Category: Austria

  • E+H Advises Burgenland Energie on Acquisition of Minority Stake in Solah Group

    E+H has advised Burgenland Energie on its acquisition of a 25% stake in the Solah Group.

    Burgenland Energie operates as an energy service company. The Company provides electricity, natural gas, and heat, as well as energy solutions. Energie Burgenland serves customers in Austria.

    According to E+H, the Solah Group is a pioneer in the field of sustainable energy solutions. It designs and implements photovoltaic systems for private and business customers in Austria. The operating subsidiaries of the Solah Group offer comprehensive services ranging from consulting and planning to the installation of PV systems, which are mainly installed on roofs. 

    The E+H team included Partners Johannes Feilmair, Jochen Anweiler, and Natalie Hahn and Associates Laura Glibusic, Gabriel Strasser, Franziska Egger, and Katharina Schiretz.

  • Graf Patsch Taucher and Schoenherr Advise on ZetaDisplay Acquisition of Peakmedia Digital Signage

    Graf Patsch Taucher has advised Sweden’s ZetaDisplay AB on its acquisition of Austrian digital signage integrator Peakmedia Digital Signage. Schoenherr advised Peakmedia’s founders on the sale.

    According to Graf Patsch Taucher, “the acquisition is a decisive step for ZetaDisplay towards further strengthening its significant market presence in the DACH region and Europe.

    Peakmedia is a digital signage integrator in Austria established in 2012 by three founders. The business manages over 9,000 active licensed installations and employs over 20 full-time employees. Peakmedia is based out of Austria but has significant active installations in Germany, Slovenia, Croatia, Hungary, Romania, Italy, and Switzerland as well, across a blue-chip customer base, Graf Patsch Taucher reported.

    Founded in 2003, Hanover Investors-owned ZetaDisplay is based in Malmo, employs around 200 people, has offices in six European countries, and manages around 100,000 installations in more than 50 markets. According to Schoenherr, it is a service and software company that creates and facilitates end-user behavioral influence in a physical environment.

    The Graf Patsch Taucher team was led by Partner Bernd Taucher and included Senior Associate Julia Satala and Associate Emre Erol.

    The Schoenherr team was led by Partner Robert Bachner and Attorney at Law Daniel Wadl and included Partner Michael Woller, Attorney at Law Franziska Oczlon, and Associate Nikolaus Stepan.

  • Closing: Kommunalkredit EUR 37.5 Million Financing for 63-Megawatt Senyo PV Plant Now Closed

    On September 20, 2023, PHH announced that Kommunalkredit’s EUR 37.5 million financing for the 63-megawatt Senyo photovoltaic plant in Hungary – commissioned by Green Source and Core Value Capital – (reported by CEE Legal Matters on August 7, 2023) had closed.

    As previously reported, PHH and Dentons advised Kommunalkredit, while CMS advised Green Source and Core Value. The project should begin operations by early 2024. Germany-based Iqony Solar Energy Solutions is building the plant on the basis of an engineering procurement and construction contract.

    The PHH team included Partner Wolfram Huber and Attorney at Law Lisa Urbas.

    The Dentons team included Partners Gergely Horvath and Gabor Kiraly, Associates Nora Ordody-Nagy and Bence Boszormenyi, and Junior Associates Kinga Kovacs and Adam Brecko.

    The CMS team included Hungary-based Managing Partner Erika Papp, Senior Counsel Zoltan Poronyi, Senior Associates Peter Deak and Szabina Soptei, and Associates Adam Takacs, Zita Gressai, and Emese Mezo, as well as further team members in Germany.

  • E+H and Brandl Talos Advise on Funke Mediengruppe’s Acquisition of High Five

    E+H, working with Osborne Clarke, has advised the Funke Mediengruppe on its acquisition of a stake in High Five. Brandl Talos advised High Five.

    The Funke Mediengruppe is Germany’s third largest newspaper and magazine publisher with a total of over 500 publications in eight countries.

    According to E+H, with this transaction, the Funke Mediengruppe continues to expand in the education sector and acquires a significant stake in the operator of portals such as iamstudent.de, studiumfinden.com,  and studiwohnen.com. In the long run, the current investment is aimed at the full acquisition of High Five GmbH, based in Vienna.

    “The flagship product of High Five is the community ‘iamstudent,’ which was founded in 2014 and has several hundred thousand registered students in the DACH region. As a marketing platform for the attractive target group of students, ‘iamstudent’ has gained household names such as Samsung, Sky, Dominos Pizza, and Thalia as partners, which offer special student discounts,” the firm reported.

