Cerha Hempel

CERHA HEMPEL has every reason to celebrate after receiving yet another international accolade. At this year's THE LAWYER Awards, CERHA HEMPEL was named "Law Firm of the Year Austria" 2025 by the renowned British specialist publisher in recognition of its outstanding and innovative achievements. When assessing law firms, The Lawyer recognizes outstanding firms that have excelled based on clearly defined criteria such as strategic development, legal excellence, market position, and innovative capacity. As emphasized by THE LAWYER expert jury, CERHA HEMPEL “was notable for its expansion into Central and Eastern Europe, reflecting its commitment to broadening its international footprint, as well as for pioneering the development of the first large language model tailored to Austrian legal terminology.” "We're extremely pleased to have won this award. Our thanks go to the entire team and above all to our clients. It's only with them that we can enjoy such success", Dr. Albert Birkner, LL.M. and Dr. Clemens Hasenauer, LL.M./MBA, CERHA HEMPEL Managing Partners, explained.

The agreement signed by OMV and ADNOC on 3 March 2025 provides for the strategic combination of Borealis and Borouge under the name Borouge Group International – marking the historic birth of a new global group with headquarters and corporate seat in Vienna and regional headquarters in Abu Dhabi. Coupled with such merger is the purchase of all shares in the Canadian company NOVA  Chemicals by ADNOC at an enterprise value of USD 13.4 billion, with a later transfer to Borouge Group International. Borouge Group International shall be listed on the Abu Dhabi Securities Exchange (ADX) with an intended dual listing on the Vienna Stock Exchange thereafter. Subject to regulatory approvals (such as merger approvals) and other customary conditions, the combination of Borealis and Borouge and the acquisition of Nova Chemicals are expected to be completed in the first quarter of 2026. The OMV in-house legal team, led by Katja Tautscher (Chief Legal Officer and SVP) and Andreas Aigner (Head of M&A Legal and VP), also included Michael Ebner and Christian Horvath (both M&A Legal). The CERHA HEMPEL team, led by Clemens Hasenauer, Managing Partner and Head of Department Corporate Transactions, provided comprehensive legal advice to OMV on the transaction. Clemens Hasenauer commented: “The transaction is the largest in the firm's history to date and one of the most significant in Austrian business history. It underlines the fact that our dedicated team is also involved in international landmark deals and provides high-quality advice.” In addition to Clemens Hasenauer (partner; corporate and M&A), the CERHA HEMPEL team comprised Johannes Prinz (partner; M&A and Tax), Benjamin Twardosz (Partner; Tax), Lorenz Pracht (Partner; Corporate and M&A), Harald Stingl (Partner; Corporate and M&A), Tobias Tangl (Attorney; Corporate and M&A), Christoph Schimmer (Attorney; Tax), Hannah Gerbl and Alexander Kainz (both Associates; Corporate and M&A).

Another milestone transaction. Another headline deal in the sustainable mobility sector. CERHA HEMPEL once again at the forefront - advising Worthington Cylinders GmbH, a subsidiary of Worthington Enterprises, on the sale of its alternative fuels business to Norway-based Hexagon Composites ASA. The transaction marks the final step in Hexagon's strategic entry into Worthington Cylinders GmbH and its Sustainable Energy Solutions (SES) business. Following the acquisition of a 49% stake by Hexagon in 2024 – where CERHA HEMPEL already acted as lead counsel – Worthington Cylinders GmbH has once again relied on the firm's transactional excellence to advise on the carve-out and sale of 100% of SES Composites. "From initial structuring to execution, this deal demanded precision, creativity, and crossborder coordination – exactly the kind of challenge our M&A team thrives on." – Albert Birkner, Partner Structured in three sophisticated phases, the transaction showcases a blueprint for complex carve-out architecture: In a first step, Worthington Cylinders GmbH transfers all assets related to the alternative fuels business to its Polish subsidiary, Worthington Industries Poland, by way of an asset deal. In a second phase, the shares held by Worthington Cylinders GmbH in Worthington Industries Poland and PTEC Pressure Technology GmbH will be spun off to a newly established holding company. In the final step, the shares in this holding company will be sold to Hexagon, resulting in Hexagon acquiring 100% ownership of SES Composites. This transaction will enable both parties to sharpen their strategic focus: Hexagon strengthens its position in clean energy mobility, while Worthington Cylinders repositions its core industrial gas business. The SES facility in Kienberg (Austria) will remain under joint ownership, continuing to serve the industrial gas cylinder market. Worthington Cylinders GmbH is a leading European supplier of high-pressure cylinders and systems for the storage and distribution of compressed gases. Its alternative fuels business manufactures composite cylinders and systems in Słupsk, Poland, and operates a valve assembly facility in Burscheid, Germany. Like Hexagon, SES Composites plays a key role in supplying CNG fuel systems to European original equipment manufacturers in the transit bus sector. On a pro-forma basis, SES Composites reported revenues of EUR 28 million and an EBITDA of EUR 700,000 for the year 2024. For 2025, revenue is projected to increase to approximately EUR 33 million, with EBITDA expected to reach around EUR 2 million, reflecting a strong order pipeline and positive market outlook. The transaction is expected to close by the end of Q3 2025. "This was one of those rare transactions where legal complexity meets industrial transformation – and we were right in the centre of it." – Nadine Leitner, Partner CERHA HEMPEL advised Worthington Cylinders GmbH on all Austrian legal aspects of the transaction. The team at CERHA HEMPEL consisted of partners Albert Birkner, Nadine Leitner, senior associate Jakob Weber and associates Lela Ghoreishi and Ana Gudadze (all Corporate/M&A).

