CMS advised MAXIMA GRUPĖ UAB on the acquisition of 100% of the shares in Emperia Holding S.A., the owner of the Stokrotka supermarket chain. The investment agreement was signed in November 2017 and on 24 November 2017 a tender offer for 100% of the company’s shares was announced. The Office of Competition and Consumer Protection approved the acquisition on 5 April 2018. In response to the tender offer, by 12 April 2018 shareholders subscribed for shares with a total value of approximately PLN 1.15 billion, as a result of which it may likely be one of the largest transactions on the Polish public market this year. The tender offer was met with significant interest from shareholders and within just 5 days Maxima obtained subscriptions for over 93% of shares in the company. The settlement of the transaction is planned for 18 April 2018.
Maxima GRupe is the owner of the Maxima network of grocery stores, among others, in Lithuania, Latvia and Estonia and a network of Aldik and Sano supermarkets in Poland.
The scope of CMS’s work included supporting Maxima Grupe throughout the entire process of acquiring the Stokrotka supermarket chain, starting with legal due diligence, through negotiating the investment agreement, preparing the documentation related to the call for shares in Emperia to advisory services within the scope of Competition Law.
The CMS transaction team was led by Jakub Marcinkowski (partner, advocate), with support from Olga Czyżycka (senior associate, advocate) and Rafał Kluziak (senior associate, advocate). The competition works were managed by Małgorzata Urbańska, partner and head of competition law practice, supported by Krzysztof Sikora, legal counsel, and Agnieszka Starzyńska, advocate, from CMS competition team.