Central European law firm Schoenherr has advised Österreichische Volksbanken-Aktiengesellschaft (ÖVAG) on the sale of its subsidiary Europolis AG to CA Immo. CA Immo is paying 272 million for the 100% stake. The sale is subject to several conditions precedent, including the approval by the respective merger control authorities and the implementation of agreed internal pre-closing restructuring measures. With the transaction ÖVAG aims to strengthen its business model.
"With the successful completion of the sale of Europolis AG to CA Immo, the Austrian M&A market is giving off a strong signal," says Schoenherr partner Sascha Hödl, who advised ÖVAG during the negotiations. The Schoenherr team further consisted of Michael Lagler, Martin Ebner, Roman Perner and Ayla Ilicali. CA Immo was represented by Wilfried Seist from Doralt Seist Csoklich.
Schoenherr has advised ÖVAG on a number of sales with the aim to improve the bank's financial position. At the end of 2008, the firm advised on the sale of specialist Vienna-based bank Kommunalkredit to the Austrian government, and throughout the first half of 2010 it advised on the disposal of five retail banks.