Mrowiec Fialek and Partners has advised Wroclaw-based Work Service S.A. on an investment agreement with Gi International.
Work Service S.A. specializes in personnel consulting, HR restructuring, recruitment, and employee outsourcing services. The group operates in Poland, Germany, Russia, Czech Republic, Turkey, Romania, Hungary, Slovakia, the United Kingdom, Belgium France, Switzerland, Bulgaria, Serbia, Croatia, Slovenia, and Ukraine via a network of local offices and 300 mobile personal consultants. It has been listed on the Warsaw Stock Exchange since 1992.
According to Mrowiec Fialek & Partners,"under the investment agreement [Gi International] made available to [Work Service] the financing of PLN 210.2 million in the form of, among other things, bridging loans, and it intends to acquire approximately 56% of [Work Service's] shares from its shareholders and then to announce a tender offer for at least 66% thereof (in accordance with the applicable laws and regulations)." According to the firm, "the investment agreement shall become effective upon the satisfaction of the following conditions: finalizing the confirmatory due diligence, obtaining the consents of the competent anti-monopoly authorities, and agreeing on the final transaction documents with [Work Service], the shareholders, the banks, and the bondholders."
The Mrowiec Fialek and Partners team consisted of Partner Miroslaw Fialek, Senior Associates Pawel Cyganik and Dominika Leszczynska, Associate Pawel Siwiec, and Junior Associate Kamil Gago.