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Schoenherr Represents Cubic and Core Shareholders on Sale of Majority Participation in C-Quadrat

Schoenherr Represents Cubic and Core Shareholders on Sale of Majority Participation in C-Quadrat

Austria
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Schoenherr is representing Cubic (London) Limited and core shareholders including San Gabriel Privatstiftung and T.R. Privatstiftung on the sale of their controlling stake in C-Quadrat Investment AG to the Chinese conglomerate HNA Group (Hong Kong) Co., Limited. C-Quadrat is an independent asset manager listed on the Vienna Stock Exchange. 

On May 3, 2017, the core shareholders, San Gabriel Privatstiftung, and T.R. Privatstiftung, along with Hallmann Holding International GmbH, Q-Cap Holdings Ltd,. and Laakman Holding Ltd, concluded conditional share purchase agreements with HNA Group (International) Asset Management Co., Limited (HNA) with regard to the acquisition of C-Quadrat shares. The transactions are subject to regulatory clearance.

Following regulatory clearance, HNA will contribute the acquired C-Quadrat shares, and the core shareholders will contribute their remaining C-Quadrat shares to Cubic. HNA will thereby acquire a participation of about 74.8 % in Cubic, and Cubic will acquire a participation in C-Quadrat of over 98%.

The market capitalization of C-Quadrat currently exceeds EUR 280 million.

The Schoenherr team advising Cubic and the core shareholders is led by Partner Christian Herbst and includes Partner Peter Feyl and Counsel Sascha Schulz.

Schoenherr did not reply to our inquiry about counsel for HNA.

Editor's Note: After this article was published, Schoenherr announced that the transactions had been cleared by financial regulators in Austria, the UK, and Armenia, and that the sale of a majority shareholding of 74.9 % in Cubic by HNA closed on April 23, 2018.

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