Category: Deals and Cases

Binder Groesswang, working with Willkie Farr & Gallagher, has advised French investment company Wendel and other shareholders on their sale of Constantia Flexibles to One Rock Capital Partners. Wolf Theiss, working with Latham & Watkins, advised One Rock. Hamburg’s Klawitter Neben Plath Zintler reportedly advised Wendel as well.

According to Binder Groesswang, Constantia Flexibles is a global leader in the flexible packaging market. The company employs almost 9,000 people in 16 countries.

One Rock Capital Partners is a US private equity investment management firm co-founded by the Mitsubishi Corporation. It has approximately USD 5 billion of cumulative capital commitments.

The Binder Groesswang team was led by Partner Thomas Schirmer, Senior Associates Felix Fuith and Mona Holzgruber, and Associate Christopher Marchel and included Partners Angelika Pallwein-Prettner, Stefan Tiefenthaler, Stefan Albiez, Regina Kroell, Johannes Barbist, and Christian Wimpissinger, Counsel Alexander Kramer, Senior Associates Sabine Apfl-Trompeter, David Roetzer, and Barbara Gangl, and Associates Inka Essl, David Schneebauer, Lisa Jost, Mara Gfader, and Raphael Dorda.

The Wolf Theiss team was led by Partner Florian Kusznier and Counsel Zeno Grabmayr and included Austria-based Partners Matthias Unterrieder, Kurt Retter, and Niklas Schmidt, Counsels Paulina Pomorski, Stefan Wartinger, and Stefan Horn, Senior Associates Gregor Grablowitz, Markus Aigner, Magdalena Ziembicka, and Georg Knafl, and Associates Nikolaus Wollner and Klemens Kendler; as well as Poland-based Partner Peter Daszkowski, Counsel Marcin Rudnik, and Senior Associates Joanna Wajdzik, Olga Gerlich, and Bartosz Kopik.

Editor’s Note: After this article was published, Wardynski & Partners announced it had advised Wendel and its co-shareholders as well. The firm’s team included Partners Kinga Ziemnicka and Joanna Prokurat, Counsels Agnieszka Goduslawska and Konrad Werner, Senior Associate Aleksandra Drozdz, Associate Rafal Baranowski, and Real Estate Specialist Iwona Kasperek.

PHH and Dentons have advised Kommunalkredit on a EUR 37.5 million financing for the 63-megawatt Senyo photovoltaic plant in Hungary. CMS reportedly advised the project’s commissioners, Green Source and Core Value Capital.

Kommunalkredit Austria specializes in infrastructure and energy financing.

Green Source is a Vienna-based company founded in 2006 that specializes in the development, implementation, and operation of ground-mounted photovoltaic projects.

Founded in 2012, Core Value Capital is a private equity firm headquartered in Vienna.

According to PHH, “by early 2024, a major solar park will commence operations in Senyo, Hungary, fortifying Hungary’s energy infrastructure. Green Source and Core Value Capital have commissioned the Germany-based Iqony Solar Energy Solutions to construct the plant on the basis of an engineering procurement and construction contract. To date, Green Source and Core Value Capital have developed and implemented more than 30 energy projects with a total capacity of more than 332 megawatts and a total investment volume of over EUR 820 million in the Czech Republic, Slovakia, Croatia, Romania, Russia, and Hungary.”

“With the construction of the Senyo solar park in Hungary, Green Source, together with our partner Core Value Capital, continues its expansion in the renewables sector in Central and Eastern Europe,” Green Source Managing Director Anna Hofmann commented.

“Our goal is to create a better world by enabling the development and construction of sustainable infrastructure,” Kommunalkredit CEO Bernd Fislage added. “We are proud to have led this transaction, as it will provide communities with renewable energy, and congratulate Green Source and Core Value Capital on realizing this important project.”

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.

Editor’s Note: After this article was published, CMS confirmed it had advised Green Source and Core Value. The firm’s 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.

Dentons has advised Singapore sovereign wealth fund GIC’s P3 Logistic Parks subsidiary on its acquisition of two logistics assets in the UK from Segro.

P3 is a long-term investor, manager, and developer of warehouse properties in Europe with more than 7.9 million square meters of assets under management. P3 has commercial activities in 12 countries and has been investing and developing in European markets for almost two decades. It is 100% owned by GIC, the sovereign wealth fund of the Government of Singapore.

