Schoenherr has advised Franz Haniel & Cie alongside lead counsel Glade Michel Wirtz in Austria, the Czech Republic, Poland and Slovakia over the formation of a joint venture with Rentokil Initial to create a leading provider of workwear and hygiene services in Europe.
The joint venture will be formed through the transfer of the Rentokil Initial businesses into CWS-boco, a company owned by Haniel.
The agreement to create a joint venture was signed on 15 December 2016.
After acquiring the continental European business from Rentokil Initial in the areas of hygiene, workwear and cleanroom services, Haniel will hold approximately 82 per cent of the shares, while Rentokil Initial will hold approximately 18 per cent, for which it will receive about €520m (£443m) in cash, subject to working capital and other adjustments.
Closing is expected by mid-2017 following the approval of the antitrust authorities.
Haniel is a German company which has been headquartered in Duisburg since it was founded in 1756.
CWS-boco is one of the leading international providers of professional textile services and washroom hygiene solutions.
The Schoenherr team advising Haniel was led by Florian Kusznier (partner, Vienna, corporate/M&A) who was assisted by Julia Wasserburger (associate, Vienna, corporate/M&A); Teresa Waidmann (associate, Vienna, labour & employment); Vladimir Cizek (partner, Prague, corporate/M&A); Natalia Rosova (attorney at law, Prague, corporate/M&A); Rudolf Bicek (associate, Prague, corporate/M&A); Pawel Halwa (partner, Warsaw, corporate/M&A); Wojciech Czyzewski (attorney at law, Warsaw, corporate/M&A); Sona Hekelova (partner, Bratislava, corporate/M&A) and Peter Devinsky (attorney at law, Bratislava, corporate/M&A).
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