Category: Austria

  • Brandl Talos Advises Ring International Holding on Investment in Popeyes UK

    Brandl Talos, working with Sheridans, has advised Ring International Holding AG on its agreement with PLK Europe GmbH, an affiliate of Restaurant Brands International Inc., to become the UK master franchisee of Popeyes with exclusive rights to the brand in the United Kingdom. Greenberg Traurig’s London office advised RBI on the deal.

    According to Brandl Talos, “the transaction with Popeyes will see the establishment of a new Popeyes UK joint venture, which will be controlled by Ring, with Popeyes retaining a minority stake. The new entity will enter into a 20-year master franchise agreement giving it the right to be the custodian of the Popeyes brand in the UK, control over the brand’s proposition in the UK, and the right to roll-out new stores across the country. The transaction will also see Ring supporting a highly experienced management buy-in team.”

    Brandl Talos’s team included Partners Roman Rericha and Markus Arzt and Senior Associates Christina Bernhart and Adrian Zuschmann. 

  • Latest ECJ Decision Is No Help for the Expansion of Renewables

    The European Union is committed to the fight against climate change (“European Green Deal”). One of the pillars in this fight is the expansion of renewable energy sources. According to the current goals, the share of renewable energy sources within the Union should increase to 32% by 2030. In practice, however, the expansion of renewable energy is increasingly being slowed down by the interpretation of EU nature conservation regulations by the European Court of Justice (“ECJ”). Also, the latest decision of the ECJ is no “boost” for renewables. 

    EU nature protection regulations

    The most important European nature conservation regulations are the Birds Directive (“BD”) and the Flora Fauna Habitats Directive (“HD”). Essentially, both Directives are dedicated to habitats and species protection worthy of protection. In detail, however, the two directives differ considerably. Both directives shape a network of core breeding and resting sites for rare and threatened species, and some rare natural habitat types which are protected under different regulations (“Natura 2000”). 

    The ECJ’s decisions in recent years on both directives are extensive and exemptions were interpreted in an extremely restrictive way. These decisions were mostly in line with the interpretations of the European Advocates General. In practice, this can result in even a single specimen of a protected species delaying or even preventing a renewable project such as wind farms. In this context, project developers hopefully were listening to Advocate General KOKOTT in her Opinion on cases C-473/19 and C-474/19, in which she proposed to the ECJ a less strict interpretation of the nature conservation provisions.

    Opinion of Advocate General KOKOTT

    The initial cases concern logging projects in a Swedish forest, where several species protected under the BD and HD may be affected. Environmental organisations appealed the local authority’s approval of the logging. The Swedish court then turned to the European Court of Justice with numerous questions concerning the European species protection provisions. 
    In her Opinion, Advocate General KOKOTT predominantly follows the previous case law of the ECJ in the field of nature conservation. However, she would like to depart from this line of jurisprudence on two points, and with good reason:

    • In cases where the interference to birds is not intended but only accepted as a possibility, the prohibitions on killing and destruction under the BD apply only to the extent necessary to maintain the population of those species at a level, or to adapt it to a level, corresponding to ecological, scientific and cultural requirements, while taking account of economic and recreational requirements.
    • The prohibition on disturbance under the HD must be restricted to acts that are particularly likely to be detrimental to the conservation status of the protected species, especially in places of particular importance to those species or where they would be adversely affected in terms of their breeding, rearing, hibernation and migration.

    This interpretation would have facilitated permit practice, because the application of the above-mentioned prohibitions would have brought into focus the conservation status of the respective species and not just a single specimen. Especially in the case of less endangered “common species” (according to the BD, all European birds are protected) this demand is understandable. Human uses, e.g. wind farms, would therefore be possible on a larger scale without jeopardising the conservation of protected species. 

    ECJ decision

    The ECJ did not adopt the recommendations of the Advocate General in her Opinion. According to the ECJ, the application of the prohibitions under Art. 12 HD – prohibitions on killing, destruction and interference – do not depend on the conservation status of the species in question. The Court justifies this with the exceptions provided for in the HD under Art. 16. According to the ECJ, the exceptional nature of this provision could be bypassed if restrictions were already imposed at the level of the prohibitions. 

    Outlook

    From the perspective of achieving climate targets, the decision does not provide the hoped-for relief for renewable projects. Due to the specifics of Swedish law, the Court at least did not have to deal with the relief proposed by the Advocate General for the BD. However, based on previous case law and the present decision, it must be expected that the ECJ will continue to remain true to its strict interpretations of European nature conservation regulations. 
    The next conflicts between climate protection and species protection are pre-programmed. From today’s perspective, achieving these two Union goals without friction seems a long way off.

