Austria: Schoenherr advises immigon on the sale of VICTORIA VOLKSBANKEN Pensions- and Vorsorgekasse

15 July 2015 | deal news

Schoenherr advised immigon portfolioabbau ag ("immigon"), a principal shareholder of VICTORIA-VOLKSBANKEN Pensionskassen Aktiengesellschaft and VICTORIA-VOLKSBANKEN Vorsorgekasse AG, on the sale of its shareholdings in both the pension and the provident fund to BONUS Pensionskassen Aktiengesellschaft. The two share purchase agreements were signed on 10 July 2015. Following closing of these transactions, which is expected to take place in the fourth quarter of 2015 subject to approval of competition authorities and Austria’s Financial Market Authority ("FMA"), immigon will separate itself from two additional supervised entities, thus marking a further important step within the framework of its wind-down plan. The parties involved agreed to keep the financial terms of the transactions confidential.

immigon portfolioabbau ag is a wind-down company in accordance with section 162 of the Federal Act on the Recovery and Resolution of Banks (BaSAG, the Austrian implementing legislation of the BRRD) and emerged of the demerger of Österreichische Volksbanken-AG (ÖVAG)'s banking business and central institution function into Volksbank Wien Baden.

Sale of two investment companies to Union Investment

Schoenherr had previously advised immigon on the sale of the two investment companies Volksbank Invest Kapitalanlagegesellschaft m.b.H. ("VB Invest") and Immo Kapitalanlage AG („Immo KAG“) to Germany’s Union Investment. VB Invest and Immo KAG together have approximately EUR 6 billion in assets under management.

The signing of these transactions took place on 3 July 2015. Subject to approval being granted by the competition authorities and the FMA, the transactions are expected to close during the course of the third quarter of 2015. The financial terms of the transactions were not disclosed.

The Schoenherr team advising immigon on the sale of VICTORIA-VOLKSBANKEN Pensions kassen Aktiengesellschaft and VICTORIA-VOLKSBANKEN AG consisted of Ursula Rath (lead partner; Banking, Finance and Capital Markets) and Stefan Paulmayer (attorney-at-law; Banking, Finance and Capital Markets).

Schoenherr’s core team advising on the sales to Union Investment also consisted of Ursula Rath (lead) and Stefan Paulmayer. They were supported by Hanno Wollmann (partner; EU & Competition), Stefan Kühteubl (partner; Labour & Employment), and Susanne Olt (associate; Labour & Employment).

KPMG served as financial advisor to immigon in both sets of transactions.