Segro is a UK real estate investment trust listed on the London Stock Exchange and Euronext Paris, and an owner, manager, and developer of warehouses and industrial property.

According to Dentons, this represents P3’s first entry into the UK market. ”All units are fully let and were developed with grade A institutional specification including a BREEAM Very Good rating.”

“The acquisition of these two logistics assets in the UK marks a significant milestone for P3, as it expands our operations into a key market known for its robust logistics industry,” P3 Logistic Parks CEO Frank Poerschke commented. “The country has always been a vital hub for international trade and commerce, and we are excited to offer our expertise and resources to meet the evolving needs of businesses operating in this region.”

The Dentons team included Partners Alex Coulter, Rob Thompson, Jonathan Cantor, and Mark Macaulay, Counsel Alastair Macleod, Senior Associates Stephanie Hendy, Hugo Gerrard, Chris Northway, and Tessa Birch, and Associates Rohini Vekaria and Rebekah Hobbs.

Dentons did not respond to our inquiry on the matter.

White & Case and Eversheds Sutherland member Tsvetkova Bebov and Partners have advised Energo-Pro on its EUR 300 million issuance of senior unsecured notes due 2035. Spasov & Bratanov and Clifford Chance and its Turkish affiliate Ciftci Attorney Partnership advised initial purchaser Goldman Sachs & Co and guarantor DFC. White & Case Turkish affiliate GKC Partners and Georgia’s BLC Law Office reportedly also advised the issuer. Georgia’s Business Legal Bureau reportedly advised the initial purchaser as well. Alston & Bird reportedly advised the trustee.

Energo-Pro is a hydropower operator, distributor, and supplier of electricity in Central and Eastern Europe and the Black Sea region. It operates a portfolio of 34 hydropower plants in Bulgaria, Georgia, and Turkey and owns and operates electricity distribution networks in Bulgaria and Georgia. It is also investing in the development of new hydropower projects in Colombia. 

According to White & Case, the notes benefit from a guarantee by the US International Development Finance Corporation, an agency of the United States government. 

The White & Case team included Prague-based Partner Eva Svobodova and Associates Erik Illmann, Jan Vacula, and Denisa Trpisovska as well as further lawyers in New York and London. 

The Tsvetkova Bebov and Partners team included Managing Partner Nikolay Bebov, Partner Damyan Leshev, and Principal Associate Yassen Spasov. 

The Spasov & Bratanov team included Partner Vassil Hadjov, Counsel Nadia Hadjova, Senior Associate Ina Raikova, and Associate Krasimir MItkov.

Editor’s Note: After this article was published, Clifford Chance confirmed it had advised initial purchaser Goldman Sachs & Co and guarantor DFC. The firm’s team included Prague-based Partner Milos Felgr, Counsel Petr Sebesta, Senior Associates Hana Cekalova and Vladimir Rylich, and Lawyer Ondrej Steco; Istanbul-based Partner Sait Eryilmaz, Senior Associate Ali Can Altiparmak, Associates Pelinsu Demircan and Sida Ozler, and Trainees Bilgesu Cakmak and Tuba Akgiray; as well as further team members in London, New York, and Washington DC.

This article was updated on August 9, 2023, to correct an error in the list of firms working on the deal.

Kinstellar, working with Watson Farley & Williams, has advised South Korea’s Yanolja Cloud on its acquisition of Go Global Travel from the AMI Opportunities Fund.

Yanolja Cloud is a provider of AI-based software-as-a-service solutions for the hospitality and leisure industries.

Tel Aviv-headquartered Go Global Travel is a B2B travel technology company that distributes its inventory of more than one million hotels and other travel products from 200 countries to over 20,000 client partners.

“The acquisition of GGT from the AMI Opportunities Fund will give Yanolja Cloud unparalleled distribution capabilities, making it a one-of-a-kind company and allowing properties of all types, sizes, and budget ranges – and in every corner of the world – to digitize property operations,” the firm announced.

