Gleiss Lutz (as lead counsel) and Schoenherr have advised the the insolvency administrator of Praktiker on the sale of its Hungarian subsidiary to Karl-Heinz Keth and its properties to the Wallis Group, which was advised by Dentons.
As part of the deal, signed on January 18, 2016, Christopher Seagon, the insolvency administrator of the Praktiker's German entities (Baumarkt Praktiker International GmbH and Baumarkt Praktiker Grundstucksbeteiligungs GmbH), has sold the shares of the operative Hungarian subsidiary Praktiker Kft. to its current Managing Director, Karl-Heinz Keth. At the same time, the Wallis Group acquired the three properties owned by Praktiker. The existing operation of the DIY store in Hungary, with 19 locations and 1,100 employees, will continue to trade under the Praktiker brand, as the buyers agreed to operate Praktiker in the future in a joint company, with Wallis Group as majority owner. This second stage of the transaction is subject to approval by the Hungarian Competition Authority.
The Gleiss Lutz team involved in the transaction was led by Partners Ralf Morshauser and Patrick Mossler, and also included Counsels Tobias Falkner, Carolin van Straelen, Axel Kuhlmann, Franziska von Hutten-Langlotz, Maximilian Habel, and Matthias Werner.
The Schoenherr Hungary team was headed by Partner Sandor Haboczky and Attorney Gabor Spitz as attorney in charge. They were supported by Attorneys Anna Turi, Gergely Szaloki, and Tamas Balogh.
The Dentons team on the deal was led by Partner Andreas Kohler, supported by Associates Gabor Toth, Andras Peisch, and Eszter Fodor.
Gleiss Lutz reports that, with the completion of this transaction, all foreign entities of the Praktiker Group have been successfully sold to investors, thereby saving a total of 6,600 jobs. Prior to the sale of the Hungarian subsidiaries, Praktiker entities in Luxembourg, the Ukraine, Romania, Bulgaria, Poland, and Greece had been sold since October 2013 in separate auction processes. Schoenherr was also involved in the sales process of Praktiker's CEE subsidiaries with local Schoenherr teams previously also advising on the sale of the DIY chain's Bulgarian, Polish, Romanian, and Ukrainian subsidiaries, a process coordinated and supervised by Vienna-based Michael Lagler.
Image Source: tishomir / Shutterstock.com
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