Schoenherr has advised VB-Leasing International (VBLI), the joint venture between Osterreichische Volksbanken (OVAG) and German VR-Leasing AG, on the sale of VB Leasing Poland and VB Leasing Romania to the Polish company Getin Holding.
The relevant agreement was executed on May 15, 2014. According to Schoenherr, the sale is "another milestone in the two companies' strategic re-alignment to focus on their core business." The sale of the remaining subsidiaries of VBLI remains ongoing.
Vienna-based VB-Leasing International has been a well-established equipment leasing provider in Central and Eastern Europe for 20 years. It owns eight subsidiaries in the Czech Republic, Slovenia, Croatia, Poland, Romania, Serbia, Slovakia and Bosnia-Herzegovina. OVAG and VR-Leasing-AG started the sales process for VBLI in 2013.
VB Leasing Poland is one of the ten biggest leasing companies in the Polish market with 13 branches. It is the largest single-country subsidiary within the VB-Leasing International Group. In 2013, its annual profit before taxes stood at EUR 25.8 million. VB Leasing Romania ranks among the top six leasing companies in Romania and generated an annual profit before taxes of EUR 12.9 million in 2013.
Subject to approval of the Polish and Romanian authorities, closing should occur during the remainder of 2014. At closing, Getin Holding will replace 100% of the shareholder funding of the two companies at par (including accrued interest).
The Schoenherr team was led by Partner Sascha Hodl, assisted by attorney Thomas Kulnigg. Partners Pawel Halwa and Madalina Neagu handled the Polish and Romanian law aspects.
Ithuba Capital and Deloitte also advised OVAG and VR-Leasing AG
Getin Holding was advised by Domanski Zakrzewski Palinka in Poland and Tuca Zbarcea in Romania.
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