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Baker & McKenzie Advises on Merger of Jan Kulczyk Energy Assets



Baker & McKenzie has advised on the merger of the energy companies owned by Kulczyk Investment under the umbrella of Polish Energy Partners (PEP), a company listed on the Warsaw Stock Exchange.

Jan Kulczyk (www.kulczykinvestments.com)

According to a firm press release, Baker & McKenzie's involvement for Polish Energy Partners included: "support in the development of the transaction strategy; assistance in preparing Polenergia Holding, another company owned by Kulczyk Investment, to be integrated into PEP (through an in-kind contribution); and obtaining corporate approvals in PEP.

According to Baker & McKenzie Partner Jakub Celinski, “this transaction will create the largest private energy group in Poland, with a capitalization of nearly PLN 1.5 billion. We are happy that we were able to work on such a landmark project in the development of the energy sector in Poland.”

At the same time that Polenergia Holding's assets were acquired by the stock exchange-listed PEP, the company also gained a minority shareholder: CEE Equity Partners, a Chinese fund set up in February of this year by the state-owned Export-Import Bank of China. The fund has acquired a 16-percent stake in the merged Polenergia for PLN 240 million. This is the first investment of CEE Equity Partners. According to Baker & McKenzie, “the fund plans to invest as much as USD 2 billion in 16 Central and Eastern European countries. Baker & McKenzie also participated in the negotiations between PEP and the Chinese fund. B&M was also involved in preparing the prospectus for the purposes of floating the contributed shares for the Chinese investor, and for the public issue of shares."

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Established in 1957, Wolf Theiss is one of the leading European law firms in Central, Eastern and South-Eastern Europe with a focus on international business law. With 300 lawyers in 13 offices located in Albania, Austria, Bosnia and Herzegovina, Bulgaria, Croatia, Czech Republic, Hungary, Poland, Romania, Serbia, Slovakia, Slovenia and Ukraine, Wolf Theiss represents local and international industrial, trade and service companies, as well as banks and insurance companies. Combining law and business, Wolf Theiss develops comprehensive and constructive solutions on the basis of legal, fiscal and business know-how.

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