Tue, Mar
88 New Articles

CMS Advises Work Service on Sale of IT Kontrakt to Oaktree Capital Management

CMS Advises Work Service on Sale of IT Kontrakt to Oaktree Capital Management

  • Smaller Small Medium Big Bigger
  • Default Helvetica Segoe Georgia Times

CMS has advised Work Service S.A. on the sale of IT Kontrakt sp. z o.o. to Oaktree Capital Management (UK) LLP, a private equity fund acting together with Cornerstone Partners sp. z o.o. The value of the transaction was just under PLN 147 million and Work Service S.A. intends to use the proceeds to finance further development of its core business and strengthen its presence in CEE.

A preliminary purchase agreement was executed on March 31, but the deal required Polish antimonopoly clearance and the fulfilment of other conditions precedent. Those were met in June 2017, allowing the deal to close on June 30.

IT Kontrakt, a company dealing with the outsourcing of IT professionals, had been part of the Work Service Group – the largest provider of comprehensive HR services in CEE – since 2012. Present in 16 markets outside Poland, Work Service Group specializes in personnel consultancy services, HR restructuring, recruitment, and staff outsourcing. It is listed on the Warsaw and London Stock Exchanges.

The scope of CMS’s assignment in the transaction included advising on the sale of IT Kontrakt, the deal structure, and the fulfilment of conditions precedent. The firm's Warsaw-based team included Partner Ireneusz Piecuch, Senior Associate Rafal Kluziak, Associates Jakub Szczygiel and Karolina Stepaniuk, and Counsel Beata Barwinska.

CMS did not reply to an inquiry about counsel for Oaktree on the deal.

Poland Knowledge Partner

Penteris is a law firm combining in-depth expertise, robust advice, and a pan-regional reach.

We provide full-service business law advice within five sector lines: Energy & natural resources, Financial institutions, Private equity, Real estate, and Retail.

On the market since 2001, we were originally part of a Scandinavian law firm and then a founding office of a pan-Baltic organisation.

Our attorneys will work closely with you, providing you with the hard skills, service-minded know-how, and legal expertise that will keep you secure while you lead the market.

Our skills are at your disposal:

  • Expertise and passion wrapped up in a personal service
  • Close-knit team providing a multidisciplinary approach
  • Ability to listen, understand, and deliver for the tangible benefit of the client.

The team continues to be internationally recognised year on year, most recently by Chambers Global 2020, Chambers Europe 2020, and The Legal 500 EMEA 2020.

Firm's website: https://penteris.com

Our Latest Issue