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Herbst Kinsky has advised Marinomed Biotechnologie on the EUR 5.3 million sale of its anti-viral eye drop program to Nicox. 

Marinomed Biotechnologie was founded in 2006 as a spin-off from the Veterinary University of Vienna and specializes in the development of immunological and anti-viral treatments. The company has developed MAVIREX, a technology platform that targets virus strains based on Carragelose.

Nicox is listed on the Euronext in Paris (COX), and focuses on the ophthalmic market. Nicox will conduct clinical studies in order to launch a medical product for the management of viral conjunctivitis.

Andreas Grassauer, CEO of Marinomed said of the deal that: “Viral conjunctivitis is a medical condition for which currently no etiological treatment exists. Our deal enables Nicox to potentially change just that. It combines Nicox’s ophthalmic market experience with the anti-viral potential of Carragelose. This is good news for the many people affected by viral conjunctivitis every year.”

Partner Philipp Kinsky and Attorneys Sonja Hebenstreit and Florian Steinhart led the Herbst Kinsky team during the transaction.

Hogan Lovells has advised a consortium of investors on their equity investment in the mobile virtual network operator (MVNO) Virgin Mobile Central and Eastern Europe (VMCEE).

The consortium consisted of the European Bank for Reconstruction and Development (EBRD), CEE Mobile Capital LLC (spearheaded by Dick Kiphart of KGC Capital LLC), funds advised by Delta Partners Capital Limited, and the International Financial Corporation (IFC) – a member of the World Bank Group.

The four investors will each contribute EUR 40 million of growth capital to develop VMCEE’s operations in Poland and to support the launch of operations in Turkey. The financing will enable a roll-out of mobile broadband products that are unique and affordable. These will target young people and the lower-income population in the region, facilitating the digital inclusion of these underserved market segments.

The MVNO model provides mobile phone services using the existing infrastructure of established mobile network operators instead of building a new network.

Hogan Lovells cross-border Corporate team was led by London Partner Guy Potel, and included Amsterdam Partner Johannes Buntjer and Warsaw Partner Marek Wroniak. 

Wolf Theiss has advised MAHLE in its acquisition of the Slovenian car parts manufacturer Letrika, conducted as part of Slovenia’s ongoing privatization process.

MAHLE’s acquisition of shares representing a 53.99% majority in Letrika (formerly “Iskra Avtoelektrika”) closed on September 10, 2014. The consortium of sellers — which consisted of the state-owned BAMC, the Slovenian State Holding (SDH), Modra zavarovalnica, the largest Slovenian bank NLB, Alpen Invest, and Triglav skladi — sold their combined shareholding in the automotive parts manufacturer Letrika to MAHLE Holding Austria, which is fully owned by MAHLE GmbH in Germany.

The sale was part of the ongoing privatization process of a number of important companies in Slovenia. According to Wolf Theiss, “in the next step, MAHLE will launch a public takeover bid for the outstanding shares. Assuming that all shares will be acquired, the entire deal value is approximately EUR 108 million.”

Letrika is based in Sempeter pro Gorici, in Slovenia, and is listed on the Ljubljana stock exchange. It develops and manufactures innovative electric motors, starter motors, generators, and electrical drive systems for customers in the passenger car, commercial vehicle, and agricultural and construction machinery market segments, as well as other industrial applications. In 2013, Letrika generated sales of EUR 242.5 million, and it has more than 2,600 employees at seven production and development locations in Slovenia, Bosnia and Herzegovina, Belarus, China, and Brazil.

MAHLE is a leading global development partner for the automotive and engine industry, and it offers unique systems competence in the combustion engine and engine peripherals. With its three business units — Engine Systems and Components, Filtration and Engine Peripherals, as well as Thermal Management — the MAHLE Group ranks among the top three automotive systems suppliers worldwide, and it is present in all major world markets. In 2014, some 65,000 employees at 140 production locations are expected to generate sales of around EUR 10 billion. 

Wolf Theiss acted as lead counsel for the buyer, providing full-scope advice, including due diligence (Wolf Theiss covered Slovenia and Bosnia and also coordinated the due diligence for jurisdictions outside of Slovenia), negotiations, signing, and closing, along with advice on corporate law, competition law, and takeover law aspects.

The transaction team was coordinated by Partners Markus Bruckmuller and Laura Struc, and other team members included Senior Associate Teja Balazic and Associates Peter Zorin, Laura Siftar, and Petra Jermol. KPMG was financial advisor to the sellers, while UniCredit CAIB provided financial advice to MAHLE. The Slovenian law firm Kavcic, Rogelj & Bracun acted as Sellers’ legal counsel.

Glikman Alvin & Partnerid, member of Baltic Legal Solutions, announced today that, according to analysis prepared by the Internal Audit Department of the Ministry of Justice, the Estonian State paid it the most for legal services in court proceedings, followed by Sorainen and Leppik & Partnerid.

