Category: Deals and Cases

Cobalt has advised the unidentified founders of Drivitty on its entrance into a strategic partnership with Eurowag. Allen & Overy’s Prague office advised Eurowag on the deal.

Eurowag is a provider of integrated mobility services, such as fuel cards, VAT refunds, and toll and tunnel payment options, among other things. The company employs over 1,000 people and operates 18 offices across Europe and the Middle East.

Drivitty is a Lithuanian provider of contactless payment services for fuel to fuel stations and their customers.

According to Cobalt, “the partnership between Eurowag and Drivitty will contribute significantly to the shift towards a digital future in the mobility and transportation industry in Europe.”

Cobalt’s team included Partner Elijus Burgis and Managing Associate Deimante Pagiriene.

Allen & Overy’s team consisted of Partner Prokop Verner and Senior Associate Jakub Cech.

Hogan Lovells is advising CPI Property Group S.A. and White & Case is advising Aroundtown SA on their joint takeover offer for the entire issued share capital of Globalworth Real Estate Investments Limited.

The offer announcement was published on April 14, 2021, and completion is expected to occur in the third quarter of 2021 subject to the receipt of regulatory approvals.

CPIPG, which is headquartered in Luxembourg and listed on the Frankfurt Stock Exchange, owns and operates a diversified real estate portfolio valued at an estimated EUR 10.3 billion. Aroundtown is a Frankfurt-listed real estate company with a focus on central locations primarily in Germany and the Netherlands.

Globalworth is an AIM-listed, Guernsey incorporated real estate company, with a primary focus on Poland and Romania and a real estate portfolio valued at approximately EUR 3 billion. 

According to Hogan Lovells, “the offer is structured as an all-cash offer by CPIPG and Aroundtown with an equity value of EUR 1.57 billion. Zakiono Enterprises Limited, a Cypriot company currently owned by CPIPG, is the bid vehicle for the offer on behalf of CPIPG and Aroundtown. CPIPG and Aroundtown have been building their stakes in Globalworth over time, together owning approximately 51.50 percent of Globalworth at the point of announcement. CPIPG and Aroundtown believe that now is the right time to consolidate their expertise in order to develop and grow Globalworth’s business further, which can, in their view, be best executed under their joint ownership of Globalworth.”

The Hogan Lovells’ team was led by London-based Corporate Partners Daniel Simons and Sarah Shaw and Counsel John Holme.

White & Case’s team in London advising on the transaction was led by Partners Margot Lindsay and Dominic Ross and included Partners Marc Israel, Will Smith, and Nicholas Greenacre, and Associates Sonica Tolani, Samirah Haujee, and Kate Kelliher.

Lextal has advised Columbus A/S on the sale of Columbus Eesti AS to its General Manager Ivo Suursoo and Columbus Lietuva UAB to its CEO Dovydas Zinkevicius. Triniti advised the buyers on both deals.

Columbus is a Danish provider of IT and consulting services. The company, which designs, develops, implements, upgrades, and maintains digital business applications, was founded in 1989 and currently employs over 2,200 people worldwide.

Lextal’s team consisted of Estonia-based Partner Ants Karu, Attorney-at-Law Diana Minumets, and Lawyer Martin Nikolaev, and Lithuania-based Partner Arunas Sidlauskas.

Ellex has advised the Vilvi Group on the acquisition by its subsidiary AB Vilkyskiu Pienine of 70% of the qualifying holding of the SIA Baltic Dairy Board. Vilgerts advised the seller on the deal.

The SIA Baltic Dairy Board is a Latvian manufacturer and retailer of dairy products. The Vilvi Group operates four food-processing factories in Lithuania, which produce cheese, kefir, yogurt, and cream, among other dairy products.

According to Ellex, “investing into SIA Baltic Dairy Board, AB Vilkyskiu Pienine aims to strengthen and develop the assortment of the group’s high value-added dairy ingredients.” In addition, according to the firm, “the Vilvi Group will make use of the newly forged synergy among the current group members and the SIA Baltic Dairy Board in the processes of whey separation and raw material procurement.”

Ellex’s team consisted of Latvia-based Partner Inita Jurka, Senior Associate Zane Miglane, and Associates Eduards Dzintars, Ineta Kanepe, Marats Golovkins, and Kristers Losans, as well as Lithuania-based Partner Paulius Gruodis, Senior Associate Mantas Juska, and Associate Ieva Krivickaite.

Vilgerts’ team included Partner Gints Vilgerts, Senior Associate Janis Kubilis, and Associate Kaline Ozola.

Legal Partners and Krehic & Partners, both members of the Deloitte Legal Network, advised a group of German investors led by Brillant3221. GmbH on the acquisition of 100% of the shares of Dolomit d.o.o. Kupres, which exploits and processes minerals in Bosnia and Herzegovina.

According to Deloitte Legal, Dolomit d.o.o. holds a concession over the Grguljaca mine in Kupres. The Share and Purchase Agreement was signed in November 2019 and closed on March 29, 2021, in part due to delays caused by the COVID-19 outbreak.

According to Deloitte Legal, the acquisition process included conversations with the Government of Canton 10 and the Kupres Municipality of Bosnia and Herzegovina. 

