Press re­lease - 22.03.2023An in­ter­na­tion­al team of ex­perts from CMS ad­vised the AL­PLA Group on es­tab­lish­ing a joint ven­ture with the Span­ish pack­aging com­pany In­den Pharma. The core CMS Vi­enna team, led by Al­ex­an­der Rakosi, in­cluded Flori­an May­er and Anna Hiegel­sper­ger.   The AL­PLA Group and In­den Pharma have strengthened their pres­ence in the phar­ma­ceut­ic­al mar­ket by found­ing a joint ven­ture. AL­PLA Pharma is con­trib­ut­ing pro­duc­tion sites in Greece and Po­land to the co­oper­a­tion and In­den Pharma two plants in Spain. To­geth­er they plan to set up a site in Ger­many and triple their pro­duc­tion over the next five years. Such cross-bor­der joint ven­ture pro­jects present nu­mer­ous leg­al chal­lenges, whose suc­cess­ful im­ple­ment­a­tion re­quires seam­less co­oper­a­tion between in­ter­na­tion­ally ex­per­i­enced teams from vari­ous prac­tice groups and jur­is­dic­tions. The ex­pert team for the cur­rent AL­PLA deal in­cluded law­yers from CMS of­fices in Aus­tria, Spain, Ger­many and Po­land.Al­ex­an­der Rakosi, Part­ner at CMS Vi­enna and re­spons­ible for the suc­cess­ful con­clu­sion of the joint ven­ture says: "Cross-bor­der tech­no­logy and know-how trans­fer are be­com­ing in­creas­ingly im­port­ant for our cli­ents’ sus­tain­able eco­nom­ic suc­cess. We are there­fore de­lighted to have made a valu­able con­tri­bu­tion to this deal with our glob­al CMS net­work, our in­ter­na­tion­al ex­per­i­ence and our in-depth ex­pert­ise on cross-bor­der deals."The CMS Aus­tria team con­sisted of cor­por­ate/M&A ex­perts Al­ex­an­der Rakosi, Flori­an May­er, Anna Hiegel­sper­ger, Livia Land­sk­ron, Ra­mona Mu­jan­ovic, Re­becca Herl­itz, Rupert Riedl and Han­nah Gi­er­linger. The In­tel­lec­tu­al Prop­erty de­part­ment was rep­res­en­ted by Hans Le­der­er. Di­eter Zand­ler, Vanessa Hor­aceck and Stefan Sottner were deal­ing with an­ti­trust and com­pet­i­tion law is­sues.The CMS Spain team, led by Lu­is Miguel De Di­os and Jorge Per­is Hev­ia, also in­cluded cor­por­ate/M&A ex­perts Ana Vázquez Re­cio, Lucía Signes de Mesa and Saphira Mouza­yek. Víct­or San­juán Mira, María José Ramos Aguilar, Guillermo Gar­cía Diéguez, Irene San Martín Gar­cía and Ri­cardo Gómez-Barreda de la Gándara were also in­volved in the due di­li­gence pro­cess. Tax law ex­pert­ise was provided by Ri­cardo Héct­or and Marta Bur­gos Mur­illo.The CMS Ger­many team in­cluded Malte Bruhns, Laura Christin Stein, Christin Fisc­her and Mor­itz Zie­g­ler.The CMS Po­land team con­sisted of Blazej Zagor­ski, Joanna Bia­loskor­ska and Aleksandra Da­lecka.

