Category: News

Lextal, working alongside Finnish Dittmar & Indrenius, has advised Dasos Capital on its sale of a forest asset portfolio to Ingka Investments.

The portfolio consists of around 24,000 hectares located in Estonia, Finland, and Latvia. According to Dasos, it resulted “from a systematic consolidation activity by Dasos from a fragmented property structure, creating substantial value since 2010.”

Dasos Capital is a Finland-based investment advisor to institutional investors, endowments, private banks, family offices, and other clients interested in sustainable international timberland investing.

Ingka Investments is one of the three core businesses of the Ingka Group, the largest owner and operator of Ikea Retail. Ingka Investments currently owns around 293,000 hectares of land in six countries in different parts of the world.

“After over a decade of intensive and successful value creation period, the portfolio has gradually matured for an exit,” Dasos Capital Senior Partner Sami Veijalainen commented. “We believe the forest asset will generate attractive cash flows also in the future with an opportunity for sustainable value.”

The Lextal team included Partner Kristi Sild and Attorney Karoli Unus.

Lextal did not respond to our request for additional details on the deal.

CMS has advised the Greek Sfakianakis Group on its acquisition of Ajar Car Rental from the Saudi Arabian Al Jomaih Group. PHH reportedly advised the seller.

Founded in 1958, the Sfakianakis Group focuses on the automotive, industrial, and consumer retail sectors.

Ajar Car Rental is the master franchisee of Enterprise, National, and Alamo in Austria, serving rent-a-car customers across the country.

The CMS team included Partners Alexander Rakosi, Mariella Kapoun, Hans Lederer, Kai Ruckelshausen, Marlene Wimmer-Nistelberger, Jens Winter, and Dieter Zandler, Attorney at Law Andreas Lichtenberger, Associates Christoph Birner, Thomas Liegl, Rebecca Herlitz, Caroline Pavitsits, Sheldon Sookdeo, and Maximilian Uidl, and Legal Trainees Roman Namestek, Ferdinand Sima, and Mattias Torggler.

Herbst Kinsky, working with Orrick, has advised the Terreal Group and its main shareholders on the antitrust aspects of the full sale of its businesses in Poland, Hungary, and Austria to Swisspor. Schoenherr advised Swisspor Holding on the acquisition.

The transaction included the purchase of 100% of the shares in Creaton Polska, Creaton South East Europe, and Creaton Steildach, together forming the Creaton Eastern Business, from its former indirect shareholder, Terreal Holding. In an interrelated transaction, Terreal’s operations in France, Italy, Spain, and the US, as well as Creaton’s business in Germany and the Benelux countries were sold to Wienerberger (as reported by CEE Legal Matters on January 12, 2023).

Swisspor, and its affiliate Swisspearl, are active in the building and roofing material sector as providers of energy-efficient building cladding.

The Creaton Eastern Business manufactures and sells roofing materials as well as clay and cement tiles.

According to Schoenherr, “this strategic acquisition is a significant step in Swisspor’s pursuit to expand its footprint by offering exceptional building solutions characterized by both efficiency and aesthetics. The integration of the Creaton Eastern Business into the Swisspor Group consortium will actively support Swisspor’s growth strategy by utilizing potential synergies. In particular, it enables Swisspor to not only increase its market presence in Austria, but, with the acquisition of the two Creaton clay tile plants in Poland and Hungary, to expand into Central Eastern European markets, which aligns with Swisspor’s strategic interests.

The Herbst Kinsky team advising included Counsel Valerie Mayer and Associate Valerie Krischke.

The Schoenherr team included Austria-based Partners Franz Urlesberger and Robert Bachner, Counsel Gregor Petric, Attorney at Law Daniel Wadl, and Associates Maha Zoehrer and Nikolaus Stepan; Hungary-based Partner Kinga Hetenyi and Attorney Adrian Menczelesz; and Romania-based Partner Georgiana Badescu, Managing Attorney at Law Cristiana Manea, Attorney at Law Cristina Pana, and Associate Stefana Andronachi.