The Kinstellar team included Czech Republic-based Managing Partner Lukas Sevcik, Senior Associates Matej Vecera and Tereza Maskova, Associate Denisa Simanska, and Junior Associate Vit Kopecny; Slovakia-based Managing Associate Lukas Mrazik, Associates Norbert Stilla, Katrina Sowada, and Matus Kocicek, and Junior Associate Barbora Blahova; Bulgaria-based Partner Nina Tsifudina, Managing Associate Georgi Kanev, Consultant Vanya Evtimova, Associate Debora Dineva, and Junior Associate Yasen Toshev; Croatia-based Partner Mihovil Granic, Senior Associates Tena Pajalic and Andrej Skljarov, and Junior Associates Luka Banozic and Eva Horak; Hungary-based Partner Annamaria Csenterics, Managing Associate Zsuzsa Andreko, Senior Associate Daniel Endre Nagy, Associate Bertalan Vanyam, and Junior Associates Anna Emma Lang, Anna Szilagyi, and Szabolcs Szilagyi; Romania-based Partner Zsuzsa Csiki, Managing Associate Catalin Graure, Senior Associates Mihai Stan, Oana Grigore, and Catalin Roman, and Associates Ioana Popescu, Cosmin Vasilescu, Andrei Costea, and Andrei Gongea; and Turkey-based Partner Edmund Emre Ozer, Senior Associate Yagmur Ipek Ozen, Associates Ceren Ceyhan and Ege Erol, and Junior Associates Umut Aydogan and Ece Gun.

Kinstellar did not respond to our inquiry on the matter.

Karanovic & Partners has advised the OTP Group on its acquisition of the Ilirika Fund Management Company in Serbia.

According to Karanovic & Partners, the acquisition was carried out by OTP Fund Management, Hungary, and OTP Banka Srbija. The target, Ilirika DZU, is the Serbian subsidiary of the Ljubljana-based Ilirika Group, a provider of asset management services.

“The OTP Group has always considered its Serbian market presence to be of strategic importance,” OTP Fund Management Chairman of the Board of Directors Attila Banfi said. “This transaction makes us an active player in the local capital market.” Banfi also mentioned the Serbian capital market regulations under which investment funds can only be offered to clients if the asset management company is operating in Serbia. “We wanted to meet this condition as, until now, investment funds have been absent from OTP Banka Srbija’s product range.”

“The acquisition of a functioning asset manager is more than promising from a product development perspective,” OTP Fund Management Deputy CEO Tibor Turner commented.

The Karanovic & Partners team included Partners Milos Jakovljevic, Maja Jovancevic Setka, and Bojan Vuckovic, Senior Associates Marko Culafic, Tijana Arsenijevic, and Stefan Savic, and Junior Associates Ljubica Stojanovic and Aleksandra Cvorovic.

Schoenherr, working alongside Jones Day, has advised GfK SE on the EUR 315 million sale of its European Consumer Panel business to YouGov. DLA Piper advised YouGov.

The transaction remains contingent on regulatory approval. According to a GfK press release, the divestment “addresses competition concerns by the European Commission, thus paving the way toward completion of the NIQ and GfK combination,” with the two NIQ and GfK announcing in July last year an “agreement through which the companies plan to combine, creating a leading global provider of information and analytics in consumer and retail measurement.”

The Schoenherr team included Austria-based Partner Maximilian Lang, Counsel Teresa Waidmann, and Attorney at Law Zurab Simonishvili, Bulgaria-based Managing Partner Alexandra Doytchinova, Croatia-based Local Partner Ivan Einwalter, Czech Republic-based Managing Partner Vladimir Cizek, Hungary-based Managing Partner Kinga Hetenyi, Poland-based Office Managing Partner Pawel Halwa, Romania-based Madalina Neagu, Serbia-based Partner Luka Lopicic, Slovakia-based Partner Sona Hekelova, and Ukraine-based Partner Tatiana Iurkovska.

The DLA Piper team included Partners Christoph Mager and Maria Doralt, Counsel Stefan Panic, and Senior Associate Andreas Bischofreiter.

Editor’s Note: After this article was published, Kinstellar announced it had advised YouGov as well. The firm’s team included Bulgaria-based Managing Partner Diana Dimova and Associates Nikolay Gergov, Debora Dineva, and Gabriela Ivanova; Hungary-based Partners Annamaria Csenterics and Gabor Gelencser and Senior Associate Aron Barta; Croatia-based Partner Edin Karakas and Counsel Daniela Mayer; Slovakia-based Partner Adam Hodon, Counsel Dominika Bajzathova, Managing Associate Lukas Mrazik, and Associate Matus Kocisek; Serbia-based Partners Milan Samardzic and Petar Kojdic, Special Counsel Olga Sipka, and Senior Associate Aleksa Bosnjovic; and Ukraine-based Managing Partner Olena Kuchynska and Counsel Ihor Kitela.