    By Benjamin Schlatter, Attorney at Law, Schoenherr

  • Schoenherr and Wolf Theiss Advise on Volksbank Wien Note Issuance

    Schoenherr has advised joint lead managers Barclays Bank Ireland Plc, Credit Agricole Corporate and Investment Bank, DZ Bank AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main, Erste Group Bank AG, and Raiffeisen Bank International AG on the successful issue of EUR 500 million 0.875 % senior non-preferred eligible notes 2021-2026 by Volksbank Wien AG. Wolf Theiss advised Volksbank Wien on the issuance. 

    According to Schoenherr, “the notes eligible for MREL (Minimum Requirement for Own Funds and Eligible Liabilities) purposes were successfully issued under Austrian law on March 23, 2021 under Volksbank Wien AG’s notes Issuance Program and placed with institutional investors and eligible counterparties. The notes have a term of five years, mature in March 2026, and have a denomination of EUR 100,000 each. They are admitted to the official market of the Vienna Stock Exchange.”

    Schoenherr’s team included Partners Christoph Moser and Ursula Rath and Associates Angelika Fischer.

    Wolf Theiss’s team included Partner Alexander Haas, Senior Associate Nikolaus Dinhof, and Associates Sebastian Prakljacic and Dominik Thill.

  • Act Legal WMWP Advises Wowflow on EUR 300,000 Financing Round

    Act Legal WMWP has advised Viennese real estate start-up Wowflow on a EUR 300,000 financing round.

    According to Act Legal WMWP, the investment is expected to drive the company’s growth in the German-speaking region. According to the firm, “the accelerating digitization of the conservative real estate sector, combined with the rising trend toward outsourcing facility management and maintenance services, helped the company triple its revenue in 2020 and attract clients such as Forstinger and Reiwag Facility Services.”

    Act Legal WMWP’s team was led by Partner Paul Koppenwallner.

    Act Legal WMWP did not reply to our inquiry on the matter.

  • Schoenherr Helps Bitpanda Secure Series B Investment

    Schoenherr has helped Viennese crypto-currencies retail broker Bitpanda obtain a EUR 143 million Series B investment from Valar Ventures and DST Global. Taylor Wessing advised Valar Ventures on the deal.

    According to Schoenherr, “this investment increases the valuation of the company to around USD 1.2 billion, and Bitpanda becomes the first ‘unicorn’ (a company with a valuation of more than USD 1 billion) of the Austrian start-up scene.”

    This transaction marks the second recent investment Schoenherr advised Bitpanda on, after the firm helped the company secure a USD 52 million investment in a Series A financing round in 2020, also led by Valar Ventures (as reported by CEE Legal Matters on October 2, 2020).

    Valar Ventures is a New York-based venture firm with over USD 1.3 billion in assets under management.

    Schoenherr describes DST Global as “one of the leading Internet investment firms globally.” The company has offices in Silicon Valley, New York, London, Beijing, and Hong Kong.

    Schoenherr’s team consisted of Partners Thomas Kulnigg and Volker Weiss, Attorney-at-Law Andreas Lengger, and Associate Dominik Tyrybon.

    Taylor Wessing’s team included Partner Philip Hoflehner and Senior Associate Allan Hahn.

  • Brandl Talos Advises Sportradar Group on Acquisition of Fresh Eight

    Brandl Talos has advised the Sportradar Group on its acquisition of UK-based personalized messaging platform operator Fresh Eight. Sheridans reportedly also advised Sportradar and Shoosmiths reportedly advised the seller.

    Sportradar is a provider of sports data and sports-related digital content to media companies, bookmakers, sports federations, and state authorities. According to Brandl Talos, “through the acquisition, Sportradar will strengthen its digital marketing services platform with a DCO personalization technology, enabling sportsbook operators to fully optimize their media investments.“

    This deal marks the third transaction Brandl Talos advised Sportradar on in recent years, following the firm’s assistance on the sale of a stake in the company to the Canada Pension Plan Investment Board and TCV (as reported by CEE Legal Matters on July 13, 2018), and its acquisition of Optima in 2019 (as reported by CEE Legal Matters on October 24, 2019).

    The Brandl Talos deal team consisted of Founding Partner Thomas Talos, Senior Associate Adrian Zuschmann, and Attorney-at-Law Stephan Strass, among others.

    Sheridans’ team reportedly included Partner Howard Watt, Associate Will Parker, and Paralegal Amelia Aceto.

    The Shoosmiths team reportedly consisted of Partner Mark Shepherd and Associate Laura Austin.

  • Baker McKenzie Advises EP Power Europe on Acquisition of STEAG Power Minerals Group

    Baker McKenzie has advised EP Power Europe, a.s., a subsidiary of the Czech energy supply company Energeticky a Prumyslovy holding, a.s., on the acquisition of the STEAG Power Minerals Group. 