Press re­lease - 06. March 2023A team of ex­perts at CMS Reich-Rohr­wig Hainz ad­vised the Swiss ABB E-mo­bil­ity AG on the suc­cess­ful Series A fin­an­cing round of the Vi­en­nese Pr­op­Tech start-up PAYUCA. The two trans­ac­tion part­ners have agreed not to dis­close the ex­act amount of the in­vest­ment. Al­ex­an­der Rakosi, Part­ner at CMS in Vi­enna, led the Series A in­vest­ment on be­half of the Swiss ABB E-mo­bil­ity AG: “I am very pleased that we were able to suc­cess­fully sup­port our cli­ent in tak­ing this im­port­ant ex­pan­sion step to­geth­er with a new Aus­tri­an com­pany. In the ini­tial pace-set­ting fin­an­cing rounds es­pe­cially, sound pro­fes­sion­al guid­ance and stra­tegic sup­port are cru­cial to en­able sus­tain­able growth. With our start-up ex­pert­ise, we can provide ap­pro­pri­ate sup­port in all leg­al areas.” The CMS core team around part­ner Al­ex­an­der Rakosi in­cluded law­yer Lisa Ober­lech­ner and as­so­ci­ate Thomas Liegl. Jens Winter, Jo­hannes Scharf, Mar­lene Wim­mer-Nistel­ber­ger, An­dreas Lichten­ber­ger and Shi­ma Baban­ze­deh (due di­li­gence) and Di­eter Zand­ler (com­pet­i­tion law) were also in­volved as ex­perts. ABB E-mo­bil­ity AG is a lead­ing glob­al pro­vider of elec­tric vehicle char­ging solu­tions with more than one mil­lion elec­tric vehicle char­gers in more than 85 mar­kets, over 50,000 DC fast char­gers and more than one mil­lion AC char­gers. PAYUCA be­came known for a smart park­ing app that en­ables people look­ing for park­ing spaces in Vi­enna to find and use free park­ing spaces in private un­der­ground gar­ages quickly and eas­ily. To­geth­er with ABB E-mo­bil­ity, the busi­ness mod­el is to be ex­ten­ded to the di­git­al­isa­tion and elec­tri­fic­a­tion of gar­ages.

Press re­lease - 03 March 2023An in­ter­na­tion­al CMS team ad­vised DPE Deutsche Private Equity GmbH (DPE) on all as­pects of the trans­ac­tion. The team in­cluded law­yers from CMS of­fices in Ger­many, Aus­tria, Switzer­land, Italy, Bel­gi­um, Ro­mania and Po­land.   DPE is selling its stake in VTU Group, a lead­ing European pro­vider of en­gin­eer­ing solu­tions for the life sci­ence in­dustry based in Graz, to Altor Funds. The Swedish private equity firm, which in­vests in mid-sized com­pan­ies with the aim of cre­at­ing value through growth ini­ti­at­ives and op­er­a­tion­al im­prove­ments, pre­vailed in a bid­ding pro­cess. The sellers, DPE-owned funds, were ad­vised on all as­pects of the trans­ac­tion by an in­ter­na­tion­al CMS team led by Hendrik Hirsch (CMS Ger­many). The trans­ac­tion is sub­ject to the re­quis­ite ap­provals from the com­pet­ent au­thor­it­ies. The parties have agreed not to dis­close fur­ther de­tails of the trans­ac­tion.   The CMS Aus­tria team led by Al­ex­an­der Rakosi con­sisted of cor­por­ate/M&A ex­perts Flori­an May­er, Marco Sel­en­ic and Chris­toph Birner. The em­ploy­ment de­part­ment was rep­res­en­ted by Jens Winter and Shi­ma Baban­za­deh. Com­pet­i­tion is­sues were handled by Di­eter Zand­ler. Real es­tate law ex­pert­ise was provided by Mar­i­ella Ka­poun and Max­imili­an Uidl. Mar­lene Wim­mer-Nistel­ber­ger was in charge of pub­lic law is­sues and Thomas As­pal­ter saw to tax is­sues.   Al­ex­an­der Rakosi, part­ner at CMS in Vi­enna and lead­er of the Aus­tri­an team, is en­thu­si­ast­ic about the cross-bor­der co­oper­a­tion: “Once again, we were able to demon­strate our in­ter­na­tion­al ex­pert­ise, es­pe­cially in the private equity area, in a multi-jur­is­dic­tion­al pro­ject – con­grat­u­la­tions to all in­volved!”

Press re­lease - 10th Oc­to­ber 2022

We are pleased to share with you the 2023 edi­tion of the European M&A Out­look pub­lished by CMS in as­so­ci­ation with Mer­ger­mar­ket.

