Category: Austria

Binder Groesswang has advised Austrian risk and insurance manager GrECo and its majority owners, the Neubrand family, on the buy-back of GrECo shares from former British partner JLT. Schoenherr advised the sellers on the deal.

In addition to the Neubrand family, Germany’s Ecclesia Group holds a 13.33% stake in GrECo, has over 1000 employees, operating 57 subsidiaries in 16 countries. It is globally represented in over 200 countries via GrECo nova.

According to Binder Groesswang, “in April 2019, GrECo’s 20%-shareholder, the British JLT-group (Jardine Lloyd Thompson Group plc) was acquired by the US Marsh & McLennan Group. In the light of these developments the Austrian GrECo owner family Neubrand exercised its buy-back option and repurchased JLT’s 20% stake. The buy-back was completed at the beginning of March 2020.”

The Binder Groesswang team was led by Partners Michael Binder and Gottfried Gassner, both of whom advised GrECo on JLT’s entry in 2010.

Schoenherr’s team was led by Partner Thomas Kulnigg and included Attorneys Michael Stimakovits and Associate Irina Hanin.

Herbst Kinsky has advised Earlybird Venture Capital as lead investor on its investment into Mostly AI Solutions MP GmbH. Mostly AI was advised by Act Legal.

Herbst Kinsky describes Mostly AI as “an AI start-up from Vienna that specializes in synthetic data and that companies such as Erste Group, Telefonica, Microsoft, and BAWAG PSK can now count among their customers.”

The Herbst Kinsky team was led by Partner Philipp Kinsky and included Attorney at Law Carl Walderdorff and Associate Philipp Herold.

Act Legal’s team was led by Partner Robert Winkler.

DLA Piper has advised PORR AG on the issuance of EUR 150 million hybrid bond.

This is PORR’s third hybrid bond issue, following similar issuances in 2014 and 2017.

According to DLA Piper, “the issue was significantly oversubscribed and the interest rate was fixed at 5.375% at the lower end of the price range issued due to high demand. The new hybrid bond has an unlimited term with the issuer’s option of early redemption after five years.”

This transaction also included the upstream partial repurchase of the hybrid bond issued in 2017. In total, a nominal amount of around EUR 25.7 million was repurchased from the hybrid bond issued in 2017.

The DLA Piper team was led by Vienna-based Corporate Partner Christian Temmel and included Senior Associate Christian Knauder.

Cerha Hempel has advised CA Immobilien Anlagen AG on its EUR 500 million benchmark bond issuance. Linklaters advised sole global coordinator J.P. Morgan and joint book-runners Erste Group, J.P. Morgan, and Morgan Stanley.

According to Cerha Hempel, “CA Immo tapped the Eurobond market for the first time and successfully placed a EUR 500 million fixed-rate senior unsecured bond with a seven-year maturity and an annual coupon of 0.875% on January 28, 2020. The bond trades on the Official Market of the Vienna Stock Exchange. The international rating agency Moody’s Investors Service has assigned an investment grade rating of Baa2 to the bond. CA Immo’s long term rating is also Baa2 with a stable outlook.”

The bond issue was combined with a liability management transaction, a simultaneous repurchase of outstanding bonds issued by CA Immo that were soon to mature. Cerha Hempel reports that “CA Immo invited the holders of outstanding 1.875% bonds due 2021 to submit offers for the repurchase of these bonds at a purchase price of 102.55%, of 2.750% bonds due 2022 at a purchase price of 105.10%, and of 2.750% bonds due 2023 at a purchase price of 107.10%. Bonds in the aggregate face value of EUR 98.5 million (corresponding to an offer quota of 21.2%) have been offered to CA Immo. CA Immo decided to fully accept the total amount of Notes tendered. The transaction closed on February 5, 2020.”

Cerha Hempel’s team included Partner Volker Glas, Attorney Christian Aichinger, and Associate Mathias Drescher.

Linklaters’ Frankfurt-based team included Partners Alexander Schlee and Peter Waltz, Managing Associate Martin Rojahn, and Associate Rowina Ullner.

Former Rautner Rechtsanwalte Partner Walter Gapp has joined CMS in Vienna.

According to CMS, “with a focus on debt capital markets, [Gapp] has specialized over many years in advice to investment banks and issuers, legal support for securitizations and supervisory law. He acquired his wide-ranging expertise and experience in this field over the last 15 years with renowned Viennese law firms and has proven his skills in international transactions.

“With Walter Gapp, we are gaining an experienced expert in the field of capital markets law,” said CMS Partner Martin Zuffer. “His presence enables us to expand our range of services and client base.”

Gapp studied at Leopold Franzens University in Innsbruck, the University of Geneva, and the University of Lausanne. Prior to joining CMS, Gapp spent ten years at Schonherr and almost four years at Rautner Rechtsanwalte.

