Schoenherr advises VB-Leasing on sale of subsidiaries to Getin Holding
Schoenherr has advised VB-Leasing International (VBLI), the joint venture between Österreichische Volksbanken-AG (ÖVAG) and German VR-Leasing AG, on the sale of VB Leasing Poland and VB Leasing Romania to Polish company Getin Holding SA.
The relevant agreement was executed on 15 May 2014. With the sale, the two companies have achieved another milestone in their strategic re-alignment to focus on their core business. The sale of the remaining subsidiaries of VBLI remains ongoing.
VB-Leasing International, headquartered in Vienna, owns eight subsidiaries in the Czech Republic, Slovenia, Croatia, Poland, Romania, Serbia, Slovakia and Bosnia-Herzegovina. ÖVAG and VR-Leasing AG started the sales process for VBLI in 2013.
VB Leasing Poland is one of the 10 biggest leasing companies in the Polish market with 13 branches. It is the largest single-country subsidiary within the VB-Leasing International Group
Subject to approval of the Polish and Romanian authorities, closing should occur during the remainder of 2014. At closing, Getin Holding will replace 100 per cent of the shareholder funding of the two companies at par (including accrued interest).
The Schoenherr team was led by Sascha Hödl (partner, corporate/M&A) primarily assisted by Thomas Kulnigg (attorney at law, corporate/M&A), with Pawel Halwa (partner, Warsaw, corporate/M&A) and Mădălina Neagu (partner, Bucharest, corporate/M&A) handling the Polish and Romanian law aspects.
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