M&A ex­pect­a­tions run high: Al­most all re­spond­ents (88%) are cur­rently con­sid­er­ing M&A.Un­der­val­ued tar­gets and dis­tressed sales to drive activ­ity: The biggest buy-side driver of M&A is ex­pec­ted to be the avail­ab­il­ity of un­der­val­ued deal tar­gets. On the sell-side, dis­tressed situ­ations are ex­pec­ted to be the biggest driver, cited by 26% of re­spond­ents.Valu­ation gaps: seller/buy­er valu­ation gaps are seen as the biggest obstacles to M&A.Cost of fin­an­cing to in­crease: As many as 87% of all re­spond­ents ex­pect fin­an­cing to be tight­er com­pared with 2021 – this in­cludes 45% who ex­pect it to be much more dif­fi­cult.ESG rises up the M&A agenda: Some 90% of re­spond­ents ex­pect ESG scru­tiny in their deal­mak­ing to in­crease over the next three years, com­pared to 72% in 2021’s sur­vey.Des­pite fa­cing a far more dif­fi­cult deal en­vir­on­ment, 73% of deal­makers ex­pect the level of European M&A activ­ity over the next year to in­crease, up from 53% this time last year, ac­cord­ing to the tenth edi­tion of the European M&A Out­look, pub­lished by CMS in as­so­ci­ation with Mer­ger­mar­ket.  The re­port of­fers a com­pre­hens­ive as­sess­ment of deal­mak­ing sen­ti­ment in Europe’s M&A mar­ket. It re­flects the opin­ions of 330 cor­por­ates and private equity firms based in Europe, the Amer­icas and Asia-Pa­cific about their ex­pect­a­tions for the European M&A mar­ket in the year ahead. Louise Wal­lace, Head of the CMS Cor­por­ate/M&A Group, said: "Des­pite on­go­ing geo­pol­it­ic­al un­cer­tainty, rising in­fla­tion and in­terest rates, 2022 has seen M&A largely above or in line with pre-pan­dem­ic levels with of a num­ber of large M&A deals, par­tic­u­larly in the In­dus­tri­als, Tech­no­logy, Real Es­tate and Con­sumer sec­tors.  Fin­an­cial spon­sors re­main very act­ive and cor­por­ate ex­ec­ut­ives con­tin­ue to dis­cuss pos­sible deals, and all are send­ing clear and strong sig­nals that deal-mak­ing activ­ity is likely to con­tin­ue at a high level in the com­ing months." While re­spond­ents’ ex­pect­a­tions may be high, seller/buy­er valu­ation gaps are ex­pec­ted to be the biggest obstacle to M&A as sellers struggle to let go of pre­vi­ous all-time high valu­ations and buy­ers wish to ac­quire re­priced as­sets. They are also keenly aware that bor­row­ing will be more costly and less read­ily ac­cess­ible. No less than 87% of re­spond­ents say they ex­pect fin­an­cing mar­ket con­di­tions to be tough­er than last year, in­clud­ing 45% who ex­pect them to be sig­ni­fic­antly more chal­len­ging. Ham­mer­ing home this real­ity, not a single re­spond­ent be­lieves that fin­an­cing con­di­tions will be easi­er than last year.  A more chal­len­ging busi­ness en­vir­on­ment will have its up­sides how­ever: just over a fifth (21%) of deal­makers cite un­der­val­ued tar­gets as the biggest buy-side driver of activ­ity, while 26% view dis­tressed situ­ations as the biggest driver on the sell-side. The oth­er key fo­cus for re­spond­ents is the rise of en­vir­on­ment­al, so­cial and gov­ernance (ESG) factors. As many as 90% of re­spond­ents an­ti­cip­ate ESG com­ing un­der closer fo­cus in their deal­mak­ing over the next three years, com­pared with 72% in last year’s sur­vey. The pro­por­tion of re­spond­ents ex­pect­ing ESG scru­tiny to sig­ni­fic­antly in­crease has nearly doubled to 48% from 26% 12 months ago. The trend could not be clear­er. Malte Bruhns, Co-Head of the CMS Cor­por­ate/M&A Group, said: " In­vest­ments that in­cor­por­ate ESG met­rics can help you in­vest suc­cess­fully for the long term. In our view, so­ci­ety is un­der­go­ing a paradigm shift to­wards sus­tain­ab­il­ity, and com­pan­ies, in­vestors and gov­ern­ments need to pre­pare for a sig­ni­fic­ant shift of cap­it­al. It is be­com­ing in­creas­ingly im­port­ant for com­pan­ies to im­ple­ment a clear sus­tain­ab­il­ity strategy, with in­sti­tu­tion­al in­vestors hav­ing im­ple­men­ted ESG com­mit­ments in­to their in­vest­ment de­cisions." In terms of sec­tor-level activ­ity, buy­ers are more up­beat on TMT than any oth­er sec­tor, which is jus­ti­fied giv­en that it has con­sist­ently claimed the largest share of M&A value in Europe over the past dec­ade, cor­rel­at­ing with in­creas­ing rates of di­git­al­isa­tion and con­nectiv­ity. A third (33%) of re­spond­ents ex­pect it to see the highest growth over the next 12 months, a fur­ther 35% an­ti­cip­at­ing it to be the sec­tor which de­liv­ers the second-highest growth.

