Austria: Schoenherr represents Austrian Core Shareholders on sale of majority shareholding in listed C-QUADRAT to HNA
Schoenherr has advised and represented the core shareholders of Cubic (London) Limited ("Cubic"), including San Gabriel Privatstiftung, and T.R. Privatstiftung, as indirect controlling stockholders in C-QUADRAT Investment AG ("C-QUADRAT"), on the sale of the majority shareholding in Cubic, and thus C-QUADRAT, to the HNA Group (International) Asset Management Co., Limited, Hong Kong ("HNA"). HNA is part of the HNA Group, a leading Chinese diversified industrial group. C-QUADRAT is an independent asset management company listed on the Vienna stock exchange.
Following clearance of the transactions by financial regulators in Austria, the UK, and Armenia, the sale of a majority shareholding of 74.9 % in Cubic by HNA was closed on 23 April 2018.
The acquisition of a majority shareholding by HNA was preceded by several transactions in 2016 and 2017. Two of these were a public offer (triggered by the 15 January 2016 acquisition by Cubic of a 25.1 % shareholding in C-QUADRAT), and a sale and transfer by San Gabriel Privatstiftung and T.R. Privatstiftung, Q-Capital, Hallmann Holding and Laakman Holding Limited as core shareholders of their shareholdings in C-QUADRAT, totaling 65.5 %, to Cubic.
The market capitalisation of C-QUADRAT currently exceeds EUR 270m.
The Schoenherr team advising on the transaction was led by Christian Herbst (partner, corporate/m&a) and also consisted of Peter Feyl (partner, banking & finance), Maximilian Lang (counsel, corporate/m&a) and Sascha Schulz (counsel, corporate/m&a).