CERHA HEMPEL advised VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe (VIG) on the tender offers for its outstanding EUR 214.4 million Subordinated Notes due in March 2046 (ISIN: AT0000A1D5E1) and its EUR 200 million Subordinated Notes due in April 2047 (ISIN: AT0000A1VGA1). The tender offer commenced on 25 March 2025 and was based on the terms and conditions of a tender offer memorandum dated the same day. Tier 2 notes totalling EUR 126 million were validly tendered, all of which were accepted for purchase by VIG. Settlement took place on 7 April 2025. In parallel, VIENNA INSURANCE GROUP AG successfully placed Tier 2 notes with a volume of EUR 300 million and a maturity of ten years with institutional investors and eligible counterparties. They carry an initial coupon of 4.625% p.a., are denominated in tranches of EUR 100,000, and are listed on the Official Market of the Vienna Stock Exchange. Signing took place on 31 March 2025 and closing on 2 April 2025. The banking syndicate was advised by Linklaters LLP as structuring counsel and WOLF THEISS on Austrian law. The team at CERHA HEMPEL consisted of partners Volker Glas, Thomas Zivny, senior counsel Christian Aichinger and associate Sophie Schmid.

Flughafen Wien and the international logistics expert Bradford Airport Logistics are establishing "Vienna Airport Logistics GmbH" as a joint venture. The modern logistics centre is intended to completely overhaul the supply of goods at the airport and serve as a hub for the safe and sustainable flow of goods. From 2027, all goods destined for the more than 100 shops and restaurants in the southern extension of Terminal 3 and all other terminal areas will be efficiently, safely and sustainably managed by a central logistics centre. The centrepiece of the new logistics concept will be a centrally located logistics centre of around 6,000 m² that will handle all deliveries to the terminals in the future. The team at CERHA HEMPEL was led by Johannes Aehrenthal (partner, corporate/M&A) and also included Wolfgang Schreiner (Counsel, Corporate/M&A), Thomas Stedronsky (Associate, Corporate/M&A), Anna Wolf Posch (Partner, Regulatory) and Philipp Schaubach (Senior Associate, Regulatory). Bradford was advised by Sidley Austin and Schönherr Rechtsanwälte. "We are proud to have assisted Flughafen Wien AG with this forward-looking project and to have created a solid legal foundation for the joint venture with Bradford," said Johannes Aehrenthal.

Acting as transaction counsel, CERHA HEMPEL advised OMV on all legal matters relating to the sale of its AVANTI service station network in Germany to the PKN Orlen Group, a Polish energy group. OMV Downstream GmbH, a wholly-owned Austrian subsidiary of publicly listed OMV AG, has sold 100% of its shares in AVANTI Deutschland GmbH, which operates AVANTI service stations in Southern Germany, to Orlen Deutschland GmbH. Closing took place on 31 May 2023. Last year, OMV sold the service station network it had previously operated in Germany under its OMV core brand to the British EG Group. Following the divestment of the OMV network in Germany, the sale of its AVANTI service stations in Germany now completes OMV's exit from the German retail fuel market. This successful transaction cements CERHA HEMPEL's position as one of the leading legal advisors in the energy sector, among others, and it also underlines the firm's commitment to supporting its clients during complex and strategically important transactions. The team at CERHA HEMPEL, led by Dr. Clemens Hasenauer LL.M./MBA (Partner, Corporate/M&A) and Dr. Harald Stingl LL.M. (Partner, Corporate/M&A), consisted of Dr. Alexander Reich-Rohrwig (Senior Associate, Corporate/M&A), Mag. Lorenz Pracht, LL.M. (Partner, Corporate/M&A) and Svitlana Kuzmenko (Associate, Corporate/M&A). OMV was advised in-house by Bernhard Mörth, M&A Legal Representative