With the sup­port of CMS, the AL­PLApharma di­vi­sion fur­ther ex­pands its po­s­i­tion in Cent­ral and East­ern Europe by tak­ing over APON.The in­ter­na­tion­ally act­ive pack­aging com­pany AL­PLA is strength­en­ing the pres­ence of its phar­ma­ceut­ic­al di­vi­sion in Cent­ral and East­ern Europe (CEE) fol­low­ing the ac­quis­i­tion of the Pol­ish com­pany APON. APON was foun­ded in 1985 as a fam­ily busi­ness. Today, around 45 em­ploy­ees pro­duce plastic pack­aging for the phar­ma­ceut­ic­al in­dustry at the Żyrardów site near Warsaw. Among oth­er things, APON man­u­fac­tures primary pack­aging for medi­cines in ac­cord­ance with ISO 15378 un­der clean room con­di­tions. With a staff of around 22,100 at 177 loc­a­tions in 45 coun­tries world­wide, AL­PLA is one of the lead­ing com­pan­ies in the sphere of plastic pack­aging and re­cyc­ling.Al­ex­an­der Rakosi, Part­ner and M&A ex­pert at CMS Vi­enna, is pleased about the clos­ing of the trans­ac­tion: “We are very proud that we have been able to con­tin­ue sup­port­ing the suc­cess­ful AL­PLA Group in the course of its in­ter­na­tion­al ex­pan­sion, this time in the phar­ma­ceut­ic­al sec­tor; re­ly­ing on our in­ter­na­tion­al net­work and our prac­tice groups fully in­teg­rated across na­tion­al bor­ders, we are in a po­s­i­tion to of­fer our cli­ents a cus­tom­ised pack­age of ef­fi­cient, high qual­ity leg­al and trans­ac­tion­al cross-bor­der ad­vice.”The in­ter­na­tion­al CMS team was led by Al­ex­an­der Rakosi. Mar­ie-Christine Lidl, Anna Hiegel­sper­ger and Di­eter Zand­ler from CMS Vi­enna were on the team as well. The team of ex­perts from CMS Warsaw was made up of Błażej Za­gór­ski, Joanna Bia­loskor­ska, Kinga Mo­gil­nicka, Aleksandra Da­lecka, To­masz Pio­trowski, Michał Ser­wa, Ma­ciej Ole­jnik, Ag­nieszka Górecka, Marta Trę­backa, Katar­zyna Łoś, Ma­ciej An­drze­jew­ski and Ka­ro­lina Ter­ech.

The new cap­it­al will be used both to fin­ance the on­line gro­cer’s con­tin­ued ex­pan­sion in Ger­many, Italy, Spain and Ro­mania and to drive for­ward tech­nic­al in­nov­a­tion.Foun­ded in 2014, on­line gro­cer Roh­lik, which re­volu­tion­ised gro­cery in Aus­tria with gurk­erl.at, is one of the fast­est grow­ing re­tail­ers in the Czech Re­pub­lic and the en­tire CEE re­gion. Prom­ising de­liv­ery just 90 minutes after an or­der is placed, the com­pany already sup­plies more than one mil­lion cus­tom­ers with more than 17,000 products. Roh­lik now not only of­fers its de­liv­ery ser­vice in Vi­enna (gurk­erl.at), but also in Prague (roh­lik.cz), Bud­apest (kifli.hu), Mu­nich and Frank­furt (knus­pr.de). Soon the ser­vice plans to launch in Ham­burg, Mil­an (sezamo.it), Bucharest (sezamo.ro) and Mad­rid (sezamo.es). The fresh cap­it­al will be used to fin­ance con­tinu­ing ex­pan­sion and drive tech­nic­al in­nov­a­tions.Al­ex­an­der Rakosi, Part­ner in the CMS Vi­enna Cor­por­ate Trans­ac­tions Team, is de­lighted with the deal: “Such a large cross-bor­der trans­ac­tion al­ways raises a num­ber of com­plex leg­al and or­gan­isa­tion­al is­sues that re­quire sound leg­al ex­pert­ise and a well-co­ordin­ated trans­ac­tion team. Our in­ter­na­tion­al net­work en­ables us to provide our cli­ents with com­pre­hens­ive ad­vice and ac­cess to seasoned ex­perts in all coun­tries.”Man­aging Part­ner of CMS in Prague and Brat­is­lava, Helen Rod­well, is also pleased about the suc­cess­ful clos­ing: “We are proud