Austria: Schoenherr represents Cubic and its core shareholders on sale of their majority participation in listed C-QUADRAT

04 May 2017 | deal news

Schoenherr is representing Cubic (London) Limited ("Cubic") and core shareholders, including San Gabriel Privatstiftung and T.R. Privatstiftung, on the sale of their controlling stake in C-QUADRAT Investment AG ("C-QUADRAT"), to the Chinese conglomerate HNA Group (Hong Kong) Co., Limited. C-QUADRAT is an independent asset manager listed at the Vienna Stock Exchange.

On 03 May 2017, the core shareholders, San Gabriel Privatstiftung, T.R. Privatstiftung, as well as Hallmann Holding International GmbH, Q-Cap Holdings Ltd,. and Laakman Holding Ltd, concluded conditional share purchase agreements with HNA Group (International) Asset Management Co., Limited ("HNA") with regard to the acquisition of C-QUADRAT shares. The transactions are subject to regulatory clearance.
Following regulatory clearance, HNA will contribute the acquired C-QUADRAT shares, and the core shareholders will contribute their remaining C-QUADRAT shares to Cubic. HNA will thereby acquire a participation of about 74.8 % in Cubic, and Cubic will acquire a participation in C-QUADRAT of over 98 %.
The market capitalisation of C-Quadrat currently exceeds EUR 280 million.
The Schoenherr team advising Cubic and the core shareholders is being led by Christian Herbst (partner; corporate/m&a) and also consists of Peter Feyl (partner; banking, finance & capital markets) and Sascha Schulz (counsel; corporate/m&a).