CMS has advised PFR Towarzystwo Funduszy Inwestycyjnych S.A. ("PFR TFI") on the acquisition of stake in Luka Rijeka d.d., the operator of one of the largest ports on the Adriatic, from the OT Logistics S.A., a leading port operator in Poland. This transaction is the result of a cooperation agreement concluded in April 2016 between OT Logistics S.A. and Foreign Expansion Fund, Closed-End Investment Fund of Non-Public Assets (“FEZ FIZAN”), managed by PFR TFI.
Under the agreement, FEZ FIZAN has acquired 1,179,355 shares in Luka Rijeka d.d. constituting 8.75% of the company’s share capital. The total value of the investment amounted to approx. PLN 32.8 million.
The Foreign Expansion Fund was established in order to help Polish companies invest in foreign projects. The Fund provides co-financing for foreign subsidiaries belonging to Polish companies. Polish companies may take advantage of financing in the form of capital, mezzanine financing and loans secured by assets of a foreign project, without recourse to the Polish company. The time horizon for the Fund’s investments is tailored to the specific features of a project and usually ranges from 5 to 7 years. The Foreign Expansion Fund becomes a minority shareholder, leaving the management of the new project in the hands of the Polish company.
Jakub Marcinkowski, partner and advocate, managed the work on the part of CMS, with the support of Michał Sowiński, lawyer, and also coordinated the work both on our market and on the Croatian side, which was represented by Hrvoje Bardek, a partner and advocate from Zagreb.