The Sarajevo-based Legal Partners team working on the deal was led by Partner Alma Hota, working alongside Manager Haris Jasarevic and Senior Associate Aida Hamur of Deloitte Advisory and independent attorney Enver Hodzic. The Zagreb-based Krehic & Partners team included Managing Partner Tarja Krehic and Attorney at Law Matea Gospic-Plazina.

Noerr has advised facility services provider ISS on the divestment of its main subsidiaries in the Czech Republic, Slovakia, Romania, and Hungary to Hungarian facility management company B+N Referencia Zrt. Havel & Partners advised B+N Referencia on the transaction, which remains contingent on regulatory approval.

According to Noerr, “the four subsidiaries represent an annual turnover of EUR 67 million, with approximately 4,000 employees currently working in the four [countries]. The divestments are in line with ISS’s strategy to simplify and focus its business towards key account customers.”

Noerr’s team included Partner Barbara Kusak, Counsel Akos Mates-Lanyi, Senior Associate Martin Tupek, and Associates Michal Janicek, Lucia Luptakova, Barbora Safarikova, Anezka Vecerova, Catalina Oancea, Adam Pichler, and Ildiko Angeli.

Havel & Partners’ team included Partner Jan Koval, Managing Associate Robert Porubsky, and Senior Associate Ivo Skolil.

Editor’s Note: After this article was published, Romania’s RTPR announced that it also advised B+N Referencia on the deal. The firm’s team was supervised by Partner Mihai Ristici, coordinated by Associate Marina Fecheta-Giurgica, and included Counsel Roxana Ionescu, Associates Ioana Ilie, Andrei Tosa, Cezara Urzica, Petrus Partene, Codrina Simionescu, and Lia Ilie and Junior Associates Raluca Marcu and Iustina Nastasa.

White & Case and De Brauw Blackstone Westbroek have advised CTP B.V. on its initial public offering and listing of its shares on Euronext Amsterdam. Nestor Nestor Diculescu Kingston Petersen advised CTP on Romanian legal matters. Clifford Chance’s London, Paris, and Amsterdam offices advised the underwriters on the deal. 

Erste Group Bank AG, Goldman Sachs Bank Europe SE, and Morgan Stanley Europe S.E. were both joint global coordinators and joint global book-runners, while Van Lanschot Kempen Wealth Management N.V. and UBS AG London Branch were joint book-runners, and ING Bank N.V. and Raiffeisen Bank International AG were joint lead managers. 

White & Case describes the CTP Group as “the largest full-service owner-developer of prime industrial and logistics property in the Central & Eastern Europe region.” According to the firm, “as of December 31, 2020, the group had a property portfolio of 6.342 million square meters of gross lettable area, with an occupancy rate of 94%, a gross asset value of EUR 5.9 billion for its entire property portfolio, and EUR 5.1 billion for its income-producing assets.”

According to the firm, CTP’s IPO raised EUR 854.2 million in gross proceeds, which will help “accelerate its growth strategy by, among other measures, financing its development projects and construction activities, selective property acquisitions and debt repayment.”

Earlier this year, White & Case advised CTP B.V. on a drawdown of EUR 500 million 0.750% green bonds due 2027 (as reported by CEE Legal Matters on March 1, 2021). 

White & Case’s team was co-led by London-based Partner Laura Sizemore and Prague-based Local Partner Eva Svobodova and included, in Prague, Partners Petr Panek and Vaclav Kubr and Associates Erik Illmann, Jan Vacula, and Jakub Kopacek, and in London, Partner Inigo Esteve and Associates Bob Lehner and Alex Underwood.

NNDKP’s team was led by Partner Lavinia Ionita.

Editor’s note: After this article was published, CEE Legal Matters learned that Karanovic & Partners had advised on Serbian aspects of CTP’s IPO. The firm’s team included Partner Milos Jakovljevic and Senior Associates Ana Lukovic and Sava Draca.

Subsequently, CEE Legal Matters learned that the Romanian office of Clifford Chance had participated on the firm’s multi-jurisdictional team on what it described as “the largest IPO the European real estate industry has seen in almost seven years.” The firm’s team in Bucharest was coordinated by Partner Madalina Rachieru-Postolache.

Akin Gump, Bogdanovic, Dolicki & Partneri, Maric & Co, Isailovic & Partners, Harrisons, Zdolsek Attorneys at Law, Boga & Associates, Popovski & Partners, and Forgo Damjanovic & Partners have advised Croatian conglomerate Fortenova Grupa d.d., on the EUR 615 million sale of its frozen food business to Nomad Foods. Norton Rose Fulbright, Lakatos, Koves & Partners, and five firms from the SEE Legal alliance advised Nomad Foods on the deal, which is expected to close in the third quarter of 2021.

SEE Legal member firms working on the deal included BDK Advokati in Serbia and Montenegro, Divjak, Topic, Bahtijarevic & Krka in Croatia, Selih & Partnerji in Slovenia, Kalo & Associates in Kosovo, and the Polenak Law Firm in North Macedonia.

