan Capra; Hungary-based Partner Andrea Presser, Counsel Andras Kauten, Senior Associate Novak Tamas, and Associates Toth Stefania and Mate Baumgartner; Czech Republic-based Partner Petr Kalis, Senior Associate Jiri Prouza, Associate Michal Hofman, and Junior Associate Jochym Simek; and Slovakia-based Partner Jozef Bannert and Senior Associates Ivana Sedova, Andrej Bartakovic, Lucia Lalikova Tadlankova, and Dusan Hrnciar.

Cerha Hempel did not respond to our inquiry on the matter.

Schoenherr has successfully represented ImWind in obtaining a legally binding EIA permit for the Loidesthal II wind farm in Zistersdorf, Lower Austria.

According to the firm, “this means that the construction of 11 wind turbines with a total capacity of around 73 megawatts can now begin. Operation is planned for the end of 2025.”

ImWind, an Austrian renewable energy producer, is responsible for the construction of the wind farm that will supply more than 43,000 households with green electricity every year.

The Schoenherr team included Partner Christian Schmelz and Attorneys at Law Christoph Jirak, Benjamin Schlatter, and Sarah Wolf.

Schoenherr has advised Austrian green technology scale-up Neoom on the structuring and implementation of its “impact invest” customer financing scheme for decentralized energy projects as well as related project debt financing arranged by Solas Capital in an amount of up to EUR 30 million.

Solas Capital is a specialist investment advisory firm.

According to Schoenherr, “the financing enables Neoom to offer its customers long-term installment purchase contracts for equipment related to decentralized energy projects, thereby improving the accessibility of energy efficiency and self-consumption PV technology for Neoom’s clients in Austria and Germany.”

The Schoenherr team included Partners Martin Ebner, Christoph Moser, and Marco Thorbauer, Attorneys at Law Michael Schmiedinger and Janos Boszormenyi, and Associates Nikolaus Muellner, Viktoria Stark, and Florian Terharen.

Schoenherr did not respond to our inquiry on the matter.

DSC Doralt Seist Csoklich has advised the DSR Hotel Holding on the long-term lease agreement to take over the Thurnher’s Alpenhof hotel in Zuers, Arlberg, from its owner, the Zarges family office. Barnert Egermann Illigasch Rechtsanwaelte advised the owner.

DSC describes the target asset as a five-star-superior hotel. “Following renovations, the renowned hotel will be run as A-Rosa Collection Hotel Thurnher’s Alpenhof, from the 2024/2025 winter season,” the firm reported. “With the takeover of the five-star-superior Hotel Thurnher’s Alpenhof, the new sub-brand of the DSR Hotel Holding, A-Rosa Collection, is being expanded to include one of the most exclusive hotels on the Austrian Arlberg.”

“Located directly on the ski slope in the winter sports resort of Zuers am Arlberg,” according to DSR, “the boutique hotel, built in a charming chalet style, has 40 rooms and suites, a gourmet restaurant, a lounge bar, and a sun terrace with a direct view of the impressive mountains. The spa area includes an indoor pool, various saunas, a relaxation area, and a fitness room.”

The DSR Hotel Holding, based in Germany, currently operates 22 hotels and resorts, 15 of which are managed under three hotel and resort brands: A-Rosa, Aja, and Henri.

The DSC team was led by Partner Wilfried Seist.

The BEIRA team included Partners Arabella Eichinger, Roman Jatzko, and Elisabeth Peck.

Binder Groesswang has advised the Hannover Finanz private equity investor on its acquisition of a stake in Peak Technology as part of a EUR 10 million growth financing transaction. Summereder Pichler Waechter advised Peak and its CEO, Dieter Grebner.

According to Binder Groesswang, “Hannover Finanz acquires a significant minority stake, while Peak Technology founder and managing director Dieter Grebner continues to hold the majority of the shares.”

Hannover Finanz, founded in 1979, has more than 40 years of experience as an equity partner for medium-sized companies.

Linz-based Peak Technology specializes in the development and production of lightweight components made of carbon for racing and space companies.

The Binder Groesswang team included Partners Philipp Kapl, Markus Uitz, Horst Lukanec, Regina Kroell, and Johannes Barbist, Counsel Hellmut Buchroithner, Lawyers Schirin Pohlodek, Felix Fuith, Constantin Foissner, Roswitha Seekirchner,  Anian Gruber, Armin Nimmrichter, Elena Rathmayr, and Dario Schmelz, and Lawyer Candidate Matija Bernat.

The Summereder Pichler Waechter team included Partner Philipp Summereder and Attorney at Law Christoph Harringer.

BPV Huegel has advised the investors and the management on their sale of the majority stake in EYYES to Germany-based Vector Informatik.

EYYES operates in the field of driving assistance solutions and traffic detection with artificial intelligence based on camera sensor technology.

Vector Informatik supplies software and engineering services for the networking of electronic systems in the automotive and related industries.

The BPV Huegel team included Partners Thomas Lettau and Nicolas Wolski, Attorneys at Law Johannes Mitterecker and Tim Pasternak, and Associate Anna Zirkler.

BPV Huegel did not respond to our inquiry on the matter.

