Category: Poland

Greenberg Traurig has advised Cyfrowy Polsat on the issuance of sustainability-linked series E bonds with an aggregate nominal value of PLN 820 million. Baker McKenzie advised the Trigon Brokerage House, Bank Pekao, and Santander Bank Polska on managing the issuance.

Grupa Polsat is a Polish media and telecommunications group with over 6 million customers. It offers access to telecommunications, digital pay TV, and the Internet.

According to Greenberg Traurig, “Cyfrowy Polsat, within its bond issue program, issued unsecured bearer series E bonds. The bonds were issued through a public offering addressed solely to qualified investors, which did not require a prospectus or an offering memorandum to be prepared. The company introduced the bonds to the Alternative Trading System operated by the Warsaw Stock Exchange within the framework of the Catalyst market.”

Previously, Greenberg Traurig advised on Polsat Plus Group’s corporate bond issuance in 2022 (as reported by CEE Legal Matters on December 23, 2022) and, in 2020, on Cyfrowy Polsat’s first corporate green bonds issuance (as reported by CEE Legal Matters on February 19, 2020).

The Greenberg Traurig team included Partner Daniel Kaczorowski, Local Partner Paulina Kimla-Kaczorowska, Senior Associate Agnieszka Stopinska, and Associates Katarzyna Goljan and Michal Kuratowski.

The Baker McKenzie team included Partner Michal Glowacki, Associate Bartosz Ordon, Lawyer Kajetan Huruk, and Trainee Izabella Bednarz.

Clifford Chance has advised Hillwood on over EUR 89 million in financing from Bank Pekao for the construction of three warehouse parks in Poland. Reportedly, CMS advised Bank Pekao.

Hillwood is an industrial, commercial, and residential real estate development company.

According to Clifford Chance, all of the logistics parks are BREEAM certified as a commitment to sustainable construction and care for the environment.

Clifford Chance previously advised Hillwood on the financing for Lodz Chocianowice logistics park (as reported by CEE Legal Matters on December 8, 2022), on the financing for the logistics park in Zgierz (as reported by CEE Legal Matters on August 30, 2022), as well as the financing for the construction of a logistics park in Sycow (as reported by CEE Legal Matters on June 13, 2022), and the sale of a logistic center in Kokotow to GLL Real Estate Partners (as reported by CEE Legal Matters on April 21, 2020).

The Clifford Chance team included Counsel Maciej Bochenski, Senior Associate Michal Przybysz, and Associate Adrian Krol.

White & Case has advised Asseco Poland on a shares buy-back via an invitation for current shareholders to submit offers for the sale of their shares.

Warsaw Stock Exchange-listed Asseco Poland is the largest Polish software producer. The Asseco Group is Europe’s sixth-largest software producer, operates in 61 countries worldwide, and employs nearly 33,000 people.

According to White & Case, as part of the buy-back, ”Asseco Poland acquired more than 14.8 million shares at PLN 80 per share for a total value of nearly PLN 1.2 billion, representing 17.84% of the company’s share capital. The shares buy-back changes Asseco Poland’s shareholding structure, contributing to the shares’ increased liquidity and the company’s long-term value. The shares were bought back via a public invitation to submit offers at a final price identical for all shareholders. Asseco Poland received offers from shareholders for the sale of shares which resulted in a sale price not higher than PLN 80 per share, covering a total of 26.5 million shares, and the reduction rate of offers submitted by shareholders amounted to 44.13%.”

The White & Case team in Warsaw included Partner Marcin Studniarek, Local Partner Bartosz Smardzewski, and Associate Dawid Ksiazek.

White & Case did not respond to our inquiry on the matter.

In response to evolving global dynamics, Poland’s legal sector is undergoing significant changes, according to NGL Legal Partner Krzysztof Wiater who highlights the region’s increased commercial activity, driven by defense and energy projects, as well as a generational shift in business.

“The war in Ukraine has necessitated a reevaluation of Poland’s defense strategy,” Wiater begins. “Many international companies are now actively engaging in the region, leading to an influx of commercial contracts and legal work. New forms of cooperation are emerging, both with public and private components.” Specifically, Wiater mentions that “Korean defense companies are eyeing opportunities in Poland and Romania as gateways to the European market, with law firms like ours providing crucial support. The recent visit of the Korean President to Poland underscored this trend.” Moreover, he shares that this is “not limited to defense companies anymore; dual-use producers for both defense and civil sectors, including automotive and tech companies, are entering the scene, further diversifying the legal work.”

