ODI and Gessel have advised Polish investor Linetech Holding S.A in the Slovene privatization process for Slovenian MRO company Adria Airways Tehnika d.d., organized through competitive international public tender. By winning the two-phased structured bidding process, Linetech acquired all shares in Adria Airways Tehnika. The deal is valued at EUR 5 million. Schoenherr advised both the consortium of shareholders headed by the Slovenian Sovereign Holding, and Aerodrom Ljubljana.
The Share Purchase Agreement was signed on November 24, 2015. According to ODI, "the deal provides for a simultaneous signing and closing on the same day, foregoing the need for additional time window, since the Slovenian Competition Protection Agency has been notified of the takeover agreement ahead and has decided that no merger clearance is required."
ODI, acting on behalf of Linetech Holding, provided due diligence on the target, competition analysis, corporate governance changes and supported Gessel in drafting and negotiating the agreement with Schoenherr, acting on behalf of the Slovenian Sovereign Holding.
Marko Jazbec, President of the management board of SSH, was satisfied with the deal. "We are immensely pleased with the outcome of the sale process of Adria Airways Tehnika, d.d.," he said. "We believe that company will obtain a new owner which will support its growth, further development and maintain good relations with all stakeholders of the company."
Zmago Skobir, Managing Director of Aerodrom Ljubljana, commented as well. "Aerodrom Ljubljana invested into Adria Airways Tehnika with clear objectives - to retain the maintenance and repair activities at Ljubljana Airport and to ensure a bolder future development of Adria Airways Tehnika," he said. "In the bidding process a recognized international provider was selected. We firmly believe that Adria Airways Tehnika, among users and experts known mostly for high professionalism of its employees, will be enriched by the new ownership."
Finally, Piotr Kaczor, President of the management board of Linetech Holding, said that: “We are proud to announce our acquisition of Adria Airways Tehnika, d.d. Subsequently, we aim to grow and develop Adria Airways Tehnika, d.d. by investing in people, new technologies and equipment. Thanks to this merger our field of capabilities will become wider, enhancing support opportunities for the most popular aircraft types of: Boeing, Airbus, Bombardier, Embraer and ATR."
The privatization of Adria Airways follows little more than a year after the privatization of one of its shareholders, Ljubljana Airport, which was acquired by Fraport AG, the Frankfurt Stock Exchange-listed airport (as reported by CEE Legal Matters on September 9, 2014).
The ODI team was led by Managing Partner Uros Ilic and Senior Associate Katarina Skrbec, assisted by Senior Associates Lea Vatovec and Lea Pecek. Four other ODI Associates were also included in the due diligence team. Gessel's transaction team was led by M&A Partner Marcin Macieszczak and Attorney Michal Bochowicz.
Schoenherr's team advising SDH and Aerodrom Ljubljana was led by Partner Marko Prusnik and Partner Eva Skufca, assisted by Attorney Branko Cevriz and Associate Lilit Zavasnik.