The Legal 500

Back to Legal500 home

Wolf Theiss

SCHUBERTRING 6, 1010 VIENNA, AUSTRIA
Tel:
Work +43 1 515 10
Fax:
Fax +43 1 515 10 25
Web:
www.wolftheiss.com
Email:
Zagreb, Warsaw, Vienna, Tirana, Split, Sofia and 10 more

Show all Press releases

WOLF THEISS advises SHAREHOLDERS of paysafecard.com on SALE to Skrill

July 2012

Vienna, 3 July 2012 – The shareholders of paysafecard.com Wertkarten AG have sold 100% of their shares in the Austrian provider of prepaid payment solutions to the British online payment provider, Skrill Holdings Ltd. WOLF THEISS acted as the advisor to the sellers on this transaction.

The acquisition of paysafecard.com Wertkarten AG contributes to the growth strategy of Skrill. Skrill's online payment system, is one of Europe's leading online payment solutions and one of the world's largest independent digital wallet providers. The leading Europe-wide prepaid payment solutions offered by paysafecard.com significantly enhance and expand the existing Skrill portfolio for online merchants and end-users. The transaction is subject to clearance by the regulatory authorities, namely the Austrian Finanzmarktaufsichtsbehörde (FMA), the UK Financial Services Authority (FSA), and the relevant merger control authorities.

In 2011, Wolf Theiss advised paysafecard.com in connection with the first Austrian payment services license and was subsequently instructed by its major shareholders to provide advice on the sale to Skrill. Partner Richard Wolf and Senior Associate Andrea Gritsch worked on the project on behalf of Wolf Theiss and were responsible, among other things, for negotiating the transaction documents and the regulatory filings.

Richard Wolf explains: "In the industry of payment solution providers and E-money institutions one needs specific expertise, which we have gained over a long period. We are delighted that we were able to assist the major shareholders of our long-time client paysafecard.com in this important milestone in the company's history."

ABOUT WOLF THEISS

Founded in 1957, Wolf Theiss is one of the leading European law firms in Central and Eastern Europe with a focus on international business law. With 300 lawyers in 13 offices located in Albania, Austria, Bosnia and Herzegovina, Bulgaria, Croatia, Czech Republic, Hungary, Romania, Serbia, Slovakia, Slovenia and Ukraine, Wolf Theiss represents local and international industrial, trade and service companies, as well as banks and insurance companies. Combining law and business, Wolf Theiss develops comprehensive and constructive solutions on the basis of legal, fiscal and business know-how.


AWARD WINNING…

§  Best in Austria Award, 2012 (European Woman in Business Law Awards, Euromoney)

§  Energy Law Firm of the Year, 2012 (The Diplomat – Bucharest)

§  ÖGV-Entrepreneur, 2011 (ÖGV-Austrian Trade Association)

§  Law Firm of the Year: Central Europe, 2010 (The Lawyer European Awards)

§  Law Firm of the Year: Eastern Europe and the Balkans, 2009 (The Lawyer European Awards)

§  Law Firm of the Year, 2010 (Southeastern Europe Real Estate Awards, Europa Property)

§  Worldwide – Entertainment and Media Law Team of the Year, 2009 (World Leaders International IP Awards)

§  Austrian Client Service Law Firm of the Year, 2011 (Chambers & Partners)

§  Austrian Law Firm of the Year, 2012, 2011, 2010 & 2009 (Who's Who Legal, IFLR - International Financial Law Review; Chambers & Partners; PLC Which lawyer?; ILO - International Law Office)

§  Austrian Tax Law Firm of the Year, 2011, 2010 & 2009 (International Tax Review)

§  Czech Law Firm of the Year, 2010 (IFLR - International Financial Law Review)

§  Hungarian Law Firm of the Year, 2009 (IFLR - International Financial Law Review)

§  First Place Winner Practice Development, 2011 (Your Honor Awards, Legal Marketing Association)


For a complete awards list please visit www.wolftheiss.com\About Us\Awards

For more information please visit www.wolftheiss.com

Search News and Articles

Legal Developments by:
Wolf Theiss

  • EU TRANSACTION TAX: ADDITIONAL BURDENS ON BANKS?

    The finance ministers of the European Union met again last week to discuss the plan of introducing a single EU financial transaction tax. According to the plan, a 0.1 percent tax would be levied on bond and capital transactions, while a 0.01 percent tax would be charged on derivatives transactions.
    - Wolf Theiss

Legal Developments in Austria

Legal Developments and updates from the leading lawyers in each jurisdiction. To contribute, send an email request to

  • Reselling Used Apps?

