The transaction agreement was executed on 28 February 2020. Closing is expected in the first half of 2020 and is still subject to the fulfilment of customary regulatory approvals, in particular merger control clearance. HS Timber Group will hold an 80 % share in Interfloat and Blue Minds IF will hold 20 %.
Based in Vienna, HS Timber Group is one of the leading wood processing companies in Europe. It is active in the timber industry and in the bioenergy sector throughout the CEE region, exporting its products to 70 different destinations.
Blue Minds Group specialises in innovations in the energy and infrastructure sectors and operates from Vienna, Munich and Tel Aviv.
Liechtenstein-based Interfloat and Germany-based GMB Glasmanufaktur Brandenburg specialise in the production and distribution of solar-glass and special glasses for photovoltaic applications and green houses, counting around 300 employees.
The Schoenherr team was led by Christian Herbst (partner) and Maximilian Lang (counsel) and also included Volker Weiss (partner).