    The E+H team included Partners Clemens Lanschuetzer, Judith Feldner, Natalie Hahn, and Helmut Liebel and Associates Wolfgang Koefer, Alexander Moser, Maximilian Kroepfl, Matthias Schmid, and Marcel Neuhauser.

    The Brandl Talos team included Partner Stephan Strass and Attorney at Law Daniel Schmidt.

  • Cerha Hempel and Binder Groesswang Advise on SES Spar Acquisition of Il Grifone Shopping Center

    Cerha Hempel, working with Gattai Minoli Partners and Arendt & Medernach, has advised SES Spar European Shopping Centers on its acquisition of Il Grifone shopping center in Bassano del Grappa, Italy, from a company belonging to US hedge fund Marathon. Binder Groesswang, working with Legance, advised the seller. Risk Finance Brokers, acting on behalf of UlysseRe, arranged the warranty and indemnity insurance for the buyer.

    Closing took place at the beginning of September 2023. The target shopping center houses more than 40 shops. As a result of this acquisition, SES now operates four shopping centers in Italy.

    SES Spar European Shopping Centers is a developer, builder, and operator of large-scale, mixed-use properties, with an emphasis on retail and services. SES currently manages 30 shopping locations in six Central and Southern European countries. According to Cerha Hempel, SES is the market leader in large-scale shopping centers in Austria and Slovenia.

    The Cerha Hempel team was led by Partner Mark Krenn and included Senior Associate Marko Vladic and Associate Johanna Kaschubek.

    The Binder Groesswang team included Partner Markus Uitz and Associate Yasmina Bouzid.

    The Risk Finance Brokers team included M&A Risk Advisor Gergely Juhasz.

  • Wolf Theiss Advises AustralianSuper on EUR 1.5 Billion Minority Stake Acquisition in Vantage Data Centers EMEA

    Wolf Theiss, working with Herbert Smith Freehills, has advised AustralianSuper on its EUR 1.5 billion investment to acquire a significant minority stake in Vantage Data Centers Europe, the Middle East, and Africa.

    Vantage Data Centers, sponsored by DigitalBridge, is a data center company. DigitalBridge is a digital infrastructure investment firm.

    AustralianSuper is Australia’s largest pension fund managing more than EUR 180 billion in members’ retirement savings on behalf of more than 3.2 million members from more than 448,000 businesses. According to Wolf Theiss, “this investment marks AustralianSuper’s first significant exposure in hyper-scale data centers and allows the fund to access an attractive market with strong growth prospects.”

    The Wolf Theiss team included Partners Peter Daszkowski and Sarah Wared, Counsels Marcin Rudnik, Jakub Pietrasik, and Joanna Gasowski, Senior Associates Lukas Ploesch, Michal Zajaczkowski, and Olga Gerlich, and Associate Zuzanna Nowak-Wrobel.

    Wolf Theiss did not respond to our inquiry on the matter.

  • Schoenherr Advises JD Power on Acquisition of Autovista Group

    Schoenherr, working with Kirkland & Ellis, has advised Thoma Bravo portfolio company JD Power on the acquisition of the Autovista Group.

    The transaction remains contingent on regulatory approval.

    Thoma Bravo is an American private equity and growth capital firm with offices in San Francisco, Chicago, and Miami.

    JD Power is an American consumer insights, advisory services, and data and analytics company.

    The Autovista Group is owned by Hayfin Capital Management, a European alternative asset management firm. Through its five brands – Autovista, Eurotax, Glass’s, Schwacke, and Rodboka – the group standardizes and categorizes hundreds of technical attributes for vehicles produced in the European and Australian markets.

    The Schoenherr team included Partners Christian Herbst and Maximilian Lang, Local Partner Krzysztof Pawlak, Counsel Peter Devinsky, Attorneys at Law Zurab Simonishvili, Tullia Veronesi, and Daria Rutecka, and Associates Beatrix Schima, Alexander Pabst, and Nikolaus Stepan.

    Editor’s Note: After this article was published, CEE Legal Matters learned that Macfarlanes advised Hayfin Capital Management on the sale. The firm’s team was led by Partner Alex Edmondson.

  • Schoenherr and Dorda Advise on Usersnap’s Sale to Saas.Group

    Schoenherr has advised the shareholders of Austrian software company Usersnap on its sale to the Saas.Group. Dorda advised the buyer.

    The Saas.Group, founded in 2017, is a software company active in acquiring and developing other software-as-a-service companies. It has offices in the US, Germany, and France.

    Founded in 2013, Usersnap has built a user feedback platform for digital product teams.