ODDO BHF is an independent European financial group operating in the areas of private wealth management, asset management, and corporates and markets. Through the ODDO BHF Equities platform, it offers banks and asset managers a research and brokerage tool with an outstanding market position in relation to equities from issuers in the Benelux countries, France, Germany and Spain. The Austrian branch commenced operations on 3 February 2025. CERHA HEMPEL advised ODDO BHF SCA on the acquisition of assets and the transfer of service contracts to the client through a partial transfer of operations relating to equity research and trading, which culminated in the establishment of the Austrian branch of ODDO BHF SCA. The advice included, among other things, the transfer of the relevant employment and customer contracts on the basis of an asset purchase agreement and a cooperation agreement, which addressed corporate law issues related to the transfer of assets, including advice on Austrian collective and individual labour law. The advice provided to the client focused on the entire regulatory passporting (notification) of the branch from France to Austria (with the exception of money laundering issues), the registration of the notified branch in the commercial register, as well as issues regarding the branch's regulatory reporting obligations to the Austrian National Bank and the Financial Market Authority. Furthermore, a sanity check was carried out on merger control, antitrust and FDI issues. Finally, the branch was advised on its membership of the Austrian Bankers' Association. The team at CERHA HEMPEL was headed by Dr. Peter Knobl (Partner, Banking & Finance, Capital Markets, Financial Services Regulatory) and included Mag. Heinrich Foglar-Deinhardstein, LL.M. (Partner, Corporate M&A), Mag. Jakob Hartig LL.M. (Partner, Corporate M&A), Mag. Christopher Peitsch (Partner, Employment Law), Dr. Anna Wolf-Posch, LL.M. (Partner, Competition, FDI and Merger Control), Mag. Zakar Stepanyan (Senior Associate, Competition, FDI and Merger Control) and Isabella Patt LL.M. (Associate Corporate M&A).

AMINA (Austria) AG, a subsidiary of AMINA Bank AG, has recently received authorisation from the Austrian Financial Market Authority (FMA) to provide crypto-asset services under the EU's new Markets in Crypto-Assets Regulation (MiCA). This marks one of the first few MiCA authorisations granted in Austria. CERHA HEMPEL advised the AMINA Group comprehensively throughout the licensing process and its strategic expansion into the European Union. AMINA Bank AG – A global pioneer in crypto banking Headquartered in Zug, Switzerland, AMINA Bank AG is among the world's few fully regulated 'crypto banks'—combining traditional private banking with regulated digital-asset services. Among AMINA's major shareholders is Julius Baer, Switzerland's largest private bank, managing over EUR 400 billion in assets. With offices in, among other places, the United Arab Emirates and Hong Kong, AMINA has become one of the fastest-growing digital-asset banks globally. With the establishment and licensing of AMINA (Austria) AG, also known as AMINA EU, the group has laid the regulatory foundation for its expansion into the European market. The Austrian entity will act as the group's hub for EU-wide crypto-asset services. MiCA licensing – A gateway to the EU single market MiCA creates a fully harmonised regulatory framework for crypto-assets across the European Union. Licensed providers in one Member State can operate across all EU jurisdictions through a passporting regime, without the need for additional national authorisations. MiCA imposes stringent requirements on governance, own funds, risk management, IT and cybersecurity, and transparency, ensuring consumer protection and institutional confidence. The EU single market, comprising over 400 million consumers, is now one of the world's largest regulated environments for crypto-asset services, offering unparalleled scale and legal certainty compared to fragmented markets such as the US or Southeast Asia. About CERHA HEMPEL and the project team CERHA HEMPEL is one of Austria's leading commercial law firms, with a strong focus on financial regulation, fintech and digital assets. The project team was led by Dr. Oliver Völkel, LL.M. and included Bryan Hollmann, Philipp Ley, Jara Erhard and Yvonne Wimmer. Oliver Völkel is recognised as one of Austria's foremost experts in crypto-asset regulation and financial innovation. He regularly advises banks, payment institutions and fintechs on MiCA, PSD2, and tokenisation projects, and is the author of numerous publications in the field. “The authorisation of AMINA (Austria) AG represents an important milestone for the European crypto-asset market. MiCA provides a clear and harmonised framework that allows regulated providers to scale their innovative financial services safely and efficiently across the EU. We are proud to have guided AMINA on this pioneering journey.” – Dr Oliver Völkel, LL.M., Partner, CERHA HEMPEL Eckehard Stolz, Managing Director of AMINA EU adds: “We always felt that Oliver and his team gave us excellent advice. In addition to the purely licensing aspects, Oliver also helped us to shape our product vision for discerning professional investors and B2B partners into legally compliant solutions and contracts.”

