Wardynski & Partners and Gorrissen Federspiel have advised the Salling Group on the acquisition of shares in Tesco. Allen & Overy reportedly advised Tesco.
Denmark's Salling Group owns the Netto network of stores, including 386 in Poland. Netto opened its first store in Poland in Szczecin in 1995 and currently has more than 5,000 employees. In total, the Salling Group has more than 53,000 employees in Germany, Denmark, and Poland with more than 1,400 outlets, including discounts, supermarkets, and hypermarkets.
According to Wardynski & Partners, "during the transition phase, i.e., until transaction closing, restructuring will take place ... in the form of excluding certain Tesco outlets in Poland from the transaction. Within the framework of the transaction and after its closing the Salling Group will take over 301 stores presently operating under the Tesco name as well as two distribution centers. The stores must change their name from Tesco to Netto within 18 months of transaction closing."
Wardynski & Partners's team was led by Partner Izabela Zielinska-Barlozek and included Partners Katarzyna Wojcik-Bakowska, Bartosz Kuras, Krzysztof Libiszewski, Michal Wons, and Michal Glinski, and Attorneys at Law Maciej Szewczyk and Anna Dąbrowska.