    The Schoenherr team included Partners Thomas Kulnigg, Marco Thorbauer, Stefan Kuehteubl, and Christoph Haid, Attorney at Law Clemens Pretscher, and Associate Daniel Komarek.

    The Dorda team included Partners Christian Ritschka, Heinrich Kuehnert, Nino Tlapak, and Magdalena Brandstetter, Counsel Andreas Seling, Principal Associates Patricia Backhausen, Magdalena Nitsche, and Florina Thenmayer, and Associates Aleksandra Huebl-Langer, Mirko Marjanovic, Petra Artner, Sabine Hedl, and Julia Huber.

  • Schoenherr and BPV Huegel Advise on Process Sensing Technologies Acquisition of Sensore Electronic

    Schoenherr has advised Process Sensing Technologies on its acquisition of Austria’s Sensore Electronic. BPV Huegel advised the founders of Sensore Electronic on the sale.

    UK-based Process Sensing Technologies is a provider of measurement and monitoring solutions for process-critical applications. PST offers a range of gas, oxygen, and level sensors as well as measurement instruments including probes, transmitters, and analyzers for humidity, moisture, oxygen, and trace impurities.

    Based in Austria, Sensore is a manufacturer of Zirconia oxygen sensors.

    The Schoenherr team included Partners Maximilian Lang and Volker Weiss, Counsel Teresa Waidmann, Attorney at Law Zurab Simonishvili, and Associates Beatrix Schima and Markus Fasching.

    The BPV Huegel team included Partners Thomas Lettau, Nicolas Wolski, Kornelia Wittmann, and Gerhard Fussenegger, Attorneys at Law Johannes Mitterecker and Sebastian Reiter, and Associates Tamara Tomic and Anna Zirkler.

  • Austria Is Thinking About the Future: A Buzz Interview with Andreas Hable of Binder Groesswang

    Austria is witnessing a slowdown of its economy and increased reorganization and restructuring activities – impacting various sectors – while legislative changes introduce a new corporate entity and consider remote court hearings, according to Binder Groesswang Managing Partner Andreas Hable.

    “In the past, we experienced a period when there were very few bankruptcy cases in Austria, and insolvency law did not play a significant role,” Hable says. “However, the situation is evolving, and while it would be inaccurate to suggest that there is now a wave of bankruptcies and insolvencies, there is still a noticeable increase in the speed at which these cases are occurring, along with a growing number of bankruptcy cases. Additionally, there is a substantial amount of activity related to reorganization, restructuring, and refinancing that has emerged.” According to him, these dynamics had not been observed in the past few years, which makes for an interesting trend.

    “The impact of these developments is being felt across various sectors, including the M&A business, private equity, and venture capital transactions, which have all experienced a slowdown,” Hable continues. “This trend became evident in the latter half of 2022, and it continues into the current year. Notably, this slowdown is not unique to our jurisdiction, as many other countries in the region are facing similar challenges.” He highlights that the broader economy is also experiencing a slowdown, partially attributed to higher interest rates. “Additionally, the development of real estate projects has slowed down, due to the high cost of refinancing, mirroring the trends observed in private equity and venture capital,” he notes.

    From a legal perspective, Hable mentions that recent changes in Austrian legislation have introduced two significant initiatives. “Firstly, a new corporate entity known as the ‘flexible company’ has been established, offering enhanced flexibility in areas like shares and share capital to facilitate the formation of start-ups,” he says. “Secondly, a law has been enacted to allow virtual shareholder meetings, providing a permanent solution beyond the temporary measures adopted during the pandemic. Moreover, Austria has aligned with an EU directive to enable the cross-border transfer of corporate seats, promoting mobility and flexibility for companies within the EU, including spinoff possibilities across member states.”

    According to Hable, an additional initiative has been released by lawmakers, “focusing on the introduction of dedicated venture capital legislation, aiming to strengthen the venture capital landscape in Austria by enabling an Austrian stock corporation to transition into a dedicated venture capital fund,” he says, adding that this legislation conveys both corporate and regulatory rules.

    Finally, Hable draws attention to a noteworthy development in the field of legal proceedings. “A new law is on the horizon, which has the potential to revolutionize the way legal proceedings take place, both in civil law courts and administrative procedures,” he says. “While this law is not yet in force, it is an idea proposed by lawmakers. It envisions the use of videoconferencing systems to conduct court hearings before civil law courts and administrative bodies, which would eliminate the requirement for physical presence. With the introduction of these new techniques, the legal proceedings landscape will undergo significant changes and modernization.”