Flughafen Wien and the international logistics expert Bradford Airport Logistics are establishing "Vienna Airport Logistics GmbH" as a joint venture. The modern logistics centre is intended to completely overhaul the supply of goods at the airport and serve as a hub for the safe and sustainable flow of goods. From 2027, all goods destined for the more than 100 shops and restaurants in the southern extension of Terminal 3 and all other terminal areas will be efficiently, safely and sustainably managed by a central logistics centre. The centrepiece of the new logistics concept will be a centrally located logistics centre of around 6,000 m² that will handle all deliveries to the terminals in the future. The team at CERHA HEMPEL was led by Johannes Aehrenthal (partner, corporate/M&A) and also included Wolfgang Schreiner (Counsel, Corporate/M&A), Thomas Stedronsky (Associate, Corporate/M&A), Anna Wolf Posch (Partner, Regulatory) and Philipp Schaubach (Senior Associate, Regulatory). Bradford was advised by Sidley Austin and Schönherr Rechtsanwälte. "We are proud to have assisted Flughafen Wien AG with this forward-looking project and to have created a solid legal foundation for the joint venture with Bradford," said Johannes Aehrenthal.

With the support of CERHA HEMPEL, AT&S signed an agreement on 23 September 2024 for the sale of AT&S Korea to SO.MA.CI.S. The sale includes all shares held by AT&S in AT&S Korea CO., LTD. (and thus also includes the plant in Ansan, South Korea). The purchase price (equity value) amounts to EUR 405 million, plus interest and minus dividend payments. The transaction is subject to closing of the acquisition of SO.MA.CI.S. by Bain Capital Private Equity (Europe) LLP, as well as merger control approvals, and is expected to complete by March 2025. Headquartered in Leoben, Austria, AT&S is a publicly listed leading global manufacturer of high-end IC substrates and printed circuit boards. AT&S industrializes leading-edge technologies for its core business segments Mobile Devices & Substrates, Automotive & Aerospace, Industrial and Medical. AT&S has a global presence with production sites in Austria (Leoben, Fehring) and plants in India (Nanjangud), China (Shanghai, Chongqing) and South Korea (Ansan, near Seoul). The company employs a workforce of approximately 14,000. Commenting on the transaction, Clemens Hasenauer, Managing Partner at CERHA HEMPEL, said: "We're extremely pleased to have been able to demonstrate our skills, expertise and dedication as lead counsel in an international outbound transaction of this magnitude also considering the capital markets regulatory environment." Robert Ranftler, General Counsel and SVP at AT&S Group, added: "Our long-standing trusted cooperation with the team at CERHA HEMPEL, has once again proven to be of utmost importance, particularly in this transaction." AT&S wast advised by a team led by Clemens Hasenauer (Managing Partner, Corporate/M&A) and also including Harald Stingl (Partner, Corporate/M&A), Lorenz Pracht (Partner, Corporate/M&A), Johannes Prinz (Partner, Corporate/M&A, Tax), Benjamin Twardosz (Partner, Tax), Anna Wolf-Posch (Partner, Competition Law), Philipp Schaubach (Senior Associate, Competition Law), Sophie Stock (Associate, Corporate/M&A), Hannah Gerbl (Associate, Corporate/M&A), Alexander Kainz (Associate, Corporate/M&A) and Denise Runceanu (Associate, Corporate/M&A).

