Wolf Theiss Assists Volksbank Real Estate Services in a 17 Million EUR Sale in the Context of Baumax Exit from the Romanian Market. The Buyer Was Assisted by Noerr

Date: 11/24/2014
Source: Wolf Theiss
Wolf Theiss assisted VB Real Estate Services GmbH with the sale of its Romanian subsidiary, Immorom Sigma to PVN Romania and Inprox Bucuresti, both subsidiaries of the bauMax group, for a consideration of EUR 17 million. The buyers in the transaction were assisted by Noerr.

The deal was closed in the context of bauMax group exit from the local market and the acquisition of the entire group by the French group Adeo, the owner of the Leroy Merlin retail chain. The latter will take over the 15 stores, which were previously operated until now by bauMax in Romania.

The acquisition also required the restructuring of the entire bauMax group in Romania, which involved a total of nine credit institutions, including five banks and four leasing companies and non-banking financial institutions. This transaction is one of the most complex reorganization procedures ever to be undertaken by bauMax and will focus on five markets in Central and Eastern Europe.
The Wolf Theiss and Noerr teams were confronted with a host of issues involving various areas of law, including corporate, civil and banking law, as well as the interaction of these Romanian laws with the related Austrian laws. The attorneys on both sides of this transaction were required to negotiate and accommodate their clients’ needs in an extremely short time frame, since the whole transaction had to be finalized by the end of November 2014.
VB Real Estate Services GmbH was assisted by Wolf Theiss Austria lawyers Gabriele Etzl, Partner, and Hartwig Kienas, Counsel, who coordinated all matters related to Austrian law. In Romania, the transaction was coordinated by Senior Associates Alexandru Câmpean and Fabiola Meister, from the Corporate/M&A department of Wolf Theiss Romania, and by Ramona Hromei, an attorney specialized in Banking Law, all acting under the supervision of Partner Ileana Glodeanu, who heads the Corporate/M&A department in Bucharest. The Wolf Theiss team was also assisted by associates Diana Steţiu, Tudor Botea and Tudor Nistor from the Wolf Theiss România office.
“The transaction raised some interesting challenges, since we had to meet the requirements of all the involved parties, through a relatively complex transaction structure. This was accomplished despite the intense time pressure under which all parties operated, in order to acheive a closing by 18 November 2014” explained Ileana Glodeanu, Partner Corporate/M&A Wolf Theiss.
From Noerr, the transaction was lead by Mihai Măcelaru, who coordinates the M&A department in Bucharest. Mihai was assisted by attorneys Magdalena Lupoi and Luiza Bedros. The Noerr team was supervised by Rusandra Sandu, the Partner heading the Corporate/M&A department in Bucharest.

Founded in 1957, Wolf Theiss is one of the leading European law firms in Central, Eastern and South-Eastern Europe with a focus on international business law. With 340 lawyers in 14 offices located in Albania, Austria, Bosnia and Herzegovina, Bulgaria, Croatia, Czech Republic, Hungary, Poland, Romania, Serbia, Slovakia, Slovenia and Ukraine, Wolf Theiss represents local and international industrial, trade and service companies, as well as banks and insurance companies. Combining law and business, Wolf Theiss develops comprehensive and constructive solutions on the basis of legal, fiscal and business know-how.

• Law Firm of the Year: Austria 2014 (The Lawyer European Awards)
• Law Firm of the Year: Central Europe, 2014 & 2010 (The Lawyer European Awards)
• Austrian Law Firm of the Year, 2013, 2012, 2011, 2010 & 2009 (Who's Who Legal, IFLR - International Financial Law Review; Chambers & Partners; PLC Which lawyer?; ILO - International Law Office)
• Best in Croatia Awards, 2013 (European Women in Business Law Awards, Euromoney)
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• Law Firm of the Year, 2010 (Southeastern Europe Real Estate Awards, Europa Property)
• Law Firm of the Year: Central Europe, 2010 (The Lawyer European Awards)
• Czech Law Firm of the Year, 2010 (IFLR - International Financial Law Review)
• Worldwide – Entertainment and Media Law Team of the Year, 2009 (World Leaders International IP Awards)
• Hungarian Law Firm of the Year, 2009 (IFLR - International Financial Law Review)

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