Freshfields Bruckhaus Deringer, Savoric & Partners, and Filip & Company have advised Borealis on a binding offer for its nitrogen business from the Agrofert group. Wolf Theiss advised Agrofert. Oppenheim, Boyanov & Co, and PRK Partners reportedly advised Borealis as well.
According to Freshfields, "the fertilizer producer intends to acquire Borealis' nitrogen business, which includes plant nutrients, melamine, and technical nitrogen products and is valued at EUR 810 million under the terms of the offer. Borealis will initiate the mandatory information and consultation procedures with employee representatives imminently."
Closing is expected for the second half of 2022, pending regulatory approval.
Borealis is a Vienna-headquartered circular polyolefin solutions provider, specializing in base chemicals, fertilizers, and the mechanical recycling of plastics. The company employs 6,900 people and operates in over 120 countries.
The Agrofert group is a Czech-based plant nutrients manufacturer with production facilities in Germany, the Czech Republic, and Slovakia. The conglomerate comprises more than 250 subsidiaries, with its activities spanning from chemicals and agriculture to food production.
"By adding Borealis’ production assets in Austria, Germany, and France as well as a comprehensive sales and distribution network utilizing the Danube River, this business combination would well complement Agrofert’s existing capabilities in serving its customers across Europe," Borealis announced.
Earlier this year, Borealis also received a binding offer for its nitrogen business from EuroChem (as reported by CEE Legal Matters on February 25, 2022). The company subsequently announced that it had declined EuroChem’s offer. According to Borealis CEO Thomas Gangl, this was a result of the close assessment of "the most recent developments around the war in Ukraine and sanctions that have been put in place."
The Freshfields team included Vienna-based Partners Farid Sigari-Majd, Karin Buzanich-Sommeregger, Stephan Denk, and Katharina Kubik, Counsel Gernot Fritz, Principal Associates Daniel Lungenschmid, Noel Zamani, Leonhard Prasser, Kathrin Wildmoser-Zeller, and Anna Binder-Gutwinski, and Associates Maria Tumpel, Estella Dannhausen, Luca Mischensky, and Can-Michael Nural, as well as lawyers from the firm’s Munich, Hamburg, Brussels, and Paris offices.
The Wolf Theiss team was led by Partner Horst Ebhardt and included Partners Robert Wagner, Kurt Retter, Karl Binder, Erik Steger, Janos Toth, Ileana Glodeanu, Richard Clegg, Natasa Lalovic, Sarah Wared, Luka Tadic-Colic, Markus Bruckmuller, Robert Pelikan, Marika Lomashvili, and Niklas Schmidt, Counsels Flaviu Nanu, Bruno Stefanik, Tereza Naucova, Zuzana Hodonova, Maciej Olszewski, and Melanie Dimitrov, Senior Associates Martina Edlinger, Christopher Junger, Harald Strahberger, Sandra Seldte, Martina Edlinger, Christopher Junger, Katerina Kulhankova, Anna Schwamberger, Dorothea Rauchegger, Isabel Firneis, and Marietta Molnar, and Associates Rahim Rastegar, Paul Yulu, Kristian Yabalkarov, Sophie Weber, and Pascal Gstoettner.
The Savoric & Partners team included Senior Partner Boris Savoric and Partner Lovro Gasparac.
The Filip & Company team was led by Partner Alexandru Birsan and included Associates Simona Ungureanu and Lavinia Cazacu.
The Borealis in-house team was led by interim General Counsel Sandra Muller.