    Financial terms were not disclosed.

    STEAG Power Minerals Group recycles and resells, among other things, residues arising from hard coal combustion in coal-fired power plants. In addition, it invests in projects that focus on the exploration of alternative material sources in order to ensure the long-term sustainability of the business in the context of the coal phase-out in Europe. 

    Energeticky a Prumyslovy holding is a Central European energy group that owns and operates assets in the Czech Republic, the Slovak Republic, Germany, Italy, Ireland, the UK, France, and Switzerland. 

    Baker McKenzie’s team was led by Berlin-based Partner Thorsten Seidel and Counsels Holger Engelkamp and Claire Dietz-Polte, with the assistance of Vienna-based Partner Andreas Traugott and Associate Nina Lenhard and Warsaw-based Counsel Mikolaj Piaskowski, Senior Assoiate Michal Derdak, and Associate Marta Banas, in addition to lawyers in the firm’s German offices.

    Baker McKenzie did not reply to our inquiry on the matter.

    Editor’s note: After this article was published, Baker McKenzie informed CEE Legal Matters that Orrick Germany had advised the sellers, STEAG GmbH, on the deal.

  • Daniel Reiter and Nicolas Wolski Promoted to Partner at BPV Huegel

    Daniel Reiter and Nicolas Wolski have been promoted to Partner at BPV Huegel in Austria. Both lawyers work in the firm’s Moedling office.

    Daniel Reiter, who joined BPV Huegel in 2011, specializes in M&A and capital markets. He received his Ph.D. in Law from the University of Vienna in 2013.

    Nicolas Wolski specializes in Tax law. Before joining BPV Huegel in 2018, he practiced with Freshfields Bruckhaus Deringer from 2011 to 2015, Graf von Westphalen from 2015 to 2016, and Willkie Farr & Gallagher from 2016 to 2017. Wolski received his Master of Laws in Taxation from the University of Munster in 2009 and his Master of Laws in Tax Law and Accounting from the University of Vienna in 2018.

    “Congratulations to the new partners,” commented BPV Huegel Co-Managing Partner Christoph Nauer. “Both have contributed significantly to the firm’s success in recent years.”

  • Three New Partners at Dorda

    Longtime Dorda lawyers Magdalena Brandstetter, Stephan Steinhofer, and Nino Tlapak have been promoted to Partner.

    Brandstetter has been with Dorda since 2013. She specializes in real estate M&A, hospitality, and real estate and tenancy law, and has a Magister’s degree in Law from the University of Vienna.

    Steinhofer, who joined Dorda in 2011, specializes in civil and commercial litigation, particularly in the areas of contractual warranty and damage claims, IT disputes, public financing, and post-M&A disputes. He has a Magister’s degree and a Ph.D. in Law from the University of Vienna.

    Tlapak joined Dorda as a student in 2009 and has been working in the IT, IP, and Data Protection Team since 2012. According to Dorda, he specializes in data protection, cybersecurity, outsourcing, and cloud contracts. According to the firm, “a particular focus of his is on the regulated sector, specifically banks, insurance companies as well as companies in the life sciences sector.” He has a Magister’s degree in Law and an LL.M. from the University of Vienna.

    “The three partner appointments are a very clear sign of our qualitative growth,” commented Dorda Managing Partner Axel Anderl. “They enable us to meet the continually sharp increasing demand for high-quality advice. I am very pleased that three of our team members, who have been with us for many years, have now become partners. This characterizes our work with young talent and our corporate culture.”

  • Schoenherr and Wolf Theiss Advise on Raiffeisenlandesbank Vorarlberg’s EUR 300 Million Mortgage Covered Notes Issuance

    Schoenherr has advised joint lead managers DekaBank, DZ Bank, Erste Group, Raiffeisen Bank International, and UniCredit on the successful issue of covered notes by Raiffeisenlandesbank Vorarlberg Waren-und Revisionsverband registrierte Genossenschaft mit beschrankter Haftung. Wolf Theiss advised Raiffeisenlandesbank Vorarlberg on the issue.

    According to Schoenherr, the issuance of EUR 300 million 0.250% Mortgage Covered Notes 2021-2036 closed on March 4, 2021. The notes have a term of 15 years, maturing in March 2036, and are split into single notes with a denomination of EUR 100,000 each. They are listed on the Vienna Stock Exchange.

    Schoenherr’s team included Partners Christoph Moser and Ursula Rath and Associate Angelika Fischer.

    Wolf Theiss’s team included Partner Alexander Haas, Senior Associate Nikolaus Dinhof, and Associate Sebastian Prakljacic.