Boyanov & Co has advised Borealis on the Bulgarian aspects of the sale of its indirect shareholding in Neochim to Agrofert. Wolf Theiss advised Agrofert.

Borealis is a subsidiary of the Austrian OMV. Neochim is a Bulgarian producer and trader of inorganic and organic chemical products, including fertilizers.

Agrofert is a Czech-based group active in a number of industries in Central Europe, with activities spanning from chemicals and agriculture to food production.

According to Boyanov & Co, “the transaction was part of the global divestment of Borealis AG of its nitrogen business including fertilizer, melamine, and technical nitrogen products. Agrofert’s acquisition of Borealis’ nitrogen business, with their long-term commitment to further develop the fertilizer business, is to the best advantage for the security of supply in Austria and Europe, as well as for all impacted employees.”

This transaction is part of a larger deal within which Agrofert acquired Borealis’ nitrogen business, including production assets in Austria, Germany, and France (as reported by CEE Legal Matters on June 15, 2022).

The Boyanov & Co team was led by Counsel Mihail Vishanin.

The Wolf Theiss team included Vienna-based Partners Horst Ebhardt and Robert Wagner, Counsels Harald Strahberger and Maciej Olszewski, Senior Associates Gregor Grablowitz, Martina Edlinger, and Sandra Seldte, and Associates Jessica Kerber and Sophie Weber; Sofia-based Counsel Katerina Novakova, Senior Associate Yanitsa Radeva, and Associate Boryana Filimonova; and further team members in Germany, France, and Italy.

Binder Groesswang has advised Orlen on its acquisition of the Turmoel filling station network in Austria via the acquisition of Doppler Energie. Oberhammer advised Doppler.

The transaction remains contingent on regulatory approval.

Orlen is a Polish energy company. Doppler Energie is a company of the Doppler Group and is the largest independent and private filling station operator in Austria.

According to Binder Groesswang, “the transaction is part of Orlen’s 2030 strategy and enables the company to develop new market segments.”

Doppler Energie operates, according to Binder Groesswang, the “largest private gas station discounter in Austria under the brand names Turmoel, Turmoel-Quick, and Turmstrom operated by Doppler Beteiligungs.” As part of the transaction, Orlen acquired “a filling station network of 266 Turmoel filling stations based throughout Austria.”

The Binder Groesswang team included Partners Thomas Schirmer, Markus Uitz, Emanuel Welten, Ivo Rungg, Horst Lukanec, Johannes Barbist, Stefan Frank, Christian Klausegger, and Christine Dietz, Counsels Alexander Kramer, Hellmut Buchroithner, and Johannes Bammer, Senior Associate Felix Fuith, Attorneys at Law Roswitha Seekirchner, David Roetzer, Anian Gruber, Adrian Zwettler, and Christoph Raab, and Associates Lisa Jost, Florian Hoellebauer, Christopher Marchel, Constantin Foissner, Florian Defrancesco, Philipp Jaud, Magdalena Schachinger, Raphael Dorda, and Stefanie Syrch.

The Oberhammer team included Partner Christian Pindeus, Fritz Ecker, and Christoph Fritsch, Senior Associates Martin Zikeli and Lydia Kerbler, and Attorney at Law Michael Mayr.

Ellex has advised telecommunications infrastructure company Baltic Rezo on a EUR 30 million loan from SEB Bank.

According to Ellex, the “SEB Bank provided a EUR 30 million ten-year loan to Baltic Rezo, a company from the Quaero European Infrastructure Fund II infrastructure fund. The company will use the loan to develop telecommunications infrastructure in the Baltic states further, focusing mainly on data centers and fiber optic networks. Most of the granted loan funds will be used to finance the Baltic Rezo data center’s development in Riga, Latvia.”

QEIF II is an infrastructure fund managed by Geneva-based independent asset management firm Quaero Capital. The fund invests in renewable energy, social infrastructure, telecommunications, communal services, and transport infrastructure projects.

The Ellex team included Associate Partner Egle Neverbickiene, Senior Associate Beata Plocina, and Associate Ainis Augustas Petrulis.