Category: Poland

Clifford Chance has advised Nord/LB as the lender on the financing of OX2’s 100-megawatt Rutki Solar Farm in southwestern Poland. Allen & Overy Shearman Sterling reportedly advised OX2.

According to Clifford Chance, the solar farm is expected to produce about 108 gigawatt-hours of electricity annually, meeting the power needs of around 22,000 households. Rutki also benefits from a 15-year contract-for-difference with Poland’s Energy Regulatory Office covering approximately half of its projected output.

The Clifford Chance team included Partners Andrzej Stosio and Pawel Puacz, Counsel Kacper Bardan, Aleksandra Rudzinska, and Tomasz Szymura, Senior Associates Artur Gladysz and Pawel Zawislak, and Associates Oskar Ratajczak, Natalia Karasiewicz, Maciej Mroz, and Kinga Grzelczak.

SKJB Szybkowski Kuzma Jelen Brzoza-Ostrowska has advised Lublin East on securing a loan to refinance completed warehouse facilities and finance the final stage of the 7R Park Lublin logistics park.

According to SKJB, the project comprises five buildings totaling 108,000 square meters, located near the S12 and S19 expressways.

The SKJB team included Partner Agnieszka Kuzma, Senior Associate Aleksandra Szykulska, and Associate Tomasz Ciszynski.

SKJB did not respond to our inquiry on the matter.

Deloitte Legal has advised mBank on approximately PLN 80 million in facilities for a joint venture between 1 Asset Management and Solida Capital Europe. Allen Overy Shearman Sterling advised the borrowers.

According to Deloitte Legal, the financing supports the construction of a private purpose-built student accommodation in Warsaw, featuring around 6,700 square meters of usable area and 367 beds. 

The Deloitte Legal team included Partner Associates Mariusz Banas, Jan Bagatela, and Konrad Bisiorek and Associate Alicja Rojan.

The A&O Shearman team included Partner Michal Matera, Senior Associate Artur Rutkowski, and Trainee Nicole Skawinska

MFW Fialek has advised Enterprise Investors on its acquisition of a majority stake in Salus Centrum Medyczne.

The transaction remains contingent on regulatory approval.

Salus Centrum Medyczne is a healthcare services provider in Poland. 

Enterprise Investors is a private equity firm in Central and Eastern Europe, specializing in mid-market buyouts and expansion financing.

The MFW Fialek team included Partner Miroslaw Fialek, Associate Partner Rafal Siemieniec, Senior Associates Marcin Gutkowski, Pawel Siwiec, Krzysztof Drzymala, Michal Kret, and Mariusz Domagala, Associates Maciej Kiraga, Wojciech Lichterowicz, Kacper Rydz, and Jakub Wilk, and Junior Associates Franciszek Furmaniak and Maksymilian Gnat.

MFW Fialel did not respond to our inquiry on the matter.

Greenberg Traurig has advised Diagnostyka on its initial public offering and admission to trading on the regulated market of the Warsaw Stock Exchange. White & Case advised the underwriters. Baker McKenzie advised Diagnostyka’s majority shareholder Mid Europa.

Citigroup Global Markets Limited, Bank Handlowy w Warszawie – Biuro Maklerskie Banku Handlowego, Jefferies, Santander Bank Polska – Santander Biuro Maklerskie, and Banco Santander were the joint global coordinators and joint bookrunners. Trigon Dom Maklerski, Wood & Company Financial Services, Spolka Akcyjna, Oddzial w Polsce, Pekao Investment Banking, and Bank Polska Kasa Opieki – Biuro Maklerskie Pekao were the joint bookrunners.

According to Greenberg Traurig, the IPO raised nearly PLN 1.7 billion and implies a total market capitalization of over PLN 3.5 billion for the company. According to White & Case, “the IPO share price was set at the maximum price of PLN 105 per share, with a final offering of 16,147,124 shares, representing 47.83% of Diagnostyka’s share capital. The offering consisted solely of existing shares sold by LX Beta, an entity controlled by MidEuropa III Management Limited, Diagnostyka’s majority shareholder, which belongs to MidEuropa, a leading private equity investor in Central Europe.”

Diagnostyka Group provides laboratory testing and diagnostics services through a network of more than 1,100 collection points, 156 diagnostic labs, and 19 diagnostic imaging centers across Poland. Having operated in the market for 27 years, the group serves over 20 million patients annually.

The Greenberg Traurig team in Warsaw included Senior Partner Lejb Fogelman, Partners Pawel Piotrowski and Rafal Sienski, Counsel Agnieszka Stopinska, Senior Associate Grzegorz Socha, and Associate Kamil Nagawski as well as further team members in London.

The White & Case team in Warsaw included Partners Marcin Studniarek and Rafal Kaminski, Local Partner Monika Duzynska, and Associates Adam Marszalek, Dawid Ksiazek, and Klaudia Pacocha as well as further team members in London.

The Baker McKenzie team in Warsaw included Partner Filip Uzieblo, Counsels Marcin Plonka and Michal Maj, Senior Associate Monika Michalowska, Associates  Krzysztof Regucki and Marcin Pommersbach, and Junior Associates Jakub Demus and Julia Gorczyca as well as additional lawyers in London.