For outsourced legal services in court cases the State paid 29 460 euros to Glikman Alvin & Partnerid, 28 004 euros to Sorainen and 22 397 euros to Leppik & Partnerid. In total the State paid for legal services 174 617 euros to 25 different law firms in 68 court proceedings.

According to Gilkman Alvin & Partnerid, compared to previous years the outsourcing of legal services has declined. Compared to 2010 the number of court cases, where law firms were used, has declined from 143 to 68.

Earlier this month, the Lithuanian office of Baltic Legal Solutions has merged with Tark Grunte Sutkiene (reported on by CEE Legal Matters on September 10, 2014). 

Editorial Note: The original article reported wrongly that it was the Latvian state who carried out this audit, not the Estonian one. We apologize for the confusion created. 

Wolf Theiss has advised Erste Group Bank on financing it provided to the Russian hotel group Gleden Invest for the latter’s acquisition of the five-star Prague Augustine Hotel.

According to Wolf Theiss, “the Augustine hotel is one of the most prized hotel assets in the Czech Republic, situated on the grounds of a functioning Augustinian order monastery and formed by a complex of seven historic buildings from the 13th century. In 2013 the Augustine hotel was named one of the Top 100 Hotels in the World in Travel + Leisure’s 2013 World’s Best Awards.”

The Wolf Theiss team consisted of Austrian-based Senior Associates Mills Kirin and Michaela Zakharian and Prague-based Associate Marie Olsarova. 

AstapovLawyers and Baker & McKenzie have successfully represented Canon Russia in a dispute with a Russian retailer Fotosintez involving claims of abuse of rights in a surety agreement. 

Under a supply contract, the Russian subsidiary of the Japanese optical products corporation was to supply goods on a deferred payment basis. In August 2013, Fotosintez went bankrupt, with debt in the amount of more than RUB 200 million (equivalent to approximately USD 5.4 million). At the time, Fotointez’s majority shareholder claimed the surety agreement was invalid as in violation of corporate regulations.

In the first case reviewed by the recently created Judicial Chamber on Economic Disputes of the Supreme Court of Russian Federation, AstapovLawyers team supported Canon Russia in both the surety agreement invalidity case and the Fotosintez bankruptcy proceedings. The firm established that the majority shareholder alleging the surety agreement’s invalidity had in fact abused Canon Russia’s rights, and persuaded the Judicial Chamber to enforce the supply contract, in the process proving that the shareholder owning 50% of shares both in a buyer-company and surety-company has no right to claim invalidation of surety on the ground that he was unaware of the surety agreement and had never given his consent.  

The case was handled by AstapovLawyers Senior Associate Andrey Samoilov and Associate Anna Arutunian. Baker & McKenzie Partner Vladimir Khvalei acted as co-counsel.

Pekin & Pekin has advised on the acquisition of 40% of shares Istanbul Sabiha Gokcen Airport by TAV Havalimanlari Holding, the leading Turkish brand in global airport operations.

The firm announced that, for a “maximum” transaction price of EUR 285 million. TAV Airports has acquired 40% of shares of Istanbul Sabiha Gokcen Uluslararasi Havalimani Yatirim, Yapim ve Isletme (“ISG”), 40% of shares of LGM Havaliman? Isletmeleri Ticaret ve Turizm (“LGM”), and 19.6% of shares of Istanbul Sabiha Gokcen Uluslararasi Havalimani Yer Hizmetleri (“ISG Ground Handling”) from Limak Yatirim Enerji Uretim Isletme Hizmetleri Insaat and Limak Insaat San. ve Tic.

Malaysia Airports MSC Sdn Bhd and Malaysia Airports Holdings Berhad (together, “Malaysia Airports”) are the other main shareholders of ISG, LGM, and ISG Ground Handling, and hold rights of first refusal. 

Earlier this year, Malaysia Airports Holdings Berhad had acquired a 40 percent stake in ISG from GMR Infrastructure, an Indian infrastructure company for EUR 209 million. The deal was advised on by White & Case (reported on by CEE Legal Matters on May 7, 2014).

Upon the closing of the transaction — after obtaining the necessary regulatory and third party approvals — TAV and Malaysia Airports will become partners in Istanbul Sabiha Gokcen Airport and hold equal rights in management.  

TAV Airports, one of the world’s leading airport operators, provided services to approximately 652,000 flights and 84 million passengers in 2013.  Istanbul Sabiha Gokcen Airport served to 15.5 million passengers with a 32% increase in the first 8 months of 2014 compared to the same period of last year.

Peking & Pekin’s team was led by Partner Kemal Serdengecti and Senior Associate Yegan Liaje. 

TRINITI has announced that it was a “proud sponsor” of the Latvian Parliament pre-election debate on September 11, 2014.

The event was organised by the American Chamber of Commerce in Latvia, with the participation of the British, Norwegian, Irish and German Chambers of Commerce. Senior managers of international companies in the Baltics questioned representatives of seven political parties on their views regarding business in Latvia. TRINITI was represented by Partner Anri Leimanis, who posed questions related to Public Private Partnership projects, among others.