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Noerr, Nobles, and Ellex Advise Union Tank Eckstein in Acquisition of Majority Stake in Timex Card

Noerr, Nobles, and Ellex Advise Union Tank Eckstein in Acquisition of Majority Stake in Timex Card

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Noerr was lead counsel to Union Tank Eckstein in relation to its acquisition of 51% of the shares of Polish company Timex Card, a franchisee and distributor of UTA service cards for car fleets issued by Union Tank Eckstein. Ellex advised UTA on Estonian, Latvian, and Lithuanian matters, Nobles advised UTA on Ukrainian law, and Stelios Americanos advised it on Cypriot law issues. The sellers depended on their in-house counsel, Agnieszka Slowiak.

Timex Card was separated from Timex S.A. and belonged to Cyprus holding company Sklodowski Holdings Limited. It is active in Poland, Ukraine, and the Baltic States. The main shareholder of UTA is Edenred, a company listed on the Paris Stock Exchange.

As part of the expansion project in Eastern Europe, Edenred increased its share in UTA, while Daimler sold its shares. According to Nobles, UTA "is a leading European company specializing in fuel and service cards for trucks and passenger cars."

The Noerr team included Associate Arkadiusz Ruminski, Senior Associates Marta Smolarz and Marta Waledziak-Skowronska, and Associates Kamil Adamski, Klaudyna Lichnowska, Pawel Radek, Joanna Szacinska, Tomasz Garncarek, and Marek Solarski.

The Ellex Raidla team in Estonia included Partner Risto Vahimets and Senior Associate Karl-Erich Trisberg. The Ellex Klavins team in Latvia was led by Partner Zinta Jansons. The Ellex Valiunas team in Lithuania was led by Senior Associate Lina Zolyne and Associate Nerijus Patlabys.

The Nobles team included Partners Alexander Weigelt and Tatiana Iurkovska and Senior Associate Elena Stanishevska.

 

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