CMS has advised HB Reavis on Alior Bank’s headquarters relocation to Varso Place in Warsaw. WKB advised Alior Bank.

According to Varso Place developer HB Reavis, Alior Bank will lease 8,300 square meters in the complex as part of its drive to optimize operations and enhance employee working conditions.

The CMS team included Partner Agata Jurek-Zbrojska, Senior Associate Aleksander Grabecki, and Associate Maciej Liberacki.

The WKB team included Partner Anna Wyrzykowska, Partner Bartosz Laski, and Associate Marta Palyga.

White & Case has advised Orlen on its issuance of USD 1.25 billion in unsecured bonds on the US Rule 144A bond market. Clifford Chance advised the banks.

The consortium that organized the issuance included Citigroup Global Markets Europe, J.P. Morgan, Banco Santander, Goldman Sachs Bank Europe, and SMBC Bank EU.

According to White & Case, the ten-year bonds carry a 6% annual coupon and were issued under Orlen’s global medium-term note program. Listed on Euronext Dublin, the issuance will help finance Orlen’s day-to-day corporate operations.

In 2024, White & Case advised the banks involved in Orlen’s EUR 2 billion financing (as reported by CEE Legal Matters on November 1, 2024).

The White & Case team included Warsaw-based Partner Marcin Studniarek, Local Partner Bartosz Smardzewski, and Associates Dawid Ksiazek, Michal Truszczynski, and Klaudia Pacocha and London-based Partner Melissa Butler, Counsel Doron Loewinger, and Associate Amulang Povaeva.

The Clifford Chance team included Partners Matt Fairclough, Milosz Golab, and Johannes Juette, Counsel Aleksandra Rudzinska, Senior Associate Jeffery Hung, Associates Krzysztof Burda and Gabriela Kobak, Lawyer Trey Oxendine, and Law Clerks Aritra Chamak Saha and Natasha Sarna.

Gessel has advised the Founders of Szopex on the sale of a 75% stake in the company to the CCC Group. Oles, Rysz, Sarkowicz reportedly advised CCC Group.

The transaction remains contingent on regulatory approval.

Szopex owns sportswear and footwear retailers such as SklepBiegacza, WarsawSneakerStore, and SKstore, operating both brick-and-mortar and online platforms.

According to Gessel the deal, which aligns with CCC’s new strategy to strengthen its premium segment, includes a base price of PLN 27.8 million for the stake, half payable in cash and half potentially through CCC’s Modivo shares. The agreement also features a call option for the remaining 25%, contingent on Szopex’s performance in 2028.

The Gessel Team included Managing Partner Marcin Macieszczak, Partner Dominika Ramirez-Wolkiewicz, Managing Associate Aleksandra Szyszko-Kaminska, Senior Associate Emilia Szkiela, Associate Marcin Walczak, and Attorneys at Law Christian Schmidt and Agnieszka Kolenda-Kuchcicka.

Rymarz Zdort Maruta has advised PGE Polska Grupa Energetyczna on the implementation of the Baltica 2 investment project involving the construction of an offshore wind farm in a joint venture with Orsted Group. Hengeler Mueller and SK&S advised Orsted.

The planned capacity of Baltica 2 is approximately 1.5 gigawatts.

Denmark-based Orsted operates in the offshore wind market.

According to Rymarz Zdort Maruta, the Baltica 2 Baltica 2 offshore wind farm is scheduled for commissioning in 2027 with the total budget “estimated at around PLN 30 billion. The purpose of forming the JV was to implement an offshore program to build an offshore wind farm with a total capacity of about 2.5 gigawatts by 2030, to be implemented in two stages. Phase I – Baltica Wind Power Plant-3 with a capacity of about 1 gigawatt and Phase II – Baltica Wind Power Plant-2 with a capacity of about 1.5 gigawatt.”

In 2024, PGE and Orsted executed a lease agreement for the Gdansk T5 terminal (as reported by CEE Legal Matters on October 11, 2024). The Baltica 2 cable line connection development also began in 2024 (as reported by CEE Legal Matters on January 25, 2024).

The Rymarz Zdort Maruta team included Partners Marek Durski, Marek Maciag, Jakub Krzemien, Iwona Her, and Marcin Serafin, Counsel Lukasz Lech, Senior Associates Adrian Augustyniak, Andrzej Granat, Klaudia Kasztelewicz, and Tomasz Bakowski, and Associates Barbara Gawin, Weronika Iskierska, Maksymilian Kaszubowski, and Sebastian Stepinski.

The Hengeler Mueller team included lawyers in Frankfurt, Berlin, and Duesseldorf.

The SK&S team included Partners Krzysztof Cichocki and Tomasz Mlodawski and Senior Counsel Witold Kurek.

Greenberg Traurig has advised Manova Partners on the negotiation of six lease agreements for the Cedet building with companies of the Polski Fundusz Rozwoju group. SKJB Szybkowski Kuzma Jelen Brzoza-Ostrowska advised Polski Fundusz Rozwoju.

According to Greenberg Traurig, “the joined area of the office space leased to PFR amounts to 9,500 square meters.”

The Greenberg Traurig team included Counsel Anna Kokeli.

The SKJB team included Partner Agnieszka Kuzma and Associate Tomasz Ciszunski.