to have been able to ac­com­pany this new fin­an­cing round. Roh­lik’s unique of­fer­ing and first-class ser­vice make it an at­tract­ive growth can­did­ate for in­vestors cau­tious due to the cur­rent eco­nom­ic and geo­pol­it­ic­al cli­mate. As a lead­ing in­ter­na­tion­al law firm – with a sig­ni­fic­ant pres­ence in CEE and many oth­er European coun­tries – CMS is ideally placed to provide leg­al sup­port for this kind of cross-bor­der trans­ac­tion.”The Aus­tri­an CMS leg­al team in Vi­enna in­cluded Al­ex­an­der Rakosi and Flori­an May­er (Cor­por­ate Law/M&A), Anna Hiegel­sper­ger (Cor­por­ate Law/M&A), Jens Winter (Em­ploy­ment & Pen­sions), Sonja Oten­hajmer (Dis­pute Res­ol­u­tion), Mar­i­ella Ka­poun (Real Es­tate & Con­struc­tion) and Max­imili­an Uidl (Real Es­tate & Con­struc­tion). The in­ter­na­tion­al CMS leg­al team was led by ex­per­i­enced CMS part­ner Helen Rod­well (CMS Czech Re­pub­lic) and con­sisted of Dav­id Cran­field (CMS Ro­mania), Štěpán Havránek and Tristan O'­Con­nor (CMS Czech Re­pub­lic); and Mor­itz Kop­ka (CMS UK). Also ad­vising were Flori­an Kami­en­ke and Oliv­er Thurn (CMS Ger­many); Mik­los Boros (CMS Hun­gary); José Lu­is Rodrig­uez and Car­los Peña (CMS Spain); Cristina Ci­omos and Rod­ica Manea (CMS Ro­mania); and Aless­andra Cuni, Sara Tam­marazio and Daniela Murer (CMS Italy). 

Aple­ona ac­quires Siemens Ge­bäu­de­m­an­age­ment und -Ser­vices (SGS). CMS Vi­enna provides com­pre­hens­ive leg­al sup­port to Siemens Aus­tria.   Siemens Aus­tria has agreed to sell Siemens Ge­bäu­de­m­an­age­ment & -Ser­vices G.m.b.H. (SGS) to Aple­ona. The clos­ing of the trans­ac­tion is ex­pec­ted in the third quarter of the fin­an­cial year and is sub­ject to cus­tom­ary an­ti­trust ap­provals. Both com­pan­ies have main­tained a good and close re­la­tion­ship for years. SGS will be fur­ther strengthened by join­ing forces with Aple­ona, res­ult­ing in an ex­pan­ded and im­proved range of ser­vices.   Siemens Aus­tria is be­ing leg­ally ad­vised and sup­por­ted by the Vi­en­nese law firm CMS Reich-Rohr­wig Hainz un­der the lead­er­ship of Al­ex­an­der Rakosi, part­ner in the Cor­por­ate/M&A de­part­ment. The core CMS team fur­ther con­sists of M&A ex­perts Flori­an May­er, Mar­ie-Christine Lidl, Anna Hiegel­sper­ger and Mat­thi­as Emich. Sibylle Novak and Al­ex­an­der Hier­mann deal with tax law is­sues, An­drea Potz, and Jens Winter as­sist on la­bour law top­ics and Bernt Els­ner and Mar­lene Wim­mer-Nistel­ber­ger ad­vise on com­pet­i­tion law. Ad­di­tion­al sup­port dur­ing the course of the trans­ac­tion came from Daniela Ka­rol­lus-Bru­ner, Robert Keisler, Di­eter Zand­ler and Clem­ens Gross­may­er.   Al­ex­an­der Rakosi is pleased with the suc­cess­ful deal sign­ing: “We are proud to be able to sup­port Siemens on this pro­ject with a cross-de­part­ment­al team and con­trib­ute to fur­ther en­trench­ing Siemens as a fo­cused tech­no­logy com­pany in Aus­tria.”   Siemens Ge­bäu­de­m­an­age­ment & -Ser­vices ¬G.m.b.H., based in Vi­enna, is a suc­cess­ful man­u­fac­turer-in­de­pend­ent full-ser­vice pro­vider in the tech­nic­al build­ing¬ man­age­ment¬ sec­tor with around 260 em­ploy­ees. Its cus­tom­ers in­clude in­sti­tu­tions from the health care, cul­ture and edu­ca­tion, trade and lo­gist­ics sec­tors, as well as renowned com­mer­cial en­ter­prises. In the last busi­ness year, it achieved a turnover of around 75 mil­lion euros.