Editor’s Note: After this article was published, Gide announced it had advised Swisspor as well. The firm’s team included Poland-based Partner Dariusz Tokarczuk, Counsels Mateusz Gronau and Dawid Van Kedzierski, and Associate Edyta Zalewska; and France-based Partner Nadege Nguyen, Counsel Charles Terdjman, and Associates Arthur Lemaitre and Elisa Domingues.

Schoenherr, working with Legance and Cuatrecasas, has advised Hartree Partners on its acquisition of a 50% stake in the Botres Group. CMS reportedly advised the sellers.

UK-based Hartree Partners is a commodities firm actively trading in oil, gas, power, refined products, shipping, metals, and equities.

Headquartered in Graz, Austria, the Botres Group has several subsidiaries in Poland, the Czech Republic, Italy, and Spain. The company designs, builds, and operates industrial biogas plants and biorefineries, based on proprietary technology.

The Schoenherr team included Austria-based Partners Michael Marschall, Alexander Popp, Bernd Rajal, Clemens Rainer, Volker Weiss, and Teresa Waidmann, Attorneys at Law Lisa Todeschini and Nina Zafoschnig, and Associates Alexandra Jelinek, Alexandru Caprau, Hanna Elisabeth Kirschner, Lukas Pirringer, Roland Misic, Stefan Egger, and Yvonne Kraudinger; Czech Republic-based Partner Vladimir Cizek, Counsel Michal Jendzelovsky, and Attorney at Law Jan Kupcik; and Poland-based Partners Katarzyna Sulimierska, Krzysztof Pawlak, and Daria Rutecka, Senior Attorneys at Law Krzysztof Lesniak and Pawel Kulak, Senior Associate Adam Nowosielski, Attorney at Law Ewelina Adamczyk, and Associates Klaudia Szatan and Roza Szatan.

Djingov Gouginski Kyutchukov & Velichkov, Allen & Overy, and RTPR have advised Lion’s Head Investments on a EUR 150 million financing from the International Finance Corporation.

Lion’s Head Investments is a commercial real estate investment company and a joint venture between the Bulgarian real estate holding AG Capital and the South African investor Old Mutual Group.

According to DGKV, the transaction includes several instruments “with sustainability-linked features, a convertible instrument, and term loan financing, making the financial resources available for LHI’s investment programs in the Bulgarian and Romanian markets.”

The DGKV team was led by Partner Kaloyan Krumov and included Counsel Ivan Punev, Senior Associate Tsvetelina Bayraktarova, and Associate Emilia Mitroshanova.

TGS Baltic, working with Cederquist, has advised Kinnevik on the sale of its entire holding in Tele2 to Freya Investissement for a total of SEK 13 billion.

Kinnevik is a Swedish investment company.

Freya Investissement is an investment vehicle jointly controlled by European telecommunications group Iliad and its chairman and founder Xavier Niel, via NJJ Holding.

Tele2 is a telecommunications company offering mobile and fixed connectivity, telephony, data network services, TV, streaming, and IoT solutions. It is headquartered in Stockholm and has significant operations in Sweden, Russia, Estonia, Latvia, and Lithuania.

According to TGS Baltic, “the Tele2 shareholding will strengthen Iliad/NJJ’s current European telecommunications businesses in France, Italy, Poland, Switzerland, Monaco, Ireland, Cyprus, and Malta. This purchase will be completed in three steps, with a first closing of SEK 2.9 billion. The two remaining steps are subject to Iliad/NJJ receiving necessary regulatory clearances, and the third step additionally remains subject to Iliad/NJJ reclassifying Tele2 Class A shares to Class B shares, resulting in Iliad/NJJ holding less than 30% of Tele2’s voting interest after the transaction is completed.”

The TGS Baltic team included Partners Andra Rubene and Aurimas Pauliukevicius, Associate Partner Triinu Jarviste, and Senior Associates Indre Vickaite-Liatuke, Mari Anne Rohtla, and Mara Stabulniece.

TGS Baltic did not respond to our inquiry on the matter.

Wolf Theiss, working with Ropes & Gray, has advised IT services company Virtusa on its acquisition of Bulgarian digital innovation, automation, and seamless integration specialist Bright Consulting.

According to the firm, the acquisition “marks a significant step for Virtusa in deepening its capabilities, particularly with regard to ServiceNow and Splunk, and strengthening its foothold in the European market.”