Continuing, Wiater shares that “Poland is embarking on an ambitious path regarding nuclear power plants, one of which is likely to be constructed by Americans and another by Koreans. This presents a wealth of legal opportunities, spanning regulatory, corporate, and construction aspects.” Additionally he reports that the “upcoming elections in Poland are leading to increased economic activity, with the State Treasury acquiring a larger share of the economy. This is typical before elections, as M&A deals need closure and investment programs require finalization, all to ensure a stable economic footing.”

Moving on to international directional shifts, Wiater says that “global trends such as ESG and the green transformation are reshaping various sectors, including energy. Poland is procuring LNG regasification units (FSRU ships) for gas delivery, partly for energy independence.” According to him, “this innovative endeavor not only involves acquiring these vessels but also establishing the legal framework for their operation. Meanwhile, it is planned to transfer traditional coal energy assets to a state entity called NABE (National Agency for Energy Security), while major players like Orlen are adopting greener practices and exploring related sectors like plastics.” The result of these efforts is, as Wiater reports, a surge in legal work, particularly in “facilitating the transition of non-sustainable assets to state entities, making companies more attractive from a financing perspective.”

Focusing on the specifics of the legal sector, Wiater reports that it has been experiencing “the ebb and flow of economic cycles. The first half of this year was relatively quiet in terms of M&A transactions, but we’re now witnessing signs of acceleration. While it’s not yet a confirmed trend, from our perspective, there’s a noticeable increase in both pitch numbers and contracted transactions.” Having all of this in mind, Wiater is optimistic about the second half of the year.

Furthermore, he shares an observation of there being a “change of generation among businesses established in the 1990s. This transition is generating numerous small and medium-sized transactions,” he explains. “There’s growing interest in transferring homegrown businesses to foundations and seeking investors for further development. We’re even planning to compare this trend across different countries, as second-generation entrepreneurs may opt for different business forms. For instance, a meat production business may diversify into blockchain technology, presenting intriguing legal challenges,” he concludes.

MFW Fialek has advised the shareholders of Dom Whisky Group, including Premium Brands Spirits, CBMAX Spirits, and Premium Brands, on the sale to United Beverages. Reportedly MJH Moskwa, Jarmul, Haladyj, and Partners advised United Beverages.

The transaction remains contingent on regulatory approval.

According to MFW Fialek, the activities of Dom Whisky Group’s companies consist of retail and wholesale sales of alcoholic and non-alcoholic beverages conducted in specialized stationary stores and via an online spirits store.

The MFK Fialek team included Partner Miroslaw Fialek, Senior Associate Mariusz Domagala, Associate Mateusz Wieckowski and Mateusz Trzewik, and Junior Associates Natalia Grzegorzewska and Adrianna Kloda-Szczesna.

Linklaters has advised a group of commercial lenders, export credit agencies, and multilateral financial institutions on the development and USD 5.2 billion non-recourse green financing for the Baltic Power offshore wind farm. Hogan Lovells advised the borrowers. SSW Pragmatic Solutions advised Baltic Power.

The target project is owned by Orlen and Northland Power. According to Linklaters, this is the first offshore wind farm to reach financial close in Poland. The multi-sourced green financing is being provided by twenty-five international and local commercial banks, the EIB, and the EBRD and is supported by three export credit agencies: Euler Hermes, Export and Investment Fund of Denmark, and Export Development Canada.

The project benefits from contracts for difference support under the first round of CfDs awarded by the Polish government under the Offshore Wind Act. Baltic Power is being developed off the Polish coast, near Leba and Choczewo and, once completed in 2026, will have a capacity of approximately 1,140 megawatts and generate enough electricity to provide over 1.5 million Polish households with clean energy, Linklaters reported.

The Linklaters team included Partners Marta Domino and Patryk Figiel, Managing Associates Jakub Dabrowski and Wojciech Podlasin, Senior Associate Maciej Checinski, and Associates Dominik Piechowiak and Marcin Woloszyn as well as further team members in London, Berlin, Amsterdam, New York, Paris, and Frankfurt.

The Hogan Lovells team included Lawyers in the US, the Netherlands, the UK, and Germany.

