Although the economic crisis has significantly slowed down the financial sector’s M&A activity in Ukraine with nearly 90 (of the 180 existing before 2014) commercial banks becoming insolvent or being taken over by the state, several banking cross-border equity transactions closed in recent years are paving the way towards the market’s gradual recovery.
Avellum has acted as Ukrainian legal counsel to Deutsche Beteiligungs AG in connection with the EUR 5.9 million investment in Dieter Braun GmbH. Gleiss Lutz was global counsel to Deutsche Beteiligungs.
Avellum has acted as Ukrainian legal counsel to longstanding client Kernel Holding S.A. in connection with an offering of its USD 500 million 8.75% guaranteed notes due 2022. The notes are expected to be rated B+ by Fitch and B by S&P, two notches and one notch above the Ukrainian sovereign respectively.
Aequo has advised the Ukrainian subsidiary of Sberbank of Russia on its restructuring of a multi-million loan facility granted to the Smila Electromechanical Plant, one of the largest Ukrainian producers of electric equipment for railway machines, large-capacity vehicles, municipal passenger electric transport, port facilities, and industrial lifting devices.
Avellum has acted as a Ukrainian law counsel to a bondholder group composed of holders of senior notes issued by DTEK Finance plc in connection with the long-term restructuring of the notes as part of the long-term restructuring of the debts of the DTEK Energy group.
Aequo has advised Portigon AG (Duusseldorf, Germany), UniCredit Bank Czech Republic and Slovakia, a.s. (Prague, Czech Republic), and other lenders on the restructuring of the multi-million loan facilities granted to an unidentified company in the Ukrainian automotive industry. Allen & Overy advised on English, German, and Czech Republic elements of the restructuring.
The Ukrainian and Polish offices of Wolf Theiss, working with Morgan Lewis, have advised Hong Kong-based Automated Systems Holdings Limited (ASL) in its merger with U.S.-based Grid Dynamics. The merger is expected to close in March 2017.