CMS has advised Mid Europa Partners on the sale of 100% of shares in Altura S. a r. l., the holding company which owns 99.77% of the shares in Polskie Koleje Linowe SA, to the Polish Development Fund. Linklaters advised the buyers on the deal.
The agreement between Mid Europa Partners and the Polish Development Fund ⎼ the Polish sovereign fund ⎼ was signed on October 7, 2018. Closing remain contingent on the satisfaction of mandatory conditions precedent, including the approval of the Polish Competition Regulator.
According to Linklaters, Polskie Koleje Linowe is Poland's oldest and largest operator of ski lifts, cable cars, and ski slope services, including those in the Zakopane ski resort region. PKL was privatized in 2013.
“Investments in assets acquired from state-owned companies or in regulated sectors – although usually associated with higher business risk – may also bring the expected return on investment,” said CMS Partner Jakub Marcinkowski. “The key factor in such cases is to have a vision of how the business will develop, as well as properly securing transactions at the legal level.”
The CMS team was led by Warsaw-based Partner Jakub Marcinkowski and included Counsel Rafal Kluziak, Senior Associate Olga Czyzycka, Associate Rafal Burda, and lawyers Michal Sowinski and Karolina Stepaniuk. English law support was provided by London-based Partner Peter Lewis.
The Linklaters Warsaw team consisted of Partner Marcin Schulz and Tomasz Zorawski, Managing Associate Agnieszka Maj-Zuk and Agnieszka Mencel, Senior Associate Jakub Wozniak, and Associate Tomasz Pleskot.