The SSW Pragmatic Solutions team included Partners Ilona Fedurek, Dominik Strzalkowski, Hubert Wysoczanski, Katarzyna Solarz-Wlodarska, Tomasz Wickel, Lukasz Karpiesiuk, Lukasz Grenda, Anita Palukiewicz, Robert Wodzynski, and Marcin Cetnarowicz, Counsel Marek Wedrychowski and Anna Sekowska, Senior Managing Associates Pawel Michalek and Marta Popis, Senior Associates Julia Wysocka, Krystian Trzcinski, Rafal Lapinski, Olga Panek, and Tomasz Pietrzyk, and Associates Filip Grabowski, Katarzyna Kusnierek, Agnieszka Ratajczak, Michal Ilasz, Kamil Jurzak, Iwona Domanska, and Kamil Wroblewski.

SKJB has advised on 7R’s sale of the City Flex Gdansk II logistics park to GLP Europe. Reportedly, White & Case advised GLP Europe.

7R SA is a developer operating in the logistics and industrial sectors. GLP Europe is a builder, owner, developer, and operator of logistics real estate, data centers, renewable energy, and related technology.

According to SKJB, “the facility has 11,500 square meters and is currently fully leased by leading grocery and FMCG brands.”

The SKJB team included Partner Anna Brzoza-Ostrowska, Senior Associate Izabela Kultys, and Lawyer Piotr Kuczynski.

Clifford Chance has advised Commerzbank and other joint lead managers on the issue of green senior non-preferred bonds with a total nominal value of EUR 750 million by mBank. Reportedly, Allen & Overy advised mBank.

According to Clifford Chance, the bonds were issued under an EMTN Programme. They have been admitted to trading on the Luxembourg Stock Exchange.

In 2021, Clifford Chance advised on mBank’s EMTN Program update and EUR 500 million green note issuance (as reported by CEE Legal Matters on September 29, 2021) and, in 2019, on mBank’s secured bond issuance (as reported by CEE Legal Matters on May 9, 2019).

The Clifford Chance team included Partners Matt Fairclough and Grzegorz Namiotkiewicz, Counsel Aleksandra Rudzinska, Senior Associate Eric Green, and Lawyer Mateusz Dablowski.

Editor’s Note: After this article was published Allen & Overy confirmed its involvement in the deal. The firm’s team included Counsel Lukasz Walczyna and Associate Alicja Urbanska.

Former Banasik Wozniak i Wspolnicy Partner Joanna Bernat has joined Crido in Warsaw as a Partner and the firm’s Head of Energy.

According to Crido, Bernat has experience in public commercial law, with a special focus on energy law and the RES Act, as well as public procurement law and PPP, and will improve the firm’s offering on energy, infrastructure, and regulatory matters. Before joining Crido, Bernat spent over 13 years with BWW, starting out as a Trainee Lawyer in 2010, becoming a Lawyer in 2013, a Senior Associate in 2018, and becoming a Partner in 2019.

Joining alongside her are Senior Associate Magdalena Pienkowska – also a BWW alumna – and Junior Associate Adam Czekalla.

“We are delighted to welcome Joanna, Magdalena, and Adam on board. Their extensive knowledge and years of experience will undoubtedly support Crido’s offer in the field of energy projects,” Crido Legal Advisory Managing Partner Jakub Ziolek commented. “Strategically, it is an important area for both our clients and ourselves. This is why we are planning to take further steps in the coming months to continue expanding the team and our competencies in this respect.”

Former Linklaters Counsel Klaudia Krolak has joined Greenberg Traurig’s Poland office as a Partner.

According to Greenberg Traurig, Krolak’s advisory expertise covers M&A transactions, private equity deals, joint ventures, corporate dispute resolutions, and reorganizations. Prior to joining Greenberg Traurig, Krolak spent almost 20 years with Linklaters, having joined the firm back in 2004 and making Counsel in 2019.

“I am thrilled to begin this exciting journey with Greenberg Traurig,” Krolak said. “I eagerly anticipate working closely with my new colleagues, collectively striving to deliver excellent outcomes for our valued clients.”

“We extend a warm and delighted welcome to Klaudia as she joins Greenberg Traurig,” Senior Partner Lejb Fogelman added.

“Klaudia’s impressive background in Corporate/M&A capabilities, as well as her enthusiasm and dedication perfectly align with Greenberg Traurig’s DNA,” Managing Partner Jolanta Nowakowska-Zimoch commented. “We eagerly anticipate the positive impact of Klaudia’s expertise and wish her the best of luck in this exciting endeavor.”