Virtusa describes itself as a global provider of digital strategy, digital engineering, and information technology services.

“The synergies between our team’s end-to-end approach, our focus on innovation, and our commitment to becoming an extension of our client’s teams will solidify us as the partner of choice for digital transformation initiatives powered by Splunk and ServiceNow,” Virtusa CEO Santosh Thomas commented.

The Wolf Theiss team was led by Sofia-based Partner Richard Clegg and Senior Associate Staniella Todorova and included Senior Associates Alexander Radichkov, Maria Nikolova, and Zhulieta Markova and Associates Bogdana Tzankova and Miroslav Yonov, as well as Warsaw-based Partners Anna Dabrowska and Maciej Szewczyk.

TGS Baltic and Juzala Salwa have advised CVI on its full acquisition of APF Holdings’ EUR 7 million private bond placement.

According to TGS Baltic, “APF Holdings, which includes one of the largest Baltic egg producers, SIA Aluksnes Putnu Ferma, has raised EUR 7 million via a private bond issue for the implementation of its development plans […] The maturity for the bonds is set at four years.”

APF Holdings plans to use the funds obtained from the bond issuance to implement its growth plans, including the “construction of two new laying hen sheds, the introduction of new egg product processing production lines, and the construction of warehouses. Attracting such a volume of emissions allows APF Holdings to increase production by 60%,” TGS Baltic reported.

CVI is an independent Polish investment company that currently manages 11 different funds with total assets of EUR 750 million.

The TGS Baltic team included Partner Inese Hazenfusa and Associate Martins Galzons.

The Juzala Salwa team included Partner Jakub Salwa and Junior Associate Jakub Jadanowski.

Ban, S. Szabo, Rausch & Partners has advised E.On Drive Infrastructure on establishing a new Hungarian subsidiary and acquiring the electro-mobility charging infrastructure from E.ON Hungaria, to continue operating as a stand-alone network in Hungary.

E.On Drive Infrastructure GmbH is a member of the E.ON Group focusing on electric vehicle charging in Europe.

“Through the recent transaction, the Hungarian subsidiary of EDRI GmbH – E.On Drive Infrastructure Hungary Kft – acquired numerous electro-mobility charging infrastructure elements as well as contractual positions and locations of charging points and is starting, as of January 1, 2024, a new charger operating activity in Hungary,” BSRP announced.

The BSRP team was led by Partner Balazs Unger and included Partner Kinga Laszlo-Bolcskei and Junior Associate Andras Zatyko.

TGS Baltic and Djingov Gouginski Kyutchukov & Velichkov have advised Ifco Systems on its acquisition of Bepco. RASK advised Rostock Capital, Navitas, and Green Technology on the sale.

Ifco Systems is a provider of reusable packaging containers for fresh food products.

Bepco is a reusable packaging pooling company based in Tallinn, Estonia.

According to TGS Baltic, this acquisition enables the Ifco Group to “expand its market presence and diversify its regional product portfolio. The Bepco Group operates in Estonia, Latvia, Lithuania, and Bulgaria.”

The TGS Baltic team included Managing Partner Sander Karson, Partners Andra Rubene, Aurimas Pauliukevicius, Helmut Pikmets, Marijus Krisciunas, and Triinu Jarviste, Of Counsel Aleksandra Fedotova, Senior Associates Anna Vaivade, Anu Kirss, Indre Vickaite-Liatuke, Jonas Salna, Lukas Vaisvila, Olger Kaelep, Rudolfs Vilsons, Sergei Jegorov, and Silvia Urgas, Associates Auguste Linauskaite, Aurelija Gamulka, Britte Koppel, Eva Arumets, Evija Abele, Gerda Grauberg, Justina Meilute, Toms Tidemanis, and Mindaugas Beniusis, Junior Associates Evelina Savickaite and Paulius Zalnieraitis, and Legal Assitants Baiba Kule, Domantas Mazrimas, Viktorija Janciuraite, Samanta Koha, and Egle Miksyte.

The DGKV team included Partner Violetta Kunze and Counsel Ivan Punev.

The RASK team included Partner Ramon Rask and Attorney at Law Karl-Kristjan Kahm.