According to Akin Gump, “brands in the Fortenova Group’s frozen food business include Ledo, Ledo Citluk, and Frikom, household names in Croatia, Serbia, Bosnia & Herzegovina, and other countries in southeastern Europe. The Frozen Food Business Group is the market leader in these regions, where it operates across numerous categories, including fish, fruits, vegetables, ready meals, pastries, and ice cream.”

Akin Gump’s team was led by London- and Moscow-based Partner Sebastian Rice and included London-based Partner Jasper Helder, Senior Counsel Tony Barnes, Counsels Rebecca Carwood Barron, Scott Pettifor, and Matthew Durward-Thomas, Associate Alla Barford, and Trainee Lidia Grasu.

Maric & Co’s team included Senior Partner Branko Maric, Partners Bojana Bosnjak-London, Anisa Tomic, Ezmana Turkovic, and Dzana Smailagic-Hromic, and Attorneys Slaven Dizdar and Arijana Hadziahmetović-Softic.

Harrisons’ team was led by Consultant Ines Matijevic-Papulin and Senior Associate Milan Keker and included Associates Aleksandra Bujkovic and Aleksandar Jovicevic.

Zdolsek’s team included Attorneys Katja Zdolsek and Barbara Kozlevcar Kuhar.

The Popovski & Partners team included Managing Partner Tatjana Popovski Buloski, Partner Ognen Martinov, and Senior Associates Angela Milanovska and Anastazija Anastasovska Kostovska.

Forgo Damjanovic & Partners’ team included Partners Zsofia Fuzi and Gabor Damjanovic and Associate Reka Bali.

BDK Advokati’s team included Senior Partner Vladimir Dasic, Partners Bogdan Ivanisevic and Luka Popovic, Counsel Bisera Andrijasevic, Attorneys Mladen Vujic, Jelena Brajkovic, and Djordje Zejak, Senior Associate Dijana Pejic Sinik, Associate Jelena Zelenbaba, and Junior Associates Tijana Martinovic, Luka Radojevic, and Anja Gligorevic.

Divjak, Topic, Bahtijarevic & Krka’s team included Senior Partners Damir Topic and Mario Krka, Senior Attorney Jasna Belcic, Attorneys Dina Salapic, Olena Manuilenko, Iva Crnogorac, and Emil Cetina, and Associates Sanja Novoselic and Iva Vukoja.

Polenak team included Partners Tatjana Shishkovska and Metodija Velkov, Senior Associates Anastazija Sazdovska and Natasa Popova Alebic, Associates Ana Petrovska Belopeta, Iva Djugumanova, Ivana Slaveska, and Simona Shekerova, and Junior Associates Tiana Dermedzieva and Filip Simjanovski.

The Selih & Partnerji team included Partner Jera Majzelj and Senior Associates Spela Remec, Azbe Tusar, Sanda Planinc, and Lidija Zupancic 

The Lakatos, Koves & Partners team included Partner Ivan Solyom and Lawyer Gyorgy Toth.

Editor’s note: In October 2021, DTB and BDK announced that the deal had obtained all relevant regulatory approvals and was completed. 

DTB’s updated team composition included Senior Partner Damir Topic, Senior Attorney Jasna Belcic, Attorneys Dina Salapic and Iva Olujic, and Associates Sanja Novoselic and Antonia Mihaljevic.

Schoenherr and PRK Partners have advised B&B Hotels on the sale of properties in Hungary and the Czech Republic to Primonial REIM. Clifford Chance and Szecsenyi & Partners advised the buyers on the deal, which included a leaseback by B&B Hotels.

B&B Hotels is a budget hotel chain that was established in 1990 and operates more than 300 hotels across Europe and Brazil. Primonial REIM manages a real estate portfolio in several European countries consisting of offices, healthcare and educational buildings, shops, residential buildings, and hotels.

The Schoenherr team assisting B&B Hotels on the Hungarian part of the deal was led by Head of Real Estate Laszlo Krupl and included Counsel Daniel Gera and Associate Adrian Menczelesz.

The PRK Partners team advising B&B Hotels on the Czech part of the deal was led by Partner Roman Pecenka and included Senior Associate Kristyna Faltynkova and Tax Advisor Martin Svalbach.

Clifford Chance’s Prague-based team coordinating the deal on behalf of Primonial REIM was led by Partner Emil Holub and included Counsel Aneta Disman, who worked on the Hungarian asset, and Counsel Milan Rakosnik, who worked on the Czech asset.

The Szecsenyi & Partners team working with Clifford Chance on the Hungarian part of the deal was led by Partner Daniel Kellner.

ODI Law has advised MSIN Group on the acquisition by member company EGP of a 75.11% stake in Croatia-based cardboard packaging manufacturer Neograf from Croatian entrepreneur Dusan Boras. The Law Office Mucalo advised Boras.

Financial details were not disclosed.

MSIN is a Slovenian private equity group invested in various industries (including printing & packaging, security printing & license plate production, sealant production, metal construction, painting equipment, and mining and quarrying).

The ODI team was led by Partner Branko Ilic and Primoz Mikolic.

The Law Office Mucalo team included Owner Igor Mucalo and Attorney at Law Kruno Kolak.