    In a recent decision, the Court of Justice of the European Union (CJEU) held that the resale of used software generally cannot be excluded in licence terms. The judgment, which aimed at the resale of used business software, may also affect the app market. Read more...
    - Schönherr

  • Austria: New Law Makes Establishing a GmbH Easier and Cheaper

    On Friday, 22 March 2013, a draft new law (Gesellschaftsrechts-Änderungsgesetz 2013 - GesRÄG 2013) was revealed by Minister of Justice Beatrix Karl and Minister of Economy Reinhold Mitterlehner. The GesRÄG 2013, which is expected to come into force on 1 July 2013, aims at facilitating the establishment of an Austrian limited liability company (Gesellschaft mit beschränkter Haftung - GmbH). This article provides a summary of the draft. 
    - Schönherr

  • Mergers & Acquisitions 2013. Chapter 6: Austria.

    This guide provides corporate counsel and international practitioners with a comprehensive worldwide legal analysis of the laws and regulations of mergers and acquisitions. This article appeared in the 2013 edition of The International Comparative Legal Guide to: Mergers & Acquisitions; published by Global Legal Group Ltd, London. www.iclg.co.uk .
    - Schönherr

  • EU: Genuine Use of Community Trademarks Changes due to recent CJEU decision C-149/11

    EU-wide protected Community Trademarks (as well as national trademarks) have to be used for the claimed goods and services in the course of trade within the EU in order to maintain their protection and enforceability. A (partial) lack of use, however, does not automatically result in a (partial) lapse of the trademark registration. On the other hand, after an initial “grace period” of 5 years beginning with the registration of the trademark, genuine use of the trademark would have to be proven when enforcing such trademark against third parties; furthermore, anybody could request revocation of such trademark in so far as it had not been genuinely used for goods and services covered by the registration (Art 15, 51(1)(a) CTMR).
    - Schönherr

  • Real Estate 2013. Chapter 4: Austria

    This guide provides the international practitioner and in-house counsel with a comprehensive worldwide legal analysis of the laws and regulations of real estate. This article appeared in the 2013 edition of The International Comparative Legal Guide to: Real Estate; published by Global Legal Group Ltd, London. www.iclg.co.uk .
    - Schönherr

  • Real Estate 2013. The End of Extend and Pretend: Non-Performing Loans in CEE/SEE

    This guide provides the international practitioner and in-house counsel with a comprehensive worldwide legal analysis of the laws and regulations of real estate. This article appeared in the 2013 edition of The International Comparative Legal Guide to: Real Estate; published by Global Legal Group Ltd, London. www.iclg.co.uk . 
    - Schönherr

  • Client Alert: Amendments to Austrian Competition Law

    In December 2012, the Austrian Parliament adopted changes to the Austrian Cartel Act as well as the Austrian Competition Act that will enter into force as of 1 March 2013 (Austrian Cartel and Competition Law Amendment Act; KaWeRÄG 2012). Although the Amendment does not lead to a major overhaul of the current system, several changes are noteworthy: 
    - Schönherr

  • EU: European Commission releases Action Plan on European Company Law and Corporate Governance

    The Action Plan is titled "European company law and corporate governance – a modern legal framework for more engaged shareholders and sustainable companies" and was made public on 12 December 2012. Its key elements are presented in the following summary.
    - Schönherr

  • Austria: New laws on Hiring-Out of Labour

    Based on directive 2008/104/EC, Austria's hiring-out of labour laws have been amended (BGBl 98/2012). According to the directive, the implementation into national law should already have taken place by 5 December 2011. After a first failed attempt in February 2012 to implement the directive effective 1 July 2012, the implementation has now taken place belatedly, effective 1 January 2013. Furthermore, the new laws on the hiring-out of labour not only implemented the directive, but also stipulated further regulations for temporary work. This text provides an overview of the most important amendments in the new laws.
    - Schönherr

  • CEE: The Corruption Perception Index 2012

    Transparency International ("TI") released its Corruption Perception Index 2012 ("CPI 2012") earlier today. The Corruption Perception Index ranks countries based on how corrupt their public sector is perceived to be. The index, which reflects the views of observers from around the world, offers a yearly snapshot of the problem of corruption by ranking countries from all over the globe. The index covers issues such as free access to information, bribery of public officials, kickbacks in public procurement, and the enforcement of anti-corruption laws. The CPI 2012which is available at: http://cpi.transparency.org/cpi2012/results/ ranks 176 countries.
    - Schönherr
© 2013 www.legal500.com