On 27 January 2017, Yioula Glassworks SA together with its subsidiary Yalos Holdings (Overseas) Limited (the "Sellers") and BA Glass I – Serviços de Gestão e Investimentos S.A. (the parent company of BA Vidro S.A.) (the "Buyer"), reached Completion phase of the Sale and purchase agreement concluded on 08.10.2016 (the "Sale and purchase agreement"), for selling substantially all of Yioula Glassworks SA glass container business, which 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 three listed companies (in Romania, Bulgaria and Serbia) and Yioula plants and equipment in Greece. The overall deal value exceeded 550MEUR.
The deal was unique in terms of size and complexity for the region, combining a group restructuring (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; capital markets restrictions (including mandatory tender offers).
Skadden Arps (James Healy – Jason Hewitt) acted for the Purchaser on all English Law issues, whereas SEE legal group law firms (BDK Advokati, led by Vlada Dasic, Boyanov &Co, led by Damian Simeonov, Nestor Nestor Diculescu Kingston Petersen, led by Adriana Gaspar and Corina Dumitriu), led by Elisabeth Eleftheriades of KG Law Firm acted on all local law issues. The group was supported on Cyprus law issues by Neocleous Law Firm (Panos Lambropoulos).
On the Seller side, the group was supported on all legal issues by Winston & Strawn, led by Stewart Worthy as well as its in-house legal team.