On June 29, 2023, Greenberg Traurig announced that KI Chemistry’s acquisition of Ciech shares in a voluntary tender offer (reported by CEE Legal Matters on May 3, 2023) had closed.
According to the firm, "as a result of the transaction, KI Chemistry acquired shares in Ciech S.A., representing 11.78% of the company's share capital, thereby increasing its stake in the chemical company from the previous 58.22% to around 70%. The value of the transaction and the acquired shares amounted to nearly PLN 337 million."
As previously reported, Greenberg Traurig had advised KI Chemistry on the acquisition of Ciech shares, while Gide advised KI Chemistry on the financing for the transaction.
KI Chemistry is part of the Kulczyk Investments group, an international investment company.
Ciech is an international chemical group with factories in Poland, Germany, and Romania. It employs over 3,000 people throughout the EU.
“The acquisition of shares under the tender offer is part of a long-term strategic financial investment by KI Chemistry,” Greenberg Traurig announced back in May. “It is KI Chemistry's intention to continue to support Ciech in its current and planned business activities, and to take steps to strengthen its market and financial position by way of establishing uniform and efficient corporate governance in processes related to the implementation of strategic decisions.”
Greenberg Traurig’s updated team included Partner Rafal Sienski, Senior Associates Grzegorz Socha and Michal Baldowski, Associate Lukasz Chmura, and Junior Associate Szymon Swierszcz.
Gide’s team included Partner Dariusz Tokarczuk, Of Counsel Marta Karminska, Counsel Dawid Van Kedzierski, and Associate Pawel Wasiel.