Global law firm White & Case LLP has advised the selling shareholders of Warsaw Stock Exchange-listed Vantage Development S.A. on the sale of all its shares to TAG Immobilien AG via TAG Beteiligungs und Immobilienverwaltungs GmbH.
The investment agreement was entered into on November 8, 2019 between Vantage Development's shareholders – Polska Nutit A.S., TradeBridge Czechy A.S. and Fedha sp. z o.o. – and the buyer TAG Beteiligungs und Immobilienverwaltungs GmbH. It concerns the sale of all shares in Vantage Development through a public tender and the simultaneous carve-out and repurchase of the commercial real estate business by the shareholders.
Based on the agreement, the tender offer's price per Vantage Development share will be PLN 11.50. The total value of the transaction is approximately €131 million, out of which the value of the carved-out commercial real estate business is around €46 million.
The completion of the transaction depends on the consent of the Polish Competition and Consumer Protection Office and the adoption of a resolution by the Shareholders' Meeting of Vantage Development on delisting the company's shares from the regulated market operated by the Warsaw Stock Exchange.
The White & Case team in Warsaw which advised on the transaction was led by partner Marcin Studniarek and included local partner Rafał Kamiński, counsel Grzegorz Jukiel and associates Monika Dużyńska, Klaudia Malczewska, Damian Lubocki and Dawid Książek.
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