Schoenherr has advised Neuraxpharm, a portfolio company of Apax Partners, on the acquisition of Austrian consumer healthcare company Easypharm OTC GmbH. Hochedlinger Luschin Marenzi Kapsch advised the unidentified sellers on the deal, which closed on January 20, 2020.

According to Schoenherr, “Neuraxpharm Group is a European specialty pharmaceutical company focused on central nervous system disorders. With the acquisition of Easypharm, the company further consolidates its expansion into the Austrian market. Easypharm is a pharmaceutical company that focuses on consumer healthcare mainly via its two CNS brands, easysleep and easyrelax.”

Schoenherr’s team was led by Partner Sascha Hoedl, Counsel Maximilian Lang, Attorney Teresa Waidmann, and Associate Leon Scheicher.

Hochedlinger Luschin Marenzi Kapsch’s team included Senior Partners Gerhard Hochedlinger and Wolfgang Luschin.

Brandl & Talos, Willkie Farr & Gallagher, and Germany’s Schnittker Moellmann Partners have advised Insight Partners and e.ventures on the EUR 30 million series A investment in Viennese start-up PlanRadar. Grohs Hofer advised PlanRadar.

According to Brandl & Talos, “PlanRadar has set itself the goal of digitizing the construction and real estate industry and already has an enviable customer base of household names such as Siemens, Bosch, Rewe, and Allianz Real Estate.”

Brandl & Talos’ team included Partner Roman Rericha, Attorneys Markus Arzt and Sabine Konrad, and Associate Matea Plavotic.

Willkie Farr & Gallagher’s team included Partner Matthew Haddad and Associate Stephanie Moran.

Schnittker Moellmann Partners’ team included Partners Stephan Bank and Tim Schloesser.

Gross Hofer’s team was led by Partner Matthias Pusch.

Schoenherr has advised Austria’s HS Timber Group and Blue Minds IF on their February 28, 2020 acquisition of Interfloat Corporation and GMB Glasmanufaktur Brandenburg GmbH. Closing, which remains contingent on regulatory approval, is expected in the first half of 2020.

The HS Timber Group, based in Vienna, is a wood processing company that is active in the timber industry and in the bioenergy sector throughout CEE, exporting its products to 70 different destinations. The Blue Minds Group specializes operates in the energy and infrastructure sectors from Vienna, Munich, and Tel Aviv.

Liechtenstein-based Interfloat and Germany-based GMB Glasmanufaktur Brandenburg specialize in the production and distribution of solar-glass and special glasses for photovoltaic applications and greenhouses.

According to Schoenherr, as a result of the deal, HS Timber Group will hold an 80% share in Interfloat and Blue Minds IF will hold 20%.

Schoenherr’s team included Partners Christian Herbst and Volker Weiss and Counsel Maximilian Lang.

Schoenherr was unable to provide any additional information on the deal.

Cerha Hempel has advised the EBRD on the conversion of its indirect participation in listed Addiko Bank AG into a direct participation.

The Addiko Group is a banking group in Central and Southeastern Europe that specializes in providing services to consumers and small and medium-sized enterprises. It consists of Addiko Bank AG, with its registered office in Vienna, and six subsidiary banks licensed to operate in Croatia, Slovenia, Bosnia and Herzegovina, Serbia, and Montenegro.

According to Cerha Hempel, “the conversion was effected by means of a distribution in kind provided to the EBRD in the form of a participation held by an indirect holding company. The direct participation was acquired by transferring 1,638,443 shares in Addiko Bank AG (8.4% of its share capital) to EBRD’s securities account.”

Cerha Hempel’s team was led by Partner Peter Knobl and included Managing Partner Albert Birkner and Attorney at Law Andrea Harrich.

Editor’s Note: After this article was published, CEE Legal Matters learned that Addiko Bank had been advised by firms in the Adriala network including Bojanovic & Partners in Serbia, Kavcic, Bracun & Partners in Slovenia, Madirazza & Partners in Croatia, the Prelevic Law Firm in Montenegro, and Baros, Bicakcic & Partners in Bosnia & Herzegovina.

The Bojanovic & Partners team was led by Managing Partner Vladimir Bojanovic.

Baros, Bicakcic & Partners’ team included Partner Fedja Bicakcic and Associate Adna Bicakcic.

Prevlevic’s team was led by Senior Lawyer Marko Ivkovic.

Dorda has advised China’s Weichai Group on its acquisition of 51% of the VDS Group, an Upper-Austrian transmissions specialist. SCWP Schindhelm advised the sellers on the deal, which remains subject to regulatory approval. The purchase price was not disclosed.

Weichai is a Chinese group that offers products, services, and technologies in particular for commercial vehicles and construction machinery. This acquisition marks the group’s entrance into the Austrian market.

The VDS Group was founded in 2009 and specializes in the development and production of transmissions, automatic drive systems, and continuously variable transmissions.

Dorda’s Digital Industries Group, led by Partners Martin Brodey and Christian Ritschka, assisted by Associate Heinrich Doczy, advised Weichai on the transaction.