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DLA Piper has advised Playtech, the world's largest online gaming software supplier traded on the London Stock Exchange Main Market, on the acquisition of a 90% stake in Best Gaming Technology (BGT), a retail gambling company, for EUR 138 million, from majority shareholder Global Bet Holding GmbH (GBT). The remaining 10% will be retained by Armin Sageder, BGT's founder and CEO.  Austria’s Doralt Seist Csoklich law firm advised Sageder and BGT on the deal. PHH advised GBT on the matter.

An "exciting election” has marked the Austrian market over the last few months, according to Alexander Petsche, Managing Partner of Baker & McKenzie in Vienna. “We had an election of the President of the Federal Republic that was annulled recently by the Constitutional Court due to formalistic misbehavior during the election process,” Petsche explained.

Cerha Hempel Spiegelfeld Hlawati, working in association with Gowling WLG, has advised the Convergys consumer management company on its EUR 123 million acquisition of buw, Germany’s largest service provider in the customer care industry in private ownership. Taylor Wessing advised sellers Karsten Wulf and Jens Bormannon on the deal, which remains contingent on certain adjustments and regulatory approvals.

Baker & McKenzie has advised GFKL Financial Services GmbH on its acquisition of IS Group Management GmbH (trading as IS Inkasso Service), an Austrian market leader in third party collections (3PC) with a strong Swiss business presence, from majority shareholder Hannover Finanz and the IS Group’s management, which remains in place after the sale. Fellner Wratzfeld & Partner advised the sellers on the transaction.

Wolf Theiss has advised Dynacast, a global producer of complex precision parts, on its acquisition of all shares in the Austrian company Schlieper GmbH from Schlieper Private Trust. The closing took place on June 30, 2016.  

Herbst Kinsky has advised investors aws Grunderfonds (Austria), Axel Springer Digital Ventures (Germany), Mairdumont Ventures (Germany), and Russmedia Digital (Austria) on a seven digit financing round for the Viennese start-up Zizooboats GmbH.

Schoenherr has advised and is representing Cubic (London) Limited ("Cubic") on a public takeover for all shares not held by San Gabriel Privatstiftung, T.R. Privatstiftung, or the other core shareholders in C-QUADRAT Investment AG ("C-QUADRAT"), an independent asset management company listed on the Vienna stock exchange.  

Binder Groesswang has advised Volksbanken-Verbund on the sale of start:bausparkasse and IMMO-Bank to BAWAG P.S.K. Group. The transaction is expected to close in the fourth quarter of 2016 and is still subject to customary closing conditions and regulatory approvals. The purchase price was not disclosed. Both companies will be integrated into BAWAG P.S.K. Group and fully consolidated.

Juliana Guaiato Aufschnaiter is a Senior Expert working within the Special Exposures Management team at Raiffeisen Bank International, where she reports to the head of division. Originally from Rio de Janeiro, Brazil, she’s been with RBI for over 10 years now, and she first moved to Vienna in 2004, when she took on her first role within the banking sector with the affiliate of Banco do Brasil in Austria. Earlier experience included working for TNT in Brazil.

The Deal:

On February 18, 2016, CEE Legal Matters reported that DLA Piper Weiss-Tessbach and Baker & McKenzie Diwok Hermann Petsche had advised on Wiener Privatbank’s acquisition of the Austrian business of the private bank Valartis. The transaction was described by DLA Piper Weiss-Tessbach as “the largest banking transaction in Austria in the year 2015.”

The Buzz is a short summary of the major and relevant topics of interest in Central and Eastern Europe, provided by those best positioned to know: law firm partners and legal journalists/commentators on the ground in each CEE country.

Women’s Day is behind us, but the subjects of gender equality and equal opportunity are of year-round concern. This, the first part of a special two-part CEE Legal Matters article on women in private practice in CEE, provides the numbers and percentages from leading law firms across CEE, as well as a more thorough snapshot of one representative market. Part II of the report, in the June issue, will pull back the curtain even more, providing feedback and perspectives from lawyers across the region.

An employee was dismissed with immediate effect because he had published in-house information on his Facebook account. In the current decision on this case, the Austrian Supreme Court (“OGH“) confirmed that indiscrete Facebook posts may justify a dismissal (Decision by the Supreme Court, dated 27.11.2014, 9 ObA 111/14k).

Linklaters and CMS Vienna are advising investment banks JP Morgan and Citigroup on matters of Austrian law related to the Carinthian Compensation Fund’s offer to the holders of HETA (formerly Hypo Alpe Adria) instruments in the nominal amount of Euro 11.2 billion, as part of the long-awaited debt restructuring of the Heta banking crisis. Skadden Arps, Hausmaninger Kletter, and Abel & Abel are advising Carinthian State Holding, Schoenherr is advising the Austrian state, and bond creditors are being advised by Kirkland & Ellis, Binder Groesswang, Gorg, Dorda, and Wolf Theiss.