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Dorda and Nestor Nestor Diculescu Kingston Petersen, working with Heuking Kuhn Luer Wojtek’s Munich office, have advised Cancom on the acquisition of K-Businesscom and all its subsidiaries from shareholders Aluk Privatstiftung, Invest Unternehmensbeteiligungs Aktiengesellschaft, Raiffeisen, Franz Semmernegg, and Jochen Borenich. SCWP Schindhelm reportedly advised the sellers. 

Schoenherr, working with Linklaters, has advised joint global coordinators and joint bookrunners BNP Paribas and Citigroup Global Markets Europe and joint bookrunner UniCredit Bank on the oversubscribed EUR 250 million issuance of convertible bonds by Voestalpine AG. Cerha Hempel advised Voestalpine.

 

Last Thursday the Court of Justice of the European Union ("CJEU") issued a long awaited ruling on damages resulting from a data protection infringement (C-300/21). Since the Regulation (EU) 2016/679 (General Data Protection Regulation; "GDPR") came into force on 25 May 2018, claims for damages under Art 82 GDPR due to alleged data protection violations like unlawful data processing or incompliance with the GDPR as well as in the context of data breaches or leaks have been steadily increasing. The CJEU's recent ruling clarifies essential issues but raises just as many questions.

Schoenherr has advised Seven Refractories on the EUR 93 million sale of its European, Indian, and US operations to RHI Magnesita. Brandl Talos advised Seven Refractories' founder and CEO Erik Zobec as well as other minority management shareholders. Cerha Hempel and Ulcar & Partnerji, working with Clifford Chance, Khaitan & Khaitan, Legance, Harneys, Eubelius, and Barnes & Thornburg, advised the buyer.

Schoenherr, working with Linklaters, has advised sole coordinator, documentation agent, bookrunner, and mandated lead arranger UniCredit Bank Austria, facility agent ING Bank, bookrunners and mandated lead arrangers Erste Group Bank, Raiffeisenbank International, and Commerzbank, as well as other banks on the EUR 1.7 billion revolving syndicated facility for Wiener Stadtwerke.

Binder Groesswang has advised Semperit Aktiengesellschaft Holding on its acquisition of the Austrian Rico Group. SCWP Schindhelm advised the seller. CMS advised a consortium of banks led by UniCredit Bank Austria and UniCredit Bank on providing EUR 250 million in financing for Semperit.

A December 2022 decision by the Austrian Constitutional Court to annul the media privilege in the Austrian Data Protection Act has raised questions on how the country’s approach to the legal landscape regulating the media will change. Wolf Theiss Partner Kurt Retter and DLA Piper Counsel Stefan Panic analyze the ruling’s implications.

Investment activity in Austria’s technology sector remained strong in 2022, despite the global economic downturn caused by the pandemic. Cerha Hempel Partner Christoph Reiter, Schoenherr Partner Thomas Kulnigg, and Dorda Managing Partner Axel Anderl talk about where the money is coming from, where it is going, and what can be expected for 2023.

The mandatory fee-based publication in the print medium of the Official Journal of the Wiener Zeitung (Amtsblatt der Wiener Zeitung) ("Official Journal") is going to be replaced by free-of-charge publication on the new Electronic Announcement and Information Platform of the Federation ("EVI").

Schoenherr, working alongside Linklaters and Paul Weiss Rifkind Wharton & Garrison, has advised the Carrier Global Corporation on its acquisition of Viessmann Climate Solutions. Hengeler Mueller and, reportedly, Davis Polk & Wardwell advised Viessmann Climate Solutions.

Regulation (EU) 2022/1925, The Digital Markets Act, is set to apply from 2 May 2023

Addressing digital developments and concerns regarding contestability and fairness in the digital economy, the Digital Markets Act – an ex-ante regulatory system – entered into force on 1 November 2022 and will apply from 2 May 2023. Designed to complement competition law, the Digital Markets Act lays down prohibitions and obligations for designated gatekeepers that provide a range of “core platform services” and gives the European Commission broad investigative and enforcement powers. Generally speaking, the Digital Markets Act aims to prevent unfair practices by gatekeepers.

On 20 April 2023 the European Parliament ("EP") finally approved the regulation on markets in crypto-assets ("MiCAR"). The approved final text of the MiCAR is yet to be formally endorsed by the Council, but the EP's approval means the biggest legislative hurdle towards the MiCAR entering into force has been cleared. The approval of the MiCAR follows the finalisation of the last details of the text, after a provisional agreement on the final draft compromise was reached during trilogue negotiations in June 2022.

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