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SEE Legal Advises Buyers of Glass Container Business

SEE Legal Advises Buyers of Glass Container Business

Deals and Cases
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The firms of the SEE Legal network are reporting that they worked alongside Skadden Arps in advising BA Glass I – Servicos de Gestao e Investimentos S.A. (the parent company of BA Vidro S.A.) on its acquisition of substantially all of the Yioula Glassworks SA glass container business from Yioula Glassworks SA and its subsidiary Yalos Holdings (Overseas) Limited. Yioula Glassworks was supported on all legal issues by Winston & Strawn.

The Yioula Glassworks SA glass container business includes all the issued shares of Glasstank B.V. as well as the transfer of the glass container business of Yioula SA as a going concern in Greece. The business transferred includes listed companies in Romania, Bulgaria, and Serbia and Yioula plants and equipment in Greece. The overall deal value exceeded EUR 550 million.

According to SEE Legal, "the deal was unique in terms of size and complexity for the region, combining a group restructuring (a carve-out of the tableware business and Ukrainian operations); a share deal in the Netherlands and an asset deal in Greece; debt restructuring; repayment of listed high yield bonds; Competition clearances; and capital markets restrictions (including mandatory tender offers).

A Skadden Arps team lead by James Healy and Jason Hewitt acted for the purchaser on all English Law issues, while SEE Legal group law firms BDK Advokati in Serbia (led in this matter by Partner Vladimir Dasic), Boyanov & Co. in Bulgaria (led in this matter by Partner Damian Simeonov), and Nestor Nestor Diculescu Kingston Petersen in Romania (led in this matter by Senior Partner Adriana Gaspar and Managing Associate Corina Dumitriu), and KG Law Firm in Greece (led in this matter by Partner Elisabeth Eleftheriades) acted on all local law issues. The group was supported on Cyprus law issues by a Neocleous Law Firm team led by Partner Panos Lambropoulos.

Partner Stewart Worthy led the Winston & Strawn team advising the the sellers.

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