Austria: Schoenherr advises UniCredit Bank Austria AG and Erste Bank der oesterreichischen Sparkassen AG on sale of majority stake in ÖHT to OeKB
Schoenherr has advised UniCredit Bank Austria AG and Erste Bank der oesterreichischen Sparkassen AG on the sale of their combined 68.75% stake in Österreichische Hotel- und Tourismusbank Gesellschaft m.b.H (ÖHT) (a specialist bank established in the tourism and leisure industry as a financing and development institution) to Oesterreichische Kontrollbank AG (OeKB).
The remaining shareholder Raiffeisen will retain its 31.25% stake in ÖHT.
The signing took place on 11 March 2019, and the closing of the transaction is subject to the approval of the relevant merger control authorities.
The transaction further underscores Schoenherr's leading position as M&A adviser in the financial services industry, where the firm has been involved in all major transactions over the last decade that have reshaped the industry landscape.
Robert Bachner, Schoenherr lead partner on the deal said, "we are glad that we had the opportunity to advise the two selling banks on the structuring, negotiation and implementation of this transaction. The deal brought together professional teams on both sides of the table and at ÖHT, and while challenging, was thus a pleasure to have worked on."
Robert Bachner (partner, Vienna, corporate/m&a) led the Schoenherr team, and was supported by Roman Perner (partner, Vienna, corporate/m&a); Hanno Wollmann (partner, Vienna, competition/state aid), Manuel Ritt-Huemer (attorney at law, Vienna, corporate/m&a); Elisabeth Kirrer (attorney at law, Vienna, corporate/m&a); and Teresa Waidmann (attorney at law, Vienna, labour & employment, start-up services).
Fellner Wratzfeld & Partner Rechtsanwälte GmbH (fwp) represented the purchaser Oesterreichische Kontrollbank AG (OeKB) in this deal.