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CMS Advises Kreditech on Sale of Czech Subsidiary

CMS Advises Kreditech on Sale of Czech Subsidiary

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CMS has advised Kreditech Holding SSL GmbH on the sale of 100% shares in its Czech subsidiary, Kreditech Ceska Republika, to Kancelaria Medius S.A.

Kreditech was sold via a share purchase agreement executed on December 14, 2017 in Prague, with the final post-signing covenant fulfilled on June 30, 2018.

Kreditech ⎯ a German financial services company headquartered in Hamburg ⎯ serves clients in Russia, India, Spain, and Poland. According to CMS, “its product offering includes installment and point of sale consumer loans, and it uses a new approach to credit underwriting purely based on alternative data and machine learning.”

CMS’s work included supporting Kreditech Holding through the entire process of selling its Czech operations, starting with preparing and negotiating the share purchase agreement (which was governed by Polish law) together with the share transfer agreement under Czech law, as well as other post-signing actions related to the transaction on the Polish and Czech markets.

The CMS team was coordinated by the Warsaw CMS Corporate team, which was led by Counsel Rafal Kluziak, supported by Lawyer Jakub Szczygiel. CMS Prague Partner Pavla Kreckova and Senior Lawyer Lucie Hallova assisted on Czech law aspects. Supervision was provided by Warsaw-based Partner Jakub Marcinkowski.

CMS did not reply to our inquiries.