WKB law firm, in cooperation with the Czech law firm Skils (acting as global counsel for the client), advised the Czech capital group ČEZ on the Polish aspects of their acquisition of a controlling package of shares in Euroklimat Sp. z o.o. from its founders and shareholders.
The conditional share sale agreement was concluded on 25 June. The sale was subject to the clearance of the President of the Office of Competition and Consumer Protection (the Polish Competition Authority). The transaction was closed on 30 August.
Euroklimat Sp. z o.o. (previously Euroklimat Sp. z o.o. Sp. k.) is a provider of comprehensive building installation services, including fit-out, maintenance and design. Founded in 1998, the company provides its services across Poland. Its portfolio includes sanitation, air-conditioning, cooling and ventilation systems, as well as electrical, technical and IT installations. It also provides, among others, maintenance and conservation services, working alongside some of the world’s leading manufacturers of sanitation and electrical installations.
Euroklimat’s new majority stakeholder, the Czech Republic-based ČEZ capital group, is engaged in the generation, distribution, trade, and sale of electricity and heat, as well as the trade and sale of natural gas, and coal extraction. It is present in a number of other countries in South-Eastern Europe, as well as in Turkey. Euroklimat’s acquisition is the result of the group’s new business program intended to enhance its activities in the ESCO (energy saving company) sector, and to support its focus on the implementation and maintenance of energy-saving processes.
WKB’s lawyers provided ČEZ with comprehensive advice on Polish law aspects throughout the whole of the transaction, including in the course of the due diligence process being conducted in respect of Euroklimat, as well as during the transaction documents’ negotiation (including, among others, the conditional share sale agreement and the final transfer agreement). Currently, WKB is advising the client in proceedings before the President of the Office of Competition and Consumer Protection (the Polish Competition Authority), whose clearance is required for the deal to be closed.
Jakub Jędrzejak (partner) headed the WKB team assisting ČEZ in this matter. Ben Davey (partner) and Magdalena Piszewska (senior associate) were the key team members advising on the transactional issues of the deal, while Marta Midloch (partner) and Aneta Citko (associate) advised the client on issues regarding the target’s key commercial contracts. In the proceedings before the Polish Competition Authority, ČEZ is being represented by Aleksander Stawicki (senior partner) and Wojciech Kulczyk (senior associate) of WKB’s Competition Law practice.