Pub­lished on CEE Leg­al Mat­ters | Feb­ru­ary 23, 2022 CMS has ad­vised Grein­er on the sale of its ex­tru­sion di­vi­sion, in­clud­ing op­er­a­tion­al as­sets in Aus­tria and the Czech Re­pub­lic, to Nim­bus. KP­MG Leg­al ad­vised Nim­bus.Grein­er is an Aus­tri­an plastics and foam spe­cial­ist com­pany.

Shortly be­fore the be­gin­ning of the year, CMS Aus­tria sup­por­ted the Aus­tri­an plastics and foam spe­cial­ist Grein­er AG on the suc­cess­ful sale of its ex­tru­sion di­vi­sion, in­clud­ing the as­so­ci­ated op­er­a­tion­al real es­tate in Nußbach, Up­per Aus­tria, and Trhové Sv­iny, Czech Re­pub­lic. On 21 Decem­ber 2021, the Ger­man Fed­er­al Car­tel Of­fice ap­proved the sale of the Aus­tri­an- based Grein­er Ex­tru­sion Group (GEG) to the Dutch-Ger­man in­vest­ment com­pany Nim­bus – the ma­jor­ity own­er, amongst oth­er things, of bat­ten­feld-cin­cin­nati, one of CEG’s com­pet­it­ors with sub­si­di­ar­ies in Ger­many, Aus­tria, the USA and China. The now af­fil­i­ated com­pan­ies in­tend to ex­ploit syn­er­gies in pur­chas­ing, at least. Oth­er­wise, both en­tit­ies will re­main in­de­pend­ent com­pan­ies with their or­gan­isa­tion­al struc­tures and mar­ket pres­ence. As part of the trans­ac­tion, the ex­perts of the CMS ad­vis­ory team, led by Al­ex­an­der Rakosi, Flori­an May­er and Anna Hiegel­sper­ger, had to nav­ig­ate nu­mer­ous com­plex leg­al top­ics on trans­ac­tion-re­lated as­pects as well as in the areas of real es­tate law and an­ti­trust/com­pet­i­tion law. The in­ter­na­tion­ally ex­per­i­enced team of ex­perts at CMS Aus­tria also in­cluded Di­eter Zand­ler (an­ti­trust law), Vanessa Hor­aceck (com­pet­i­tion law), Hans Le­der­er (trade­mark law), Jo­hannes Hysek (real es­tate law), Mar­i­ella Ka­poun (real es­tate), Sibylle Novak (in­ter­na­tion­al tax law), Thomas As­pal­ter (tax law), Cor­ne­lia Kreuth (M&A), Chris­toph Birner (fin­an­cing) and Al­ex­an­dros Hant­asch (cor­por­ate trans­ac­tions). In ad­di­tion, the Aus­tri­an ad­vis­ory team was also sup­por­ted by col­leagues from oth­er CMS of­fices. The in­ter­na­tion­al CMS team con­sisted of Stepan Hav­ranek (CZ), Eva Bryn­dova (CZ), Mi­chael Mun­zinger (PRC), Lei Shi (PRC), Dipesh Santilale (UK), Sabby Ken­zie (UK), Mar­gaux Deuchler (F), Thomas Hains (F), Blazej Zagor­ski (PL) and Marta Os­owska-Buba (PL). Lead part­ner Al­ex­an­der Rakosi hap­pily notes: “In­ter­na­tion­al trans­ac­tions bring multi-fa­ceted chal­lenges. We are glad to have been able to provide com­pre­hens­ive leg­al ad­vice to the Grein­er Group from pro­ject kick-off to its suc­cess­ful clos­ing across all coun­tries.”