CERHA HEMPEL advised Tennant Company, headquartered in Eden Prairie, Minnesota, a world leader in designing, manufacturing, and marketing solutions that help create a cleaner, safer, healthier world, in the acquisition of M&F Management and Financing GmbH (“M&F”). M&F is Tennant Company’s largest Central and Eastern Europe distributor. The CERHA HEMPEL team was led by CERHA HEMPEL Austria partner Johannes Aehrenthal and involved all CEE offices of Cerha Hempel. The transaction was closed on 29 February 2024. The acquisition gives Tennant a knowledgeable and experienced sales force and an established direct channel into countries including Romania, Hungary, Czech Republic, and Slovakia, along with an expanded network in Austria, Switzerland, Poland, and other nations in the region, as well as the Middle East and Africa. Its products include equipment for maintaining surfaces in industrial, commercial, and outdoor environments; detergent-free and other sustainable cleaning technologies; and cleaning tools and supplies. Tennant's global field service network is the most extensive in the industry. Tennant Company had sales of $1.24 billion in 2023 and has approximately 4,500 employees. Tennant has manufacturing operations throughout the world and sells products directly in fifteen countries and through distributors in more than one hundred countries. For more information: https://investors.tennantco.com CERHA HEMPEL Austria: Johannes Aehrenthal (Lead Partner, M&A), Jakob Hartig (Partner, M&A), Christopher Peitsch (Partner, Arbeitsrecht), Bernhard Kofler Senoner (Partner, Wettbewerbsrecht), Sergei Makarchuk (Of Counsel, CEE Koordination), Zakar Stepanyan (Senior Associate, Wettbewerbsrecht), Nikolaus Feldscher (Associate, M&A), Bogdan Capra (Associate, M&A), CERHA HEMPEL Hungary: Andrea Presser (Partner, M&A), András Kauten (Counsel, M&A), Novák Tamás (Senior Associate, Arbeitsrecht), Tóth Stefánia (Associate, M&A), Baumgartner Máté (Associate, M&A), CERHA HEMPEL Czech Republic: Petr Kališ (Partner, M&A), Jiří Prouza (Senior Associate, M&A), Jáchym Šimek (Junior Associate, M&A), Michal Hofman (Associate, Arbeitsrecht) CERHA HEMPEL Slovakia: Jozef Bannert (Partner, M&A), Ivana Šedová, (Senior Associate, Arbeitsrecht und M&A), Andrej Bartakovič (Senior Associate, M&A), Lucia Lalíková Tadlánková (Senior Associate, Immobilienrecht), Dušan Hrnčiar (Senior Associate, M&A) PRESS INFORMATION Vienna, March 2024 CERHA HEMPEL Romania: Mirela Nathanzon (Partner, M&A), Andreea-Cezara Szakacs (Of Counsel, M&A), Anda Margean (Senior Associate, M&A und Wettbewerbsrecht), Diana Andrei (Associate, M&A), Larisa-Alexandra Dalea (Junior Associate, M&A) CERHA HEMPEL Bulgaria: Boyko Gerginov (Partner, M&A), Kalin Bonev (Senior Associate, M&A)

CERHA HEMPEL advised publicly-listed International Flavors & Fragrances Inc. 3(IFF) on the Austrian aspects of the sales transaction, which included Savory Solutions Group (as well as WIBERG GmbH and Frutarom Savory Solutions Austria GmbH, based in Salzburg, which have worldwide operations). The assistance provided to IFF also included, among other things, advice on an Austrian sale and purchase agreement, an Austrian share transfer agreement, structuring considerations and certain regulatory matters relating to Austria. Closing took place on 31 May 2023. According to the parties involved in the divestiture, the transaction is valued at approximately USD 900 million. IFF is active worldwide in food and beverages, fragrances, and health and wellness products. PAI Partners is a French private equity firm based in Paris. Savory Solutions Group is primarily focused on spice mixtures and ingredients for ready meals and food services, including products for butchers, as well as plant-based solutions for the vegan and vegetarian markets. It comprises several business units that operate from Austria, Germany, Italy, Ireland, Poland, Canada, Mexico and Thailand. The team at CERHA HEMPEL, headed by Dr. Clemens Hasenauer LL.M./MBA (Partner, Corporate/M&A) and Dr. Harald Stingl LL.M. (Partner, Corporate/M&A), consisted of Mag. Johannes Prinz (Partner, M&A/Tax), Mag. Lorenz Pracht, LL.M. (Partner, Corporate/M&A), Mag. Tobias Tangl (Attorney, Corporate/M&A) and Svitlana Kuzmenko (Associate, Corporate/ M&A).