As the regulatory landscape for crypto-assets undergoes a significant transformation with the European Union’s implementation of the Markets in Crypto-Assets Regulation (MiCAR, Regulation (EU) 2023/1114), attention turns to the preparatory steps entities must take to comply with these new standards.

Against this backdrop, the Austrian Financial Market Authority (FMA) has recently published preliminary guidance on the MiCAR licensing process for crypto-asset service providers (CASPs). These guidelines outline the steps CASPs need to consider and the FMA’s expectations in the lead-up to full MiCAR applicability after 30 December 2024.

MiCAR preliminary process with FMA

As of March 2024, CASPs cannot yet apply for a MiCAR licence. However, the FMA has recognised that early engagement is vital for an efficient licensing procedure for both CASPs and the FMA, as the competent regulator. Initiating dialogue provides valuable insights into the regulatory expectations and helps businesses adjust their models and compliance strategies to meet the FMA’s standards. Companies that intend to apply for a MiCAR licence and that have conducted preliminary steps internally and with their legal counsel can contact the FMA from March 2024 onwards. This opportunity provides companies with the chance to align their application with regulatory standards and seek clarification on any aspects of the licensing process.

FMA questionnaire on regulatory readiness

The FMA has introduced a detailed questionnaire to test and demonstrate CASPs’ readiness in aspects such as operational experience, financial stability, compliance history, business model complexity and a thorough understanding of the regulatory landscape. Thoughtful engagement with this questionnaire is essential to illustrate a business’s alignment with the FMA’s standards.

Application process overview

The authorisation timeline is influenced by the quality of the application, the complexity of the business model, and adherence to regulatory standards. Therefore, ensuring a comprehensive and well-prepared application is important for navigating the authorisation process effectively.

Recommendations for CASP applicants

The FMA’s guidance includes specific recommendations for CASP applicants to enhance their readiness for MiCAR compliance:

• Clear scope: Applicants should clearly define which MiCAR services apply to their business, supported by a legal assessment and detailed business activity descriptions.
• Organisational readiness: An evaluation and adjustment of the organisational structure and operations to meet MiCAR requirements are recommended.
• Legal advisory: Consulting with legal experts is helpful for refining the application and aligning with the FMA’s feedback.
• AML and CFT compliance: Establishing stringent KYC, anti-money laundering and counter-terrorist financing measures is essential for a successful authorisation.

Conclusion

The introduction of MiCAR presents both challenges and opportunities for the crypto-asset sector within the EU. Understanding and preparing for the FMA’s requirements are crucial steps in navigating the new regulatory environment. To assist CASPs in preparing comprehensive and timely MiCAR licence applications, the FMA’s guidance can serve as an initial source of valuable information, to be ready as soon as the FMA accepts the first MiCAR licence applications (expected in late summer or October 2024).

For further assistance or to discuss how these developments will impact your business, please do not hesitate to contact us.

By Matthias Pressler, Counsel, Schoenherr

BPV Huegel has advised AI researcher Josef Hochreiter on founding the NXAI company together with Netural X and the Pierer Digital Holding. Oberhammer Rechtsanwaelte reportedly advised the other JV partners.

Among the partners, Pierer Digital holds 37% of the new company, with Netural X holding an equal share and Josef Hochreiter controlling 26% of the shares.

According to the firm, NXAI will “drive the development and promotion of cutting-edge European AI research and innovative AI solutions at the highest level for the international market. NXAI is focusing on the potentially groundbreaking European Large Language Model technology xLSTM.”

According to NXAI, a research cooperation protocol has also been established “between JKU Linz (Johannes Kepler University) and NXAI to take the existing insights around xLSTM to market readiness and to further strengthen Middle European research […] To ensure this, NXAI combines a triad of AI cutting-edge research, digital product know-how, and industry expertise, aiming at a close integration of science and business.”

Josef “Sepp” Hochreiter is the Director of the University Institute for Machine Learning and Head of the Artificial Intelligence Laboratory at the Linz Institute of Technology.

The BPV Huegel team was led by Co-Managing-Partner Florian Neumayr and Partner Stefan Gaug.

Schoenherr has advised the Erste Group Bank on a EUR 300 million share buyback followed by a cancellation of treasury shares and the reduction of its share capital.

Erste Group is a financial services provider in Central and Eastern Europe.

According to Schoenherr, “after obtaining the requisite authorization from its shareholders in March 2023 and subsequent approval from the ECB in August 2023, the Erste Group repurchased 8.89 million shares corresponding to EUR 300 million over a six-month period on the market. The company subsequently canceled the respective treasury shares and successfully completed the reduction of its share capital.”

The Schoenherr team included Partners Sascha Schulz and Volker Weiss, Counsel Matthias Pressler, and Associate Roland Misic.

DLA Piper has advised Porr AG on its EUR 135 million hybrid bond issuance.

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

Back in 2020, DLA Piper had also advised Porr on its earlier EUR 125 million issuance of hybrid bonds (as reported by CEE Legal Matters on March 16, 2020).

The DLA Piper team included Partner Christian Temmel and Counsel Christian Knauder-Sima.

DLA Piper did not respond to our inquiry on the matter.