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Binder Groesswang and Schoenherr Advise on GrECo Buy-Back of Shares from JLT

Binder Groesswang and Schoenherr Advise on GrECo Buy-Back of Shares from JLT

Austria
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Binder Groesswang has advised Austrian risk and insurance manager GrECo and its majority owners, the Neubrand family, on the buy-back of GrECo shares from former British partner JLT. Schoenherr advised the sellers on the deal.

In addition to the Neubrand family, Germany's Ecclesia Group holds a 13.33% stake in GrECo, has over 1000 employees, operating 57 subsidiaries in 16 countries. It is globally represented in over 200 countries via GrECo nova.

According to Binder Groesswang, "in April 2019, GrECo's 20%-shareholder, the British JLT-group (Jardine Lloyd Thompson Group plc) was acquired by the US Marsh & McLennan Group. In the light of these developments the Austrian GrECo owner family Neubrand exercised its buy-back option and repurchased JLT's 20% stake. The buy-back was completed at the beginning of March 2020."

The Binder Groesswang team was led by Partners Michael Binder and Gottfried Gassner, both of whom advised GrECo on JLT's entry in 2010.

Schoenherr's team was led by Partner Thomas Kulnigg and included Attorneys Michael Stimakovits and Associate Irina Hanin.

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