CERHA HEMPEL advised voestalpine AG in connection with its EUR 250 million convertible bond issue. The bonds which pay a coupon of 2.75% per annum, are convertible into initially 2,445 shares of voestalpine AG per EUR 100,000 par value bond, corresponding to a conversion premium of 30% above voestalpine’s Vienna Stock Exchange volume weighted average share price of 19 April 2023. voestalpine AG has the option to deliver either new shares or treasury shares repurchased under its 2022 share buyback program. This optionality resulted in a number of legal questions which have not been dealt with in previous convertible transactions. The Offering was made by way of an accelerated bookbuilding solely to institutional investors outside the United States. The existing shareholders' preemptive rights (Bezugsrechte) to the bonds were excluded. Settlement took place on 28 April 2023. The bonds trade on the Vienna Stock Exchange (unregulated Vienna MTF). voestalpine intends to use the proceeds from the Offering for general corporate purposes. voestalpine AG is a leading global steel and technology group in its business segments with a combination of material and processing expertise, and headquartered in Linz. The company is divided into four divisions, each with a product portfolio that makes them a leading provider in Europe or worldwide. Its shares are listed on the Vienna Stock Exchange. The CERHA HEMPEL team was lead by partner Volker Glas, who was supported by senior counsel Christian Aichinger. The Joint Global Coordinators and Joint Bookrunners were advised by Linklaters (Frankfurt) and Schoenherr (Vienna).

MW Holding GmbH and CAFS Invest GmbH, both of which are companies affiliated with the XXXLutz Group, have reached an agreement with the current owner (the successor from the restructuring of the Steinhoff Group) on the acquisition of Conforama Iberia (Spain and Portugal). With 59 furniture outlets, Conforama Iberia is one of the most important market players in Spain and Portugal. Conforama has been operating on the Iberian Peninsula for more than 30 years. Its network of stores comprises 46 shops in Spain and 13 in Portugal. The planned takeover is subject to approval from the competition authorities. MW Holding and CAFS Invest were advised by a team at CERHA HEMPEL led by Managing Partner Dr. Clemens Hasenauer, LL.M./MBA (Corporate/M&A) and supported by partners MMag. Johannes Prinz (Corporate/M&A) and Dr. Harald Stingl, LL.M. (Corporate/M&A) as transaction lawyers. CERHA HEMPEL drafted and negotiated the transaction documents, coordinated the due diligence and helped guide the clients through the acquisition process. Clemens Hasenauer: "We're delighted to have helped XXXLutz take this next step in its expansion. We were once again able to support a major Austrian company as lead counsel in an outbound transaction." The team at CERHA HEMPEL also included Lorenz Pracht (partner, corporate/M&A), Tobias Tangl (attorney, Corporate/M&A), Denise Runceanu, Hanna Gerbl, Claus Wintersteller and Sophie Stock (all associates, Corporate/M&A). Cuatrecasas provided legal advice and services locally in Spain and Portugal (in particular in relation to due diligence).

STRABAG, the largest construction group in Central and Eastern Europe, successfully completed its acquisition of the companies run by the Thaler family, SITEC Verkehrstechnik GmbH and Wieser Verkehrssicherheit GmbH, leading suppliers in the fields of road restraint systems and traffic safety, in August 2023. CERHA HEMPEL advised STRABAG on the M&A and merger control process. In a complex merger control proceeding before the Austrian cartel authorities, it was possible to address and overcome the concerns raised by the competition watchdogs, following an in-depth review and by calling upon the advice of experts, and achieve clearance of the transaction without conditions before the Austrian Cartel Court. This makes the merger proceedings led by CERHA HEMPEL one of the few cases in Austria in which it was possible to conclude Phase II proceedings without conditions being imposed. As regards the implementation of the transaction, STRABAG was advised by partners Dr. Albert Birkner LL.M. (Corporate, M&A) and Dr. Bernhard Kofler-Senoner LL.M. (Antitrust & Competition). The team at CERHA HEMPEL consisted of Dr. Martin Eichinger (Corporate, M&A) and Mag. Philipp Schaubach LL.M. (Antitrust & Competition), supported by Jakob Weber LL.M. LL.M. and Liliana Niederhauser LL.M. (both Associates, Corporate, M&A). STRABAG was advised in-house by Sonja Müllner (Head of Legal Austria) and Meera Ramakrishnan (Legal Department).