Clifford Chance and Bernitsas have advised MediaMarktSaturn on the restructuring of its Greek operations and the establishment of a joint venture with the Olympia Group to cover the Greek and Cypriot markets. Papadimitriou – Pimblis & Partners reportedly advised Olympia on the deal, which remains subject to approval from the relevant competition authorities.
As a result of the joint venture, MediaMarktSaturn will hold 25% of the shares in the new company, with the Olympia Group holding the remainder. Both parties will transfer their operating companies in Greece and Cyprus to the new entity.
The Dusseldorf-based Clifford Chance team consisted of Partners Christoph Holstein, Claudia Milbradt, and Marc Besen, Counsel Dimitri Slobodenjuk, Senior Associate Tobias Kamerling, and Associates Niklas Zientek, Gunter Barth, and Nicolas Hohn-Hein.
Editor's Note: After this article was published Bernitsas Law and Papadimitriou – Pimblis & Partners confirmed their involvement in the deal. The Bernitsas Law team was led by Partner Lambros Belessis and included Partners Yannis Seiradakis, Evi Kitsou, and Marina Androulakakis. The Papadimitriou – Pimblis & Partners team that advised Olympia Group on Greek law aspects of the deal consisted of Managing Partner Nikos Pimblis and Partner Nikos Xenoyiannis.