Schoenherr advised Heta Asset Resolution (HETA) on the agreement over the purchase of Hypo Group Alpe Adria, the South-Eastern European (SEE) banking network of the former Hypo Alpe-Adria-Bank International (SEE Network). The US-fund Advent International and the European Bank for Reconstruction and Development (EBRD) signed an agreement on 22 December 2014 to acquire the SEE Network.

The SEE Network consists of six bank-holdings in five countries in South-Eastern Europe (Slovenia, Croatia, Bosnia and Herzegovina, Serbia, and Montenegro). The SEE Network services 1.15 million customers in 245 branches and has a balance sheet total of EUR 8.4 bn. The sale of the SEE Network of the nationalised Austrian banking group Hypo Alpe-Adria-Bank International is a consequent implementation of the EU aid-decision dated 3 September 2013 to sell or otherwise wind-down the SEE Network.

The preliminary purchase price is up to EUR 200 mn, depending on the financial results of 2014 and 2015. EUR 50 mn are agreed as a minimum investment. Refinancing lines over EUR 2.2 bn of Heta Asset Resolution remain in the SEE Network and will be paid back over the years. Closing of the transaction is expected until the mid of next year and is subject to approvals from the relevant regulators and the European Union.

The Schoenherr team advising Heta Asset Resolution was led by Sascha Hödl (partner) and included the Schoenherr partners Robert Bachner, Peter Feyl, Wolfgang Höller as well as Thomas Kulnigg (Attorney at Law), supported by Philipp Kapl (Associate).

Deutsche Bank managed the sales process as investment bank, Gleiss Lutz advised Heta on state aid matters.