Fellner Wratzfeld & Partner has advised the former owners of GREENoneTEC Solarindustrie GmbH on the sale of their majority stake in the company to China's Haier Group. Weber & Co. and White & Case advised the buyers on the transaction, which was completed at the end of May, approximately two years after the start of the sales process.
According to FWP, GREENoneTEC, which is based in Carinthia, "is one of the leading producers of solar thermal collectors and world market leader for flat-plate collectors.”
FWP describes the transaction as "highly complex, including also the restructuring of group financing.” According to firm Partner Florian Kranebitter: “The transaction was particularly challenging as it was necessary to align the parties’ varying interests, taking account of different mindsets and approaches, both in terms of negotiating strategy and the structuring of the transaction. We are happy to have successfully provided advice for one of the few Austro-Chinese M&A transactions.”
FWP’s core team consisted of Partners Florian Kranebitter and Lukas Flener and Associate Stefan Knotzer. The firm also cooperated with TerraLex in foreign jurisdictions.
The Weber & Co. team was lead by Partner Stefan Weber and included Partner Christoph Moser and Associate Gregor Erich. The White & Case team was lead by Beijing-and-